We expect Hang Seng Index to test 27,000 in the worst scenario. Market Overview. Hang Seng Index Performance
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- Hortense Stafford
- 5 years ago
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1 27 August 2018 Hang Seng Index Performance Major Market Indicators % Cha nge Hong Kong Close 1- Da y 1- Mth 6 - Mth 12 - Mth Hang Seng Index 27, % - 3.9% % - 0.6% HSCEI (H- Shares) 10, % - 2.4% % - 4.5% Mkt T/O ($ Mn) 76, % % % % Ove rse a DJIA 25, % 1.3% 1.5% 18.2% NASDAQ 7, % 2.7% 8.4% 26.8% Shanghai SE Composite 2, % - 5.0% % % Shenzhen Component 8, % - 8.7% % % Commoditie s a nd FX Crude Oil Futures (US$) % - 0.1% 8.9% 43.3% Gold Futures (US$) 1, % - 1.2% - 8.4% - 6.7% Baltic Dry Index 1, % 1.3% 42.8% 40.4% USD / Euro % - 0.1% - 5.0% - 2.8% Yen / USD % - 0.4% - 3.5% - 1.9% CNH / USD % 0.4% - 7.0% - 2.6% Source: Bloomberg Market Overview Hang Seng Index closed down 0.4% at 27,671. HSCEI declined 0.3%. Heavily weighted AIA Group (1299), Tencent (700) and HSBC (5) cut 2.6%, 1.4% and 0.4% respectively. Oil and pharmaceutical stocks outperformed the market. CNOOC (883) and Sinopec (386) surged 3.9% and 1.2% respectively. Sinopharm (1099) and CSPC Pharmaceutical (1093) added 0.1%-0.2%. Technology, railway, securities, power and PRC property stocks underperformed the market. AAC Technologies (2018) and Sunny Optical (2382) shrank 1.4%-2.7%. China Railway Group (390), CRRC Corporation (1766) and CCCC (1800) retreated 1.5%-2.0%. Five securities stocks in HSCEI dropped an average 1.3% among which Haitong Securities (6837) and GF Securities (1776) fell 1.6%-1.7%. CGN Power (1816), Huaneng Power (902) and China Resources Power (836) tumbled 1.4%-3.1%. China Resources Land (1109), Longfor Group (960) and Sunac China (1918) slid 2.2%- 3.3%. Consumption, gaming, insurance, banking and HK property stocks lacked clear direction. Shenzhou Int l (2313) plunged 2.8% whilst Hengan Int l (1044) rose 1.9%. CK Asset (1113) advanced 1.7% while New World Development (17) decreased 0.6%. Bank of Communications (3328) climbed 1.3% while Postal Savings Bank (1658) slumped 0.9%. Zhongan Online (6060) increased 1.0% but China Life (2628) and PICC P&C (2328) lost 1.6%-2.0%. We expect Hang Seng Index to test 27,000 in the worst scenario. We expect Hang Seng Index to test 27,000 in the worst scenario.
2 Market in Focus CTCM MKT Cap ($Bn) 30.4 Bloomberg Ticker 570 HK Equity 52-week High/Low ($) Rating BUY Free Float (%) 55.6% Target Price $8.20 3M Avg Turnover ($, Mn) China Traditional Chinese Medicine (570): Better-than-expected interim results, Maintain BUY On 14 Aug, China Traditional Chinese Medicine (570, $6.03, CTCM) reported a better-than-expected interim results. Revenue and net profit grew 40.1% and 27% to RMB 3.49bn and RMB 760.3mn respectively. Among which revenue from 1) TCM granules, 2) Finished drugs and 3) TCM decoction pieces grew 37.2%, 14.1% and 245.3% to RMB3.49bn, RMB 1.31bn and RMB639.5mn. Gross profit amounted to RMB2.93bn representing an increase of 35.1% as compared with approximately RMB2.17bn for the same period of last year. GPM fell 1.9ppt to 53.7% for the first half of 2018, mainly due to higher contribution from TCM decoction pieces business, whose gross profit margin was lower than other businesses. CTCM targets at revenue of RMB20bn for TCM granules, and 5bn for TCM decoction by 2020, implying a CAGR of 20 to 30%. We maintain our bullish view on CTCM and believe it will benefit from 1) solid industry development; 2) channel expansion in high-to-low tier hospitals; 3) the increasing penetration rate of TCM granules due to consumption upgrade more and more provinces including TCM granules in medical insurance in the future. We continue to take a positive view on TCM granule market. According to Bloomberg estimates, the company s earnings to reach RMB1.46bn in 2018 and RMB1.77bn in 2019, up approximately 24.7% and 21.4% respectively. EPS is expected to reach RMB in 2018 and RMB in Traded at 2018 P/E of 17.5x and 2019 P/E 14.6x, we believe the valuation of CTCM is still reasonable to long term investors. We maintain our BUY rating on CTCM with 12-month target price of $8.2 based on 2019 P/E of 20.0x. Fig1: 1 Year Share Price Source: Bloomberg, Mason Securities
3 Technical Ideas Stock Code Rating / Last Closing Price Our TP / Bloomberg TP Cut Loss Kingboard Holdings 148 HK Equity BUY $29.60 $32.56 $53.48 $28.12 MKT Cap ($Bn) / Free Float Turnover / 30D Avg ($Mn) Turnover vs 5D & 30D Avg Forward PER / PBR Net Debt (Cash) / Equity % % 263% 5.5X 0.62X 19% Technical Indicator SMA RSI (14) 58.6 SMA BB (Upper) SMA BB (Lower) Stock Code Rating / Last Closing Price Our TP / Bloomberg TP Cut Loss China Resources Gas 1193 HK Equity BUY $35.65 $39.22 $37.93 $33.87 MKT Cap ($Bn) / Free Float Turnover / 30D Avg ($Mn) Turnover vs 5D & 30D Avg Forward PER / PBR Net Debt (Cash) / Equity % % 261% 17.6X 3.15X 4% Technical Indicator SMA RSI (14) 50.4 SMA BB (Upper) SMA BB (Lower) Source: Bloomberg, Mason Securities
4 Recent Recommendations Date of Issue Stock Pick Recommendation Highlights Rating (TP) 13/8/2018 CTCM (570) China Traditional Chinese Medicine (570): Bullish on the industry growth, Maintain BUY We believe CTCM will benefit from 1) solid industry development; 2) channel expansion in high-tolow tier hospitals; 3) the increasing penetration rate of TCM granules due to consumption upgrade more and more provinces including TCM granules in medical insurance in the future Better than expected interim earnings results Maintain BUY on A-Living Services (3319) BUY ($8.20) 14/8/2018 A-Living Services (3319) 15/8/2018 Dali Foods (3799) 16/8/2018 Anta Sports (2020) China Everbright 17/8/2018 Greentech (1257) 20/8/2018 CCCC (1800) 21/8/2018 CRG (1193) 22/8/2018 Shimao Property (813) 23/8/2018 China Gas (384) China Overseas 24/8/2018 Property (2669) The company announced better-than-expected earnings results for the first half of 2018 As at 30 June 2018, ALS had net cash of RMB4.17bn providing sufficient funds for future acquisition and expansion Dali Foods (3799): Share price is expected to react positively to solid interim results In short-term, we expect Dali to deliver solid revenue and net profit growth in upcoming interim results (+ve low double digit growth) and the share price should react positively to the solid interim results Anta Sports (2020) posted better than expected interim results Maintain BUY The share price correction is sentiment driven while the fundamentals of the company remain intact evidenced by better-than-expected interim results Strong financial position provides room for further expansion through acquisition China Everbright Greentech (1257): Solid 1H18 results, reiterate BUY We remain our bullish views on CEG given on promising industry growth, its strong project pipeline and supports from China Everbright International (257). We believe the relatively low gearing provides CEG sufficient rooms for future expansion. China s infrastructure investments is likely to increase in 2H18 Maintain BUY CCCC (1800) In order to offset the impact from escalating trade war tension between China and the U.S., we do believe the Chinese government will substantially increase infrastructure spending in the second half of the year that will certainly benefit CCCC In 2018, management targets to achieve an 8.0% growth in new contracts value to RMB970bn and 6.5% growth in revenue to RMB490bn China Resources Gas (1193): Better-than-expected interim results, upgrade to BUY CRG reported better-than-expected interim results We continue to take a long-term positive view on the CRG given the industry s long-term and stable growth Interim results are likely to beat market expectations - Maintain BUY on Shimao Property (813) Recent outperformance is mainly driven by robust contracted sales, aggressive share buyback and expectation of strong upcoming interim results The counter is presently trading at 2018 P/E of 7.3x and 2018 P/B of 1.0x compared with an average 2018 P/E of 7.3x and 2018 P/B of 1.5x for the remaining nine largest Chinese property stocks China Gas Holdings (384): Buy a good company at a fair price, recommend BUY After the recent share price pullback, we believe the valuation goes back to a reasonable level We continue to take a positive view on the gas operator given the industry s long-term and stable growth Interim results in-line with market expectation Maintain BUY China Overseas Property (2669) COPH reported in-line interim results We are optimistic about the growth prospects of COPH given strong support from parent company and ongoing industry consolidation BUY ($18.0) BUY ($8.5) BUY ($48.0) BUY ($9.60) BUY ($9.20) BUY ($40.9) BUY ($24.8) BUY ($31.2) BUY ($3.00)
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We expect Hang Seng Index to test 27,000 in the worst scenario. Market Overview. Hang Seng Index Performance
28 August 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Cha nge Hong Kong Close 1- Da y 1- Mth 6 - Mth 12 - Mth Hang Seng Index 28,271.27 2.2% - 1.9% - 8.3% 1.5% HSCEI (H-
More informationHang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Oversea Commodities and FX Market Overview
4 September 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 27,712.54-0.6% 0.1% -9.4% -0.1% HSCEI (H-Shares)
More informationWe expect Hang Seng Index to have a technical support at 24,000. Market Overview
30 October 2018 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 24,812.04 0.4% -10.7% -19.5% -12.4% HSCEI (H-Shares) 10,012.63-0.5%
More informationWe expect Hang Seng Index to be highly volatile in the short term. Market Overview
8 November 2018 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 26,147.69 0.1% -0.2% -14.0% -9.5% HSCEI (H-Shares) 10,641.48 0.1% 2.4%
More informationWe expect Hang Seng Index to maintain a technical rebound in near term. Market Overview. `Hang Seng Index Performance
24 October 2018 `Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 25,346.55-3.1% -7.8% -17.3% -10.0% HSCEI (H-Shares) 10,234.90-2.4%
More informationWe expect Hang Seng Index to encounter technical resistance at 28,700. Market Overview. Hang Seng Index Performance
29 August 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 28,351.62 0.3% -1.6% -8.1% 2.1% HSCEI (H-Shares) 11,097.59
More informationWe expect Hang Seng Index to test 27,000 in the worst scenario. Market Overview. Hang Seng Index Performance
16 August 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 27,323.59-1.5% -4.3% -12.2% -0.3% HSCEI (H-Shares)
More informationWe believe Hang Seng Index will continue to rebound in near term. Hang Seng Index Performance
26 July 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 28,920.90 0.9% 0.1% -12.8% 7.3% HSCEI (H-Shares) 11,074.16
More informationWe expect Hang Seng Index to make a technical rebound in near term. Market Overview. Hang Seng Index Performance
19 October 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 25,454.55 0.0% -7.1% -17.1% -9.6% HSCEI (H-Shares)
More informationWe take a neutral view on Hang Seng Index this month with a trading range of 26,000-28,000. Market Overview. Hang Seng Index Performance
10 October 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 26,172.91-0.1% -1.7% -14.8% -8.1% HSCEI (H-Shares)
More informationWe expect Hang Seng Index to test 27,000 in the worst scenario. Market Overview. Hang Seng Index Performance
17 August 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Cha nge Hong Kong Close 1- Da y 1- Mth 6 - Mth 12 - Mth Hang Seng Index 27,100.06-0.8% - 3.8% - 12.9% - 0.9% HSCEI
More informationWe expect Hang Seng Index to have a technical support at 24,000. Market Overview. Hang Seng Index Performance
26 October 2018 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 24,994.46-1.0% -10.1% -16.7% -11.4% HSCEI (H-Shares) 10,176.56-0.5%
More informationWe take a neutral view on Hang Seng Index this month with a trading range of 26,000-28,000. Market Overview. Hang Seng Index Performance
9 October 2018 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 26,202.57-1.4% -2.9% -13.3% -7.5% HSCEI (H-Shares) 10,393.29-1.3% -1.6%
More informationWe expect Hang Seng Index to move within the range of 29,500 and 31,500 in near term. Hang Seng Index Performance
21 June 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 29,696.17 0.8% -4.9% 1.1% 15.6% HSCEI (H-Shares) 11,505.74
More informationWe believe further upside for Hang Seng Index will be limited in near term. Market Overview. 17 November 2017
17 November 2017 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 29,018.76 0.58 1.12 14.73 30.35 HSCEI (H-Shares) 11,533.96 1.06-0.30
More informationWe expect Hang Seng Index to hover between 27,000 and 28,800 but the risk is on the upside. Market Overview. Hang Seng Index Performance
3 October 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 27,126.38-2.4% -2.7% -9.9% -1.6% HSCEI (H-Shares)
More informationWe expect Hang Seng Index to make a technical rebound in near term. Market Overview. Hang Seng Index Performance
15 October 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 25,266.37-3.5% -4.1% -18.0% -11.2% HSCEI (H-Shares)
More informationWe expect Hang Seng Index to move within the range of 29,000 and 31,000 in near term. Hang Seng Index Performance
11 May 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Cha nge Hong Kong Close 1- Da y 1- Mth 6 - Mth 12 - Mth Hang Seng Index 30,809.22 0.9% - 0.3% 5.8% 22.6% HSCEI (H- Shares)
More informationWe believe Hang Seng Index may test 27,000 this month in the worst scenario. Hang Seng Index Performance
9 July 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Cha nge Hong Kong Close 1- Da y 1- Mth 6 - Mth 12 - Mth Hang Seng Index 28,315.62 0.5% - 8.5% - 8.7% 11.7% HSCEI (H-
More informationWe expect Hang Seng Index to move within the range of 29,500 and 31,500 in near term. Hang Seng Index Performance
25 May 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Cha nge Hong Kong Close 1- Da y 1- Mth 6 - Mth 12 - Mth Hang Seng Index 30,760.41 0.3% 1.4% 3.0% 20.0% HSCEI (H- Shares)
More informationWe expect Hang Seng Index to be highly volatile in the short term. Market Overview. Hang Seng Index Performance
20 November Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 26,372.00 0.7% 3.2% -15.1% -9.9% HSCEI (H-Shares) 10,631.66 0.5% 4.0% -13.9%
More informationWe expect Hang Seng Index to be highly volatile in the short term. Market Overview
28 November Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 26,331.96-0.2% 6.5% -14.5% -11.3% HSCEI (H-Shares) 10,515.30-0.1% 4.5%
More informationHang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Oversea Commodities and FX Market Overview
22 January 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 32,254.89 0.4% 9.1% 20.8% 40.9% HSCEI (H-Shares)
More informationWe expect to see a technical rebound in Hang Seng Index in near term. Hang Seng Index Performance
4 July 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 28,545.57-1.4% -7.9% -7.1% 12.4% HSCEI (H-Shares) 10,872.20-1.8%
More informationWe expect Hang Seng Index to move within the range of 29,500 and. 31,500 in near term. Hang Seng Index Performance
4 June 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Cha nge Hong Kong Close 1- Da y 1- Mth 6 - Mth 12 - Mth Hang Seng Index 30,492.91 0.1% 1.9% 4.6% 17.6% HSCEI (H- Shares)
More informationWe believe further upside for Hang Seng Index will be limited in near term. Market Overview. 22 November 2017
22 November 2017 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 29,818.07 1.91 4.67 17.43 31.48 HSCEI (H-Shares) 11,874.37 2.91 2.73
More informationWe believe further upside for Hang Seng Index will be limited in near term. Market Overview. 05 December 2017
05 December 2017 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 29,138.28 0.22 1.87 12.66 29.47 HSCEI (H-Shares) 11,518.07 0.60-0.73
More informationWe expect Hang Seng Index to make a technical rebound in near term. Hang Seng Index Performance
27 June 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Cha nge Hong Kong Close 1- Da y 1- Mth 6 - Mth 12 - Mth Hang Seng Index 28,881.40-0.3% - 5.6% - 2.4% 11.8% HSCEI (H-
More informationWe expect Chinese financial stocks to outperform the market in near term. Market Overview. 30 October 2017
30 October 2017 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 28,438.85 0.84 3.21 15.53 23.89 HSCEI (H-Shares) 11,643.57 1.72 6.72
More informationWe believe further upside for Hang Seng Index will be limited in near term. Market Overview. 24 November 2017
24 November 2017 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 29,707.94-0.99 5.52 16.83 31.40 HSCEI (H-Shares) 11,737.06-1.85 2.91
More informationMajor Market Indicators
11 th October, 2017 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 28,490.83 0.58 1.92 18.28 20.98 HSCEI (H-Shares) 11,418.76 0.29
More informationMajor Market Indicators
9 th October, 2017 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 28,458.04 0.28 2.85 17.27 19.31 HSCEI (H-Shares) 11,459.09 0.54
More informationMajor Market Indicators
4 th October, 2017 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 28,173.21 2.25 1.56 16.12 18.93 HSCEI (H-Shares) 11,305.38 3.62
More informationMajor Market Indicators
10 th October, 2017 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 28,326.59-0.46 2.38 16.75 18.76 HSCEI (H-Shares) 11,385.38-0.64
More informationMajor Market Indicators
13 th September, 2017 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 27,972.24 0.06 4.05 17.38 20.49 HSCEI (H-Shares) 11,242.06 0.19
More informationFurther upside for Hang Seng Index is limited given relatively high P/E valuation and weakness in A share markets. Market Outlook.
28 th Apr, 2017 Hang Seng Index Performance Index Performance Abs chg % Change Hong Kong Close 1-Day 1-Day 1-Mth 3-Mth Hang Seng Index 24,698.48 120.05 0.49 1.45 5.73 HSCI 3,376.02 5.36 0.16 1.13 6.19
More informationMarket Outlook. Expect Hang Seng Index to test 28,000 in August led by H shares. Overweight Chinese banks with ICBC and CCB as top picks
2 nd Aug, 2017 Market Outlook Eric Yuen ericyuen@masonhk.com GDP growth in U.S. and eurozone improved in 2Q17 compared with the previous quarter. GDP growth in China stood at 6.9% yoy in both 1Q17 and
More informationMajor Market Indicators
19 th September, 2017 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 28,159.77 1.27 4.11 15.84 19.57 HSCEI (H-Shares) 11,195.98 1.16
More informationMarket Outlook. Expect Hang Seng Index to move within 23,500-25,000 but the risk is on the downside
4 th May, 2017 Market Outlook Eric Yuen ericyuen@masonhk.com Hang Seng Index climbed for four straight months with a cumulative gain of 11.9% in the first four months of the year. The rally in April is
More informationWe take a neutral view on Hang Seng Index this month with a trading range of 25,000-26,500. Market Outlook. Index Performance
9 th June, 2017 Hang Seng Index Performance Index Performance Abs chg % Change Hong Kong Close 1-Day 1-Day 1-Mth 3-Mth Hang Seng Index 26,063.06 88.90 0.34 4.72 10.90 HSCI 3,549.64 16.24 0.46 4.62 9.86
More informationWe expect Chinese financial stocks to outperform the market in near term. Market Overview. 19 th October, 2017
19 th October, 2017 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 28,711.76 0.05 2.35 20.51 23.20 HSCEI (H-Shares) 11,621.95 0.46
More informationChina TCM (570 HK) Buy (maintained) Target price: HK$ H17 earnings beat, 2017 growth guidance reaffirmed; TP raised to HK$5.
Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Equity Research Healthcare China TCM (570 HK) Buy (maintained) Target price: HK$5.40
More informationWe take a neutral view on Hang Seng Index this month with a trading range of 25,000-26,500. Market Outlook. Index Performance
12 th June, 2017 Hang Seng Index Performance Index Performance Abs chg % Change Hong Kong Close 1-Day 1-Day 1-Mth 3-Mth Hang Seng Index 26,030.29-32.77-0.13 3.47 10.44 HSCI 3,540.11-9.53-0.27 3.45 9.33
More informationCR Lands. Winner of next 5 years, BUY. March 21, 2018 Equity Research. Stock code: 1109.HK Rating: BUY Price target (HK$) 34.74
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