20220628-马银证券_香港_-每日港股简评_2页_160kb

Market Summary

Core Content

The Hong Kong stock markets showed positive movement on the day following Shanghai's further easing of its COVID-19 restrictions. This shift in policy has led to a surge in the performance of China's food and beverage (F&B) and restaurant sectors. Key players such as Xiaomi-W (1810 HK) and Haidilao (6862 HK) have seen significant gains, with Xiaomi-W rising by 12.4% and Haidilao benefiting from the resumption of dine-in services in several cities.

Main Views

• Market Reaction to Shanghai Reopening: The easing of restrictions in Shanghai has positively impacted the F&B and restaurant sectors, with investors anticipating improved recovery rates. The Hang Seng Index increased by 510 points to 22,222, supported by a daily turnover of HKD200 billion.

• Xiaomi-W (1810 HK): The company's stock rose sharply due to anticipation of its flagship smartphone launch on 5 July. The strong performance reflects market optimism about its product cycle and potential for growth.

• Tencent (700 HK): Despite positive news, Tencent's share price corrected due to the announcement by Prosus and Naspers of their plans to gradually sell shares in the firm. Additionally, its ADR continued to fall by 2%, indicating investor caution.

• Luk Fook (590 HK): The company released a positive profit alert for its FY22E results, expecting a 30–40% YoY increase in revenue and net profit. This growth is attributed to a low base, improved retail atmosphere, and successful expansion strategies.

• HKEx (388 HK): The stock price rose by approximately 7% after the CSRC approved ETF Connect on 24 June. However, the market remains cautious due to restrictions on the program, including limitations on the types of ETFs and daily trading quotas. The long-term potential of ETF Connect is seen as a key driver for enhanced mutual access between markets.

• Haidilao (6862 HK): The company has resumed dine-in services in most of its stores, with notable activity in Shanghai. Table turnover increased significantly in the first 1–2 weeks post-reopening, and similar trends were observed in other cities like Shenzhen, Guangzhou, Xian, and Hangzhou. Haidilao also expanded its store count, opening 15 new locations by May, with 6 in China and 9 overseas.

• WuXi AppTec (2359 HK): The company reported that its operations were minimally affected by the Shanghai lockdown. With the easing of restrictions in June, it has recovered to 100% capacity. WuXi expects a 62–65% YoY growth in 2Q22E and has completed RMB1.5 billion in commercial projects in 1Q22E. It aims to deliver around RMB10 billion in commercial projects by FY22E and maintain a revenue growth guidance of 65–75% YoY for FY22E and a 30–35% CAGR in the long term.

Key Information

• Market Outlook: The week ahead will focus on China's June NBS and Caixin manufacturing PMI data, which will be released on Thursday and Friday respectively.
• Sector Trends: The F&B and restaurant sector is showing signs of recovery, particularly in Shanghai, with positive implications for related stocks.
• Company Highlights:
  • Xiaomi-W: Expected to benefit from upcoming product launch.
  • Haidilao: Resuming dine-in services and showing strong recovery signs.
  • WuXi AppTec: Maintaining growth momentum with minimal impact from lockdowns.
  • HKEx: Positive reaction to ETF Connect approval, though near-term upside is limited.

Disclaimer

This document is for general information purposes only and does not constitute investment research or recommendations. MIB Securities (HK) Ltd does not independently verify the accuracy of the information provided and assumes no responsibility for any loss resulting from reliance on its contents. The information is based on data from recognized sources, and opinions expressed may change without notice. Investors are advised to consult their financial advisors before making any investment decisions.