2023-10-20-新华汇富金融-汇富快讯_香港及中国市场日报_6页_744kb

Market Overview

• Indices & Sectors: Hong Kong and Chinese markets mixed performance; Hang Seng Index (-2.5%), China Enterprise Index (-2.5%), Red Chip Index (-1.8%), CSI 300 (-2.1%).
• Key Stock: TB (6110.HK) posted better-than-expected H1FY24 results: revenue YOY +7% (¥14.2bn), net profit YOY +17% (¥1.3bn); declared HKD 0.16 interim dividend per share.

Temi Tbk Analysis

• Revenue Growth: Driven by recovery of premium brands (NB +12% in China, Adidas +16% in Q2 2023). Retail channels grew 9% in H1FY24 while wholesale remained flat.
• Profitability Improvement: Gross Margin (GM%) stabilized at 41.8%, Net Profit Margin (NPM%) improved to 9.4%. Efficiency gains attributed to eased pandemic curbs & better cost control.
• Store Optimization: Closed 10% of stores YoY (total 6,209 outlets). Increased avg. store size by 8% YoY.
• Investment Outlook: Positive on efficiency & profitability outlook, but cautious due to unresolved revenue drivers & competition pressures. Recommends waiting for clearer signals.

Commodity & FX Updates

• Commodities: Prices saw varied movements (e.g., Gold (+1.4%), Brent Oil (-0.6%), Cu (+0.3%)). Sugar prices collapsed (-35.5% YoY).
• Exchange Rates: USD/HKD averaged 7.8, EUR/JPY tracked around 149.8, USD/CNY stabilised at 7.3.

Market Sentiment

• Main Street Confidence: Moderately optimistic, with slightly downward revisions (-2.0% in CRB Index).
• Sector Views: Covers 308 firms across consumer (103 stocks), financials (75), industrials (42), tech (28).

Latest Research Reports (Sept 2023)

• Analysts focus on retail (TB), EV stocks (Perfect Medical), and infrastructure (Xtep International). Focused sectors included e-mobility, healthcare, and construction.

Disclaimer: This summary provides market data from "Sun Wah Kingsway Financial Services" dated Oct 20, 2023. Refer to full disclaimer on reproduction/distribution restrictions on the official document.