20160513-新鸿基金融集团-INVESTMENT_DAILY_NOTE_15页_2mb
报告摘要
Investment Daily Note Summary
Core Content
This document provides an overview of the Hong Kong and global stock markets, including key indices, market data, company-specific updates, and sector performance. It also highlights investment opportunities and insights into valuation metrics and external market conditions.
Main Points
Market Overview
- Hang Seng Index (HSI): Closed at 19,915, down 0.7% on the day, with a year-to-date (YTD) decline of 9.1%.
- HSCEI (Hong Kong China Enterprises Index): Closed at 8,414, down 0.4% on the day, and up 12.9% YTD.
- Market Turnover: Hong Kong market turnover was HK$53.9bn, down 6.48% compared to the previous day.
- External Market Conditions:
- US stocks ended mixed, with Apple shares declining sharply.
- ADRs dropped, effectively putting HSI down 18 points.
- Oil prices rose due to expectations of reduced global crude production.
- Gold prices fell slightly in New York.
Stock in Focus
- China Galaxy Securities (6881.HK):
- Last Close: HK$6.32
- Entry: HK$6.10
- Target: HK$7.90
- Stop-loss: HK$5.49
- YTD/1M/3M/12M % Change: -11.0% / -21.0% / 23.4% / -52.8%
- Market Cap: HK$60.28bn
- 3M Average Daily Volume: 24.89mn shares
- FY1 Forward P/E: 7.4x
- China Galaxy Securities is expected to benefit from the Shenzhen-Hong Kong Stock Connect, which is anticipated to be rolled out before July. It has a higher proportion of brokerage services and products in its business, which could drive growth and improve investor sentiment.
Today's Top Picks
- Harmonic STR (33.HK):
- Last Trading Day Closing: HK$0.23
- Purchase Price: Current
- Target Price: HK$0.259
- Stop-loss Price: HK$0.220
- Reason: Share price rose above 10-day and 20-day moving averages, with increasing turnover.
- IR Resources (8186.HK):
- Last Trading Day Closing: HK$0.019
- Purchase Price: Current
- Target Price: HK$0.021
- Stop-loss Price: HK$0.018
- Reason: Share price showed support on the 20-day moving average, suggesting a small bet.
Sector Performance
- Best Performing Sectors:
- Logistics: 2.4% (d-d)
- Durable Consumables: 1.1% (d-d)
- Consumer Staples: 0.5% (d-d)
- Toll Road: 0.3% (d-d)
- HK Telecoms: 0.2% (d-d)
- Brokerages: 0.1% (d-d)
- REITs: 0.1% (d-d)
- Worst Performing Sectors:
- IPP: -0.1% (d-d)
- Airline: -0.1% (d-d)
- Handset and related accessories: -0.1% (d-d)
- Steel: -0.2% (d-d)
- Major stocks in best performing sectors are listed, including companies in logistics, durable consumables, and telecoms.
Valuations and Forward P/E
- Valuation Table:
- Hang Seng Index: FY16E P/E 10.7x, long-term average 11.0x, deviation -2.0%
- HSCEI: FY16E P/E 6.9x, long-term average 7.9x, deviation -12.8%
- Shanghai Composite: FY16E P/E 12.9x, long-term average 10.7x, deviation 20.1%
- S&P 500: FY16E P/E 17.6x, long-term average 15.3x, deviation 15.1%
Key Information
Result Calendar
- A list of upcoming results for various companies, including dates, stock codes, and types of results. This is for reference and not exhaustive.
Market Data
- Best and Worst Performers:
- HSCI Volume Filter:
- Most Short Sold Stocks:
A-share Premium to H-share
- A comparison of A-share and H-share prices for various companies, highlighting the premium percentage. Notable examples include:
Summary
The document offers a comprehensive view of the Hong Kong and global financial markets, with a focus on indices, market performance, and key stocks. It highlights the impact of external factors like gold demand and oil prices, as well as internal market dynamics such as trading volume and short-selling trends. China Galaxy Securities is emphasized as a top pick due to its potential benefit from the Shenzhen-Hong Kong Stock Connect, while other stocks like Harmonic STR and IR Resources are also recommended based on technical and fundamental analysis. Sector performance is analyzed, with logistics, durable consumables, and telecoms showing positive trends. The A-share premium to H-share data indicates significant differences in valuation between the two markets.
试读结束，高清完整版pdf/doc/ppt,请点下载
