20171114-凯基证券亚洲-Investment_Daily_5页_241kb

报告摘要

Indicator	13 Nov	10 Nov	9 Nov
HSI	29,182	29,120	29,136
HSI Change	+61	-15	+228
HSI Turnover ($bn)	38.09	36.57	37.48
HSCEI	11,684	11,745	11,744
HSCEI Change	-61	+1	+168
HSCEI Turnover ($bn)	20.61	20.99	21.11

The Hang Seng Index (HSI) closed at 29,182 points on 13 Nov, up 61 points from the previous day.
The HSCEI closed at 11,684 points, down 61 points on the same day.
Overall turnover for the HSI was $38.09 billion on 13 Nov, indicating strong trading activity.

Razer (1337) was listed and closed at $4.58, a 18% increase from the IPO price of $3.88.
Technology stocks were a favorite among investors, with some surging 6%.
AIA (1299) was stimulated by the China insurance liberalization policy, which aims to raise the ceiling on foreign insurers' ownership to 51% in three years and remove it entirely in five years.
US stock market opened lower due to uncertainty over tax reform and General Electric's dividend cut, but recovered later, with the Dow and Nasdaq rising 17 points and 7 points respectively.
Short-term treasury yields increased, with the 2-year yield rising 3 basis points to 1.70%, hitting a 9-year high.

HSI is moving upward, aligning with the Bollinger Band top at 29,181 points, and the MACD bullish gap remains.
The 14-day RSI is at 66.3, showing no peak divergence, indicating a bullish trend.
Primary resistance is at 29,500 points, and primary support is at 28,790 points (the 10-day moving average).
HSCEI shows a bearish trend, with a 14-day RSI of 57.5 and primary resistance at 11,804, primary support at 11,571.

Opened a new casino in Cotai on 29 Jan 2018 with a $3.4bn investment.
The new casino will have 1,390 rooms and an exhibition center of 2,870 square meters.
Expected to have 125-150 new gaming tables, similar to Wynn Palace.
Plans to cooperate with five VIP junkets to attract high-net-worth clients.
The price-to-embedded-value ratio is 2.18x, higher than the 3-year average of 1.88x.
Analysts suggest short-term speculative funds may flow into the stock, leading to short-term outperformance.

Waste-to-energy business contributes 60% of total revenue.
Greentech and water businesses each contribute 20%.
1H17 net profit increased by 49% yoy, exceeding the positive alert of 40%.
The greentech business has 69.7% stake and reported 69% revenue growth and 57% net profit growth in 1H17.
The company has 73 projects with RMB17bn investment over the next three years.
Analysts recommend accumulating due to fair valuation at 13x P/E and strong growth potential.

SH Connect and SZ Connect balances are RMB12.81bn and RMB12.46bn, respectively.
Combined Southbound balance is RMB15.93bn.
Top 10 Most Actively Traded Stocks (Southbound) include TENCENT (700), ICBC (1398), SMIC (981), and others.
TENCENT (700) is the most actively traded stock with RMB756.458bn turnover.
China Everbright (257) and AIA (1299) show high buy and sell activity.

Top 10 Short Sell Stocks include TENCENT (00700.HK), PING AN (02318.HK), TRACKER FUND (02800.HK), and others.
TENCENT (00700.HK) has the highest short sell at 1.34B, with a short sell ratio of 19.46%.
CAM CSI300 (03188.HK) has the highest short sell ratio at 56.19%.

MSCI will release its quarterly review results on Tuesday.
China will release Oct. Retail Sales (YoY), Oct. Industrial Production (YoY), and Oct. Fixed Assets Ex-Rural (YoY YTD).
Eurozone will release 3Q GDP (YoY) and Oct. CPI (YoY Finalized).
Japan will release 3Q GDP (YoY).
U.S. will release Oct. CPI (YoY), Oct. Advance Retail Sales (MoM), Initial Jobless Claims (Nov. 11), Continuing Claims (Nov. 4), and Oct. New Housing Starts.

This report is for informational purposes only.
It is not an invitation or offer to buy or sell securities.
The information and opinions are subject to change without notice.
KGI Asia Ltd. does not accept any liability for losses arising from the use of this report.

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