20220721-马银证券_香港_-每日港股简评_2页_160kb

报告摘要

Market Summary

Core Content

The Hong Kong stock market showed positive movement yesterday, driven by easing concerns over a potential 100bps rate hike in July. China's central bank decided to keep its benchmark lending rates for corporate and household loans unchanged, following June economic data that indicated signs of recovery. The tech sector was a notable performer, with Meituan-W (3690 HK) rising by 3% and SenseTime-W (20 HK) surging by approximately 11% after the company repurchased 6.7 million shares at HKD2.1 per share. The Hang Seng Index closed up 229 points at 20,890, with a daily turnover of HKD89.3 billion.

Sector Highlights

China Retail - June Data Beat

June retail sales increased by 3.1% YoY, exceeding the consensus forecast of -0.5% YoY.
The overall segment showed sequential improvement compared to May.
Ex-auto retail sales rose by 1.8% YoY.
Online retail sales grew by 4% YoY, while online tangible goods sales recorded an 8.2% YoY increase.
The recent outbreaks in Shanghai and Guangdong did not lead to as severe social distancing measures as in April/May, supporting the recovery.
Consumer sentiment is expected to remain positive in the coming months.
Related stocks: Yum China-S (9987 HK), Haidilao (6862 HK), CR Beer (291 HK).

China Express - Acceleration in Parcel Volume Growth

The industry parcel volume grew by 5% YoY in June, up from a flat growth in May.
For 1H22, the industry parcel volume was up 4% YoY.
The average selling price (ASP) grew by 1.2% YoY in June, marking the third consecutive month of positive YoY growth.
The market anticipates parcel volume growth to accelerate to high single digits or low teens in July, driven by improved supply chain conditions and increased online purchases.
The express delivery sector is expected to outperform the market in 2H22E due to strong and visible earnings growth.
Related players: JD Logistics (2618 HK), SF REIT (2191 HK).

Company News

NagaCorp (3918 HK)

2Q22 EBITDA reached USD69.1 million, a 13.2% increase from the previous quarter, and was in line with the consensus estimate of USD68.5 million.
1H22 EBITDA totaled USD130.1 million.
Gross gaming revenue (GGR) was USD127.1 million in 2Q22.
Average daily volumes in the mass-market and premium mass segments recovered to approximately 80.3% and 71.8% of 2019 levels, respectively.
The company announced an interim dividend of US cent 0.73 per share (equivalent to HK cents 5.66 per share), representing a 60% dividend payout ratio on 1H22 net profit.
The market is optimistic about the company due to the removal of all travel restrictions in July.

Xiaomi-W (1810 HK)

Global smartphone shipments fell by 9% YoY in 2Q22, due to economic headwinds, weak demand, and inventory pileups.
Xiaomi's global market share reached 14% in 2Q22, up from 13% in 1Q22.
QoQ basis, Xiaomi's global market share stabilized and improved slightly.
In China, Xiaomi's market share remained at around 14%.

CRs Pharma (3320 HK)

CR Pharma formed a joint venture with Brii-B (2137 HK) to commercialize a COVID-19 neutralizing antibody cocktail.
The therapy was approved by the Chinese regulator in December 2021 for mild cases at high risk of progressing to hospitalization or death.
Brii-B has distributorships with Sinopharm and Shanghai Pharma.
CR Pharma is handling supply in the southern Guangdong province during the initial launch phase.
The company's share price catalyst would be the approval of azvudine, a potential COVID-19 pill, which has contract manufacturing potential through its subsidiary, Double Crane.

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