20160315-新鸿基金融集团-INVESTMENT_DAILY_NOTE_14页_2mb

Investment Daily Note Summary

Core Content Overview

This daily investment note provides a comprehensive overview of the Hong Kong and global markets, including key stock performances, sector trends, valuations, and macroeconomic indicators. It highlights upcoming earnings reports, market reactions, and investment opportunities based on current data and analysis.

Main Points and Key Information

Market Highlights

• Ping An (2318.HK) is scheduled to release its FY15 results today. The market expects strong performance, with new business growth of 33% YoY, and Ping An is anticipated to lead with a 35.8% YoY growth.
• Oil prices fell due to Iran rejecting a production freeze deal and weak China industrial production data, potentially causing downward pressure on oil-related sectors.

Equity Indices

Hong Kong Market Turnover

External Market Conditions

• U.S. stocks ended little changed ahead of central banks' meeting.
• ADR prices dropped, effectively putting HSI down 36 points.
• Oil prices plummeted, with New York crude oil futures closing at $37.18/bbl, down $1.32.
• Gold futures settled at $1,245.10/oz, down $14.30.

Yesterday's Hong Kong Equities

• HSI opened higher and closed at 20,435, up 235 points.
• HSCEI closed at 8,686, up 124 points.
• Provincial governments in Henan, Guangdong, Hebei, Qinghai, Guizhou, and Jiangxi are introducing rural auto purchase subsidies.
• Great Wall Motor (2333.HK) and Dongfeng Motor (489.HK) rose by 1.7% and 3.3%, respectively.
• China's fixed asset investment grew 10.2% YoY in the first two months of 2016, beating estimates, leading to gains in cement stocks.

Trends of HSI and HSCEI

• HSI closed at 20,435, up 1.2%.
• HSCEI closed at 8,686, up 1.5%.

Result Calendar

• A list of upcoming results for various stocks in Hong Kong, including Ping An, China Unicom, and others.

Stock in Focus: CAR INC (699.HK)

• Last Close: HK$8.95
• Entry: HK$8.60
• Target: HK$11.60
• Stop-loss: HK$8.00
• YTD/1M/3M/12M % Change: -30.3% / 2.4% / -25.2% / -22.2%
• Market Cap: HK$21.43bn
• 3M Average Daily Volume: 8.44mn shares
• FY1 Forward P/E: 13.2
• Reason: Strong revenue growth, with a rebound in sales, and potential for A-share listing of its subsidiary UCAR.

Today's Top Picks

• ANTA Sports (2020.HK): Expected to increase in price due to rebound in sales growth.
• Comba (2342.HK): Expected to rise with improved gross margins.

Sector Performance

Forward P/E and Valuations

• HSI: FY16E P/E 10.7, Long-term average 11.0, Deviation -1.9%, FY1 EPS growth -14.0%, FY2 EPS growth 11.8%
• HSCEI: FY16E P/E 6.9, Long-term average 7.9, Deviation -13.5%, FY1 EPS growth -5.6%, FY2 EPS growth 9.5%
• Shanghai Comp: FY16E P/E 12.1, Long-term average 10.7, Deviation 12.9%, FY1 EPS growth 23.7%, FY2 EPS growth 12.5%
• S&P 500: FY16E P/E 17.0, Long-term average 15.3, Deviation 11.1%, FY1 EPS growth 7.4%, FY2 EPS growth 13.4%

Market Data

Best and Worst Performers

• Best Performers:

  • China Vanke-H (2202.HK): Price HK$20.15, 1D change 10.0%, YTD change -12.0%
  • United Labor (3933.HK): Price HK$3.43, 1D change 8.9%, YTD change -20.0%
  • Logan PPT (3380.HK): Price HK$2.74, 1D change 8.7%, YTD change 4.2%
  • Guangzhou R&F-H (2777.HK): Price HK$11.10, 1D change 6.7%, YTD change 16.2%
  • Hua Han Health I (587.HK): Price HK$0.84, 1D change 6.3%, YTD change -22.2%

• Worst Performers:

  • G-Resources Group (1051.HK): Price HK$0.169, 1D change -13.3%, YTD change -8.2%
  • CRTG (269.HK): Price HK$0.122, 1D change -6.2%, YTD change -33.0%
  • Greatview Aspet (468.HK): Price HK$3.25, 1D change -5.2%, YTD change -7.4%
  • Shenguan Holding (829.HK): Price HK$0.79, 1D change -4.8%, YTD change -30.1%
  • Huadian Fuxin-H (816.HK): Price HK$1.62, 1D change -4.7%, YTD change -27.0%

HSCI Volume Filter

• China Merchants (978.HK): Price HK$1.14, 1D change -1.7%, Avg. vol. 2.6m shares
• Logan PPT (3380.HK): Price HK$2.74, 1D change 8.7%, Avg. vol. 2.2m shares
• G-Resources Group (1051.HK): Price HK$0.169, 1D change -13.3%, Avg. vol. 69.3m shares
• China Vanke-H (2202.HK): Price HK$20.15, 1D change 10.0%, Avg. vol. 6.5m shares
• Guangzhou R&F-H (2777.HK): Price HK$11.10, 1D change 6.7%, Avg. vol. 34.1m shares
• CAR INC (699.HK): Price HK$8.95, 1D change 5.5%, Avg. vol. 39.4m shares
• Tenwow International (1219.HK): Price HK$1.85, 1D change 2.8%, Avg. vol. 2.1m shares
• Asia Cement CH (743.HK): Price HK$1.60, 1D change 0.6%, Avg. vol. 1.5m shares
• Bloomage Pharma (963.HK): Price HK$13.78, 1D change 2.4%, Avg. vol. 2.0m shares

Most Short Sold Stocks

• Weichali Power-H (2338.HK): Price HK$8.77, 1D change 3.2%, Shortsell turnover 43.3m HK$
• Jiangsu Express-H (177.HK): Price HK$10.02, 1D change 2.6%, Shortsell turnover 19.4m HK$
• TCL Multimedia T (1070.HK): Price HK$4.57, 1D change 1.8%, Shortsell turnover 3.3m HK$
• Minsheng Bank-H (1988.HK): Price HK$7.13, 1D change 0.0%, Shortsell turnover 117.1m HK$
• Hysan Dev (753.HK): Price HK$5.22, 1D change -5.2%, Shortsell turnover 16.6m HK$
• Great Wall Motor-H (2333.HK): Price HK$7.03, 1D change -4.8%, Shortsell turnover 16.6m HK$
• China Vanke-H (2202.HK): Price HK$20.15, 1D change 10.0%, Shortsell turnover 635.8m HK$

Interest Rates

Exchange Rates

Precious Metals and Commodities

A-Share Premium to H-Share

Summary

This document provides a detailed summary of the Hong Kong and global markets, highlighting key trends, performance of major indices, and important stock movements. It includes upcoming results, sector performance, valuation metrics, and macroeconomic data such as interest rates and exchange rates. The focus is on stocks showing potential for growth, such as CAR INC (699.HK) and ANTA Sports (2020.HK), with specific entry and target prices. It also notes the impact of Iran's decision on oil prices and the strong performance of the property and cement sectors following positive economic data.