20220512-马银证券_香港_-每日港股简评_2页_161kb

Market Summary

Core Content

The document provides an overview of the recent performance of Hong Kong and Chinese stock markets, along with sector and company-specific updates. It highlights the impact of economic factors such as inflation, policy support, and the ongoing effects of the pandemic on various industries. Additionally, it includes disclaimers regarding the nature of the information and potential conflicts of interest.

Main Market Trends

• Hong Kong and China Stocks: The market advanced due to faster-than-expected inflation in April, which strengthened expectations for further policy support to mitigate economic strain from lockdowns.
• Inflation Data:
  • CPI (Consumer Price Index): Rose to 2.1% YoY, exceeding the consensus of 1.8%.
  • PPI (Producer Price Index): Increased to 8% YoY, surpassing the expected 7.7%.
• Tech Sector: Tech stocks such as Tencent (700 HK) and Meituan-W (3690 HK) were key drivers of the Hong Kong stock market's performance.
• Hang Seng Index: Gained 190 points to 19,824 points, with a daily turnover of HKD126.1 billion.
• U.S. Markets: Slumped overnight due to concerns over a flattened yield curve.
• Market Outlook: The Hang Seng Index is expected to open approximately 350 points lower this morning, at around 19,500 points.

Sector News

Macau Gaming - Golden Week Performance

• Revenue: MTD average daily revenue during the May Golden Week reached MOP200 million as of 9 May 2022.
• Visitation and Occupancy: Both visitation and hotel occupancy met market expectations, with 27,000 daily average visitors and 59.5% hotel occupancy.
• Pandemic Impact: The outbreak in Shanghai appears to be easing, with declining daily case numbers. However, border re-opening is not expected until confirmed cases reach near-zero levels.

Company News

Li Auto (2015 HK)

• Performance: Share price surged after the company beat 1Q22 results.
• Profit: 1Q22 non-GAAP net profit was RMB477 million, a 65% increase from the consensus forecast.
• Guidance:
  • 2Q22E revenue guidance of RMB6.2b–7b.
  • Expected delivery of around 9,200 units in May and June, compared to 4,200 units in April.
• Future Plans: Plans to launch L9 in 3Q22E and three new models in 2023E.

CRRC (1766 HK)

• Freight Train Sales: Strong revenue rebound in 1Q22 with locomotive sales up 95% YoY and freight wagon sales up 33% YoY.
• Orders on Hand: Increased by 33% as of 1Q22.
• Wind Power Segment: Sluggish performance in 1Q22 due to high base effect.
• 2022E Outlook:
  • Stable revenue and margin performance.
  • Medium-term train demand outlook remains intact.
  • Accelerating growth from the wind power segment, aligned with China's de-carbonization goals.

Anta Sports (2020 HK)

• April Sales: Retail sales trend worsened on a MoM basis due to lockdown measures.
• Brand Performance: ANTA's sales were less affected than FILA, which is more concentrated in higher-tier cities.
• Order Guidance: Management indicated no need to cut orders in 2Q22E.
• Earnings Forecast: Some analysts have revised down earnings forecasts due to sales deleveraging, weaker consumer sentiment, and updated CNY/HKD exchange rates.
• Market View: Positive outlook on long-term market share gains from its multi-brand portfolio (ANTA, FILA, Desrente, Kolon Sport, and Amer).

Pou Sheng (3813 HK)

• April Sales: Declined by 38% YoY, narrowing the 43% YoY decline in March.
• Performance Against 2019: April sales were at 49% of 2019 levels, compared to 57% in March.
• Reasons for Weak Sales:
  1. Higher exposure to higher-tier cities and shopping malls.
  2. Weaker online sales due to a shift in strategy to focus on profitability.

Key Information

• The market is influenced by inflation data and policy expectations.
• Tech stocks are performing well, while concerns over the U.S. yield curve affect investor sentiment.
• Macau gaming sector showed resilience during the Golden Week, but border re-opening remains uncertain.
• Li Auto is expected to grow with new model launches and improved profitability.
• CRRC is optimistic about its freight train business and long-term wind power growth.
• Anta Sports faces short-term challenges but maintains a positive long-term outlook.
• Pou Sheng is experiencing sales declines, attributed to its geographic exposure and strategic shifts.

Disclaimers

• The document is for general information only and not investment research or recommendation.
• Information is based on data from recognized sources but not independently verified.
• MIB (HK) does not take responsibility for any loss arising from reliance on the content.
• Opinions are subject to change and may not align with technical or quantitative analysis.
• There may be conflicts of interest, including participation in financing transactions or ownership positions.
• The document is intended for MIB (HK)'s clients and may not be reproduced or distributed without consent.
• International investments carry risks such as economic, political, and currency fluctuations.