20150827-新鸿基金融集团-INVESTMENT_DAILY_NOTE_15页_2mb

Investment Daily Note Summary

Core Content Overview

This document provides a comprehensive overview of the Hong Kong and Chinese equity markets, including index performance, sector analysis, key stocks, and market data such as interest rates, exchange rates, and commodity prices. It also includes insights on ETFs and the A-share premium to H-share.

Main Market Indices

• Hang Seng Index (HSI): Closed at 21,080, down 1.5% with a YTD decline of 10.7%.
• HSCEI: Closed at 9,428, down 0.9% with a YTD decline of 21.3%.
• Shanghai Composite: Closed at 2,927, up 1.3% with a YTD increase of 9.5%.
• Shenzhen Composite: Closed at 1,696, up 3.0% with a YTD increase of 19.8%.

Sector Performance

Best Performing Sectors (1D % change)

• Logistics: 3.6%
• Agriculture: 3.3%
• Handset and related accessories: 3.1%
• Dairy: 2.6%
• Airline: 2.5%
• Durable Consumables: 2.2%
• Heavy Machinery: 2.1%
• Gas: 1.9%
• Aluminum: 1.6%
• IPP: 1.5%
• Infrastructure: 1.4%
• Telecoms Equipment: 1.4%
• Coal: 1.2%
• Sports accessories: 1.0%
• Other Metals: 0.7%

Major Stocks in Best Performing Sectors

• Logistics: Kerry Log Net (636), SITC (1308)
• Agriculture: First Tractor (38), Sinofert (297), Ko Yo Group (827), National Agri (1236), China Bluechem (3983)
• Handset and related accessories: Tongda Group (698), AAC Tech (2018), Sunny Optical (2382), Coolpad Group (2369), TCL Comm (2618)
• Dairy: Biostime (1112), CH Modern (1117), YST Dairy (1431), Mengniu (2319), Huishan Dairy (6863)
• Airline: Cathay Pacific (293), China East Air (670), Air China (753), China South Air (1055)
• Durable Consumables: Welling Hldg. (382), Skyworth Digital (751), Hisense Kelon Elec (921), TCL Multimedia (1070)
• Heavy Machinery: Sany Int'l (631), Zoomlion (1157), Lonking (3339), Sinotruk (3808)
• Gas: China Gas (384), Beijing Enterprises (392), ENN Energy (2688), CIMC Enric (3899), China Res Gas (1193)
• Aluminum: Chalco (2600), China Hongqiao (1378), China Zhongwang (1333), RUSAL (486)
• IPP: China Res Power (836), Huaneng Power Int'l (902), Datang Int'l Power (991), Huadian Power Int'l (1071), China Power Int'l (2380)
• Infrastructure: China Railway (390), China Railway Cons. (1186), CSR Corp. (1766), China Comm. Cons. (1800), China Machinery Eng. (1829)
• Telecoms Equipment: China Com Service (552), ZTE (763), Trigiant (1300), Comba (2342)
• Coal: China Shenhua (1088), Yanzhou Coal (1171), China Coal (1898)
• Sports accessories: 361 Degrees (1361), Xstep Int'l (1368), Peak Sport (1968), Anta Sports (2020), Li Ning (2331)
• Other Metals: Jiangxi Copper (358), CMOC (3993), Zhaojin Mining (1818), Zijin Mining (2899)

Key Stock Analysis

Beijing Enterprises Holdings (392.HK)

• Last Close: HK$42.50
• Entry: HK$40.00
• Target: HK$48.00
• Stop-loss: HK$34.80
• YTD/1M/3M/12M % Change: -30.1%/-19.3%/-40.0%/-40.0%
• Market Cap: HK$54.58bn
• 3M Average Daily Volume: 1.60mn shares
• FY1 Forward P/E: 9.5x
• Reason for Investment: Oversold, potential for rebound due to strong fundamentals in natural gas distribution and diversification into other sectors.

Today's Top Picks

1. Transport Int'l (62)

   • Last Trading Day Closing Price: HK$20.05
   • Purchase Price: Current
   • Target Price: HK$21.15
   • Stop-loss Price: HK$19.30
   • Reason: Low oil prices reduce operating costs; highly defensive in weak market conditions.

2. China Res Land (1109)

   • Last Trading Day Closing Price: HK$17.88
   • Purchase Price: Current
   • Target Price: HK$20.00
   • Stop-loss Price: HK$17.30
   • Reason: Interest rate cut benefits real estate sales; share price over-correction creates buying opportunities.

Forward P/E and Valuations of Major Indices

Market Data

Previous Day's Best and Worst Performers

Best Performers

• GOLDIN FINANCIAL (530.HK): Price HK$12.600, 1D chg 14.5%, 5D chg 18.4%, YTD chg 68.0%
• G-RESOURCES GROU (1051.HK): Price HK$0.210, 1D chg 11.1%, 5D chg -8.3%, YTD chg 14.1%
• TCL MULTIMEDIA T (1070.HK): Price HK$3.410, 1D chg 10.7%, 5D chg -16.2%, YTD chg -2.3%
• JU TENG INTL HDG (3336.HK): Price HK$2.910, 1D chg 10.6%, 5D chg -1.4%, YTD chg -23.8%
• CHINA OCEANWIDE (715.HK): Price HK$1.140, 1D chg 8.6%, 5D chg 7.5%, YTD chg 0.0%

Worst Performers

• CITIC TELECOM (1883.HK): Price HK$2.550, 1D chg -15.0%, 5D chg -28.0%, YTD chg -12.4%
• SUNAC (1918.HK): Price HK$4.000, 1D chg -10.5%, 5D chg -32.7%, YTD chg -49.3%
• SHUN TAK HOLDING (242.HK): Price HK$3.450, 1D chg -8.5%, 5D chg -13.3%, YTD chg -14.8%
• MELCO INTL DEV (200.HK): Price HK$11.580, 1D chg -8.1%, 5D chg -16.8%, YTD chg -32.3%
• MACAU LEGEND (1680.HK): Price HK$1.040, 1D chg -8.0%, 5D chg -38.8%, YTD chg -53.4%

HSCI Volume Filter

• CHINA OCEANWIDE (715.HK): 1D chg 8.6%, 5D chg 7.5%, 1M chg 0.0%, YTD chg 67.6%, Avg. vol. 18.9m shares, Prev. vol. 111.3m shares, % increase 488.8%, FY1 P/E N/A, FY2 P/E N/A
• CHINA OVERSEAS G (81.HK): 1D chg -2.1%, 5D chg -8.3%, 1M chg -7.1%, YTD chg 14.1%, Avg. vol. 2.3m shares, Prev. vol. 13.2m shares, % increase 475.9%, FY1 P/E 3.1x, FY2 P/E 2.5x
• CITIC TELECOM (1883.HK): 1D chg -15.0%, 5D chg -28.0%, 1M chg -27.8%, YTD chg -12.4%, Avg. vol. 4.1m shares, Prev. vol. 23.1m shares, % increase 466.1%, FY1 P/E 11.3x, FY2 P/E 10.8x
• SUNAC (1918.HK): 1D chg -10.5%, 5D chg -32.7%, 1M chg -40.9%, YTD chg -49.3%, Avg. vol. 10.5m shares, Prev. vol. 55.2m shares, % increase 426.7%, FY1 P/E 2.8x, FY2 P/E 2.4x
• GOLDEN EAGLE RET (3308.HK): 1D chg -3.4%, 5D chg -1.4%, 1M chg -14.9%, YTD chg -23.8%, Avg. vol. 1.6m shares, Prev. vol. 7.1m shares, % increase 356.6%, FY1 P/E 12.0x, FY2 P/E 11.4x

Most Short Sold Stocks

• SUN ART RETAIL (6808.HK): 1D chg -3.3%, Shortsell turnover 21.5m HK$, % of total shortsell turnover 0.2%, % of own turnover 67.9%, FY1 P/E 19.2x, FY2 P/E 18.8x
• WYNN MACAU LTD (1128.HK): 1D chg -3.1%, Shortsell turnover 145.9m HK$, % of total shortsell turnover 1.3%, % of own turnover 54.9%, FY1 P/E 20.6x, FY2 P/E 18.1x
• DAPHNE INTERNATI (210.HK): 1D chg -2.8%, Shortsell turnover 1.5m HK$, % of total shortsell turnover 0.0%, % of own turnover 50.1%, FY1 P/E 16.5x, FY2 P/E 11.3x
• JOHNSON ELEC H (179.HK): 1D chg 1.0%, Shortsell turnover 3.4m HK$, % of total shortsell turnover 0.0%, % of own turnover 48.0%, FY1 P/E 13.0x, FY2 P/E 12.1x
• NEW WORLD CHINA (917.HK): 1D chg -0.8%, Shortsell turnover 2.1m HK$, % of total shortsell turnover 0.0%, % of own turnover 47.9%, FY1 P/E 9.9x, FY2 P/E 8.4x

External Market Conditions

• William Dudley stated that the likelihood of a rate hike in September has decreased.
• U.S. Durable-goods orders surged, leading to a rally in U.S. stocks.
• ADR performance suggested a potential 283-point rise for HSI.
• Crude oil prices fell to $38.60/bbl.
• Gold prices retreated as U.S. stocks and the dollar rose.

Interest Rates and Exchange Rates

• U.S. 2-year Treasury yield: 0.6603%, 5D chg 0.70 bps, 1M chg 1.08 bps, YTD chg -0.42 bps, y-y % chg 14.85%
• U.S. 10-year Treasury yield: 2.1663%, 5D chg 9.84 bps, 1M chg -5.12 bps, YTD chg -0.49 bps, y-y % chg -19.10%
• U.S. 30-year Treasury yield: 2.9269%, 5D chg 18.40 bps, 1M chg -0.58 bps, YTD chg 17.51 bps, y-y % chg -17.55%
• HK 1-month HIBOR: 0.2562%, 5D chg 1.70 bps, 1M chg 1.58 bps, YTD chg 2.10 bps, y-y % chg 4.39%
• HK 3-month HIBOR: 0.4081%, 5D chg 2.11 bps, 1M chg 2.04 bps, YTD chg 2.67 bps, y-y % chg 4.17%
• USD Dollar Index: 95.1560, down 0.9%

Precious Metals and Commodities

• CRB Index: 185.3, down 4.4%
• Comex Gold: $1,124.6/oz, down $13.7
• Comex Silver: $14.075/oz, down 9.3%
• Nymex WTI Crude: $39.16/bbl, down 4.8%
• ICE Brent Crude: $43.73/bbl, down 6.2%
• LME Copper: $4,935/ton, down 1.2%
• LME Aluminum: $1,531.5/ton, down 1.6%
• CBT Wheat: $491.50/bushel, down 2.9%
• CBT Corn: $363.00/bushel, down 2.2%
• CBT Soybean: $882.25/bushel, down 4.3%

A-share Premium to H-share

Top 20 Most Traded ETFs

The document does not provide complete data for the top 20 most traded ETFs.