20220411-马银证券_香港_-每日港股简评_2页_162kb

Market Summary

Core Content

This document provides an overview of the Hong Kong stock market and updates on key sectors and companies in the context of China's economic outlook and developments in the first quarter of 2022. It highlights the performance of stocks, upcoming economic data releases, and strategic updates from major firms.

Market Performance

• Market Focus: The market was focused on the Chinese railway sector, with expectations that infrastructure will support economic growth in 2022E.
• Stock Movements:
  • CRG (390 HK) and CRCC (1186 HK) reached their 1-month highest levels, rising by 7.3% and 7.1%, respectively.
  • GAC Group (2238 HK) surged 9.6% due to better-than-industry March sales volume.
• Hang Seng Index: The index was up 63 points to 21,872 points, with a daily turnover of HKD 103.1 billion.
• Trading Days: This week will have only four trading days due to the Good Friday holiday on Friday, 15 April.

Sector News

China Property Sector

• Policy Relaxation: Over 10 cities have relaxed policy controls on the property market since March 2022, especially in Tier-2 cities.
• Company Developments:
  • Kaisa (1638 HK) entered into cooperation with CM Shekou and China Great Wall.
  • Vanke (2202 HK) announced a RMB 2 billion to 2.5 billion A-share buyback plan.
  • Evergrande (3333 HK) now allows onshore creditors to sue locally, not just in Guangzhou.
  • Fantasia (1777 HK) sold development projects in Singapore for SGD 21 million in two tranches.
  • Four developers were approved to issue medium-term notes, totaling RMB 25 billion, including Yuexiu Property (123 HK), Country Garden (2007 HK), CIFI (884 HK), and Longfor (960 HK).

Company News

Geely Auto (175 HK)

• March Sales: Total sales volume was 101,200 units (+1% YoY).
• NEV Growth: BEV sales rose 530% YoY to 11,900 units, and PHEV sales increased 30% YoY to 2,300 units.
• Penetration Ratio: NEV penetration ratio reached 14%, up from 4% in March 2021.
• Factors Affecting Sales: Flattish growth was attributed to COVID-19 impact and chip supply constraints.
• Brand Performance:
  • Geely sold 83,800 units (flat YoY).
  • Lynk & Co sales declined 17% YoY to 13,600 units.
• Positive Outlook: Market confidence remains in Geely's ability to achieve a 15% YoY volume growth in 2022E, supported by its product launch pipeline.

Remegen-B (9995 HK)

• Clinical Trial: RC48's clinical trial for 1L UC treatment (combined with Keytruda) is expected to launch in the US in 2H22, led by Seagen.
• Revenue Outlook: Milestone revenue for 1L UC treatment may be lower-than-expected.
• 2L UC Treatment: No milestone revenue is expected for 2L UC treatment.
• Impact of COVID-19: Management expects revenue guidance for 1H22E to be affected, with RC18 potentially impacted more due to treatment delays.

Baidu-SW (9888 HK)

• Strategies: Market expects Baidu's strategies to remain unchanged in 2022E, focusing on AI Cloud, intelligent driving, and mobile ecosystem.
• Baidu Cloud Growth: Drivers are expected from growing customer base in transportation, energy, utilities, manufacturing, and public sectors.
• Content Ecosystem: Baidu has mini programs, managed pages, and BJH to enrich its content ecosystem.
• Managed Pages Revenue: Reached 40% of Baidu Core's online marketing revenue in 4Q21.
• Core Revenue: Expected to remain flattish YoY due to resurgence of COVID-19.

Disclaimer

• The document is for general information and market commentary only.
• It is not investment research or recommendation.
• No liability is accepted for any loss due to reliance on the content.
• Information accuracy is not guaranteed, and no verification is performed.
• Conflicts of interest may exist, as MIB (HK) may participate in financing transactions, hold positions, or serve as directors of companies mentioned.
• Reproduction or distribution of the content is not permitted without prior consent.