20220408-马银证券_香港_-每日港股简评_2页_160kb

Market Summary

Core Content

The Hong Kong stock market experienced a correction on the previous trading day, with notable declines in tech stocks. Southbound capital flows showed a net outflow of HKD934 million, indicating a shift in investor sentiment towards mainland China markets. In contrast, CNOOC (883 HK) saw a net inflow of HKD410 million. The Hang Seng Index fell by 271 points to 21,808, with a daily turnover of HKD117.3 billion. The 14-day RSI for the index was at 48.6, below the 50 level, suggesting potential overbought conditions. The index is currently facing resistance at its 50-day moving average of 22,600 points. The MACD indicator is a key focus, as a break below the slow line would signal a weakening technical trend.

Sector News

China Transportation - Updates

1. Logistics Demand: China's logistics demand contracted due to the resurgence of the COVID-19 virus.
2. Special Bonds: Local governments issued new special bonds amounting to RMB1.3 trillion in the first quarter of 2022, which represents 36% of the annual quota.
3. SCFI Decline: The Shanghai Containerized Freight Index (SCFI) declined by 1.9% week-on-week (Ww) to 4,348.7 points.
4. Freight Rates: Spot freight rates on European and Transpacific routes dropped by 2.5% and 0.8% Ww, respectively.
5. BDI Drop: The Baltic Dry Index (BDI) fell by 7.4% Ww to 2,357 points as of 1 April, with freight rates on all vessel types declining.

China Bank - 2021 Results Review

• Most Chinese banks reported EPS that beat expectations, with an average increase of 11%.
• Net interest margins (NIM) stabilized in the second half of 2021.
• Asset quality improved, and the CET1 ratio increased.
• For 2022, the market anticipates absolute loan growth to exceed 2021's levels, with growth expected to be over 10%.
• Property-related risks are expected to become more pronounced in 2022, potentially leading to divergent asset quality outcomes.
• Dividend pay-out ratios remain above 30%, with H-shares offering dividend yields of 5-9%.

Company News

BUD APAC (1876 HK)

• Market expects BUD APAC to report low-to-mid single-digit growth in normalized EBITDA for 1Q22.
• EBITDA margin is expected to slightly increase, while sales are likely to remain flat.
• In the China market, sales volume is projected to decline due to the shift of the Chinese New Year (CNY) sale period and the impact of the March 2022 COVID-19 outbreak.
• Raw material price hikes may negatively impact gross profit margins, even with hedging measures.

EC Healthcare (2138 HK)

• EC Healthcare acquired 75% equity interests in a veterinary hospital company in Tai Po for HKD15.75 million.
• The acquired company reported a profit after tax of HKD2.6 million for the first seven months of 2021.
• The acquisition is valued at approximately 5x FY21 PER and is expected to provide new income sources and clientele for existing businesses, enhancing synergies and diversifying the business portfolio.

Innovent (1801 HK)

• Innovent received NDA approval from the China NMPA for pemigatinib, a pan-FGFR inhibitor, for the treatment of adults with locally advanced or metastatic cholangiocarcinoma (CCA) who have progressed after at least one prior line of systemic therapy.
• Pemigatinib was discovered by Incyte and in-licensed by Innovent for development and commercialization in Greater China in 2018.
• It is the first FGFR1/2/3-selective TKI approved for the treatment of CCA in China, following approvals in Taiwan and Hong Kong.

Disclaimer

This document is for general information and circulation only and is not intended as investment research or recommendation. MIB Securities (HK) Ltd and its affiliates do not independently verify the accuracy or completeness of the information provided. The information is based on data from recognized statistical services, issuer reports, or other sources believed to be reliable. No representation is made regarding the accuracy of such information, and MIB (HK) does not accept liability for any loss arising from reliance on this content. Opinions expressed are subject to change and may not align with fundamental, technical, or quantitative analyses. MIB (HK) may participate in financing transactions or have positions in securities mentioned. This document is for internal use and may not be reproduced, altered, transmitted, or distributed without prior written consent. International investments carry risks such as economic, political, currency exchange, and limited information availability. Investors are advised to consult their financial advisors to assess their financial resources and risk preferences.