20180528-广发证券_香港_-Dim_Sum_Express_4页_437kb

报告摘要

Market	1D Chg (%)	1M Chg (%)	YTD Chg (%)	18E EPS (%)	19E EPS (%)	18E P/E	19E P/E
HSI	-0.6	1.0	2.2	43.8	10.5	11.8	10.7
HSCEI	-0.9	-0.2	2.9	26.1	10.4	8.0	7.2
MXCN	-0.3	3.1	4.0	55.3	15.7	13.2	11.4
SHSZ300	-0.3	1.6	-5.3	35.3	15.1	12.8	11.1
SHCOMP	-0.4	1.9	-5.0	40.4	13.7	12.3	10.8
SZCOMP	-0.9	1.9	-4.7	76.2	23.1	19.8	16.1
INDU	-0.2	1.8	0.1	40.0	8.8	15.0	15.6
SPX	-0.2	1.9	1.8	45.8	10.0	17.1	16.3
CCMP	0.1	4.4	7.7	82.3	15.3	19.4	19.4
UKX	0.2	3.0	0.6	167.2	5.7	13.3	14.4
NKY	0.3	0.2	-1.1	62.1	13.4	14.4	16.3

Core Content: The table outlines the performance of various global and regional indices for the day, month, and year-to-date (YTD) periods, along with earnings per share (EPS) growth and price-to-earnings (P/E) ratios for 2018 and 2019. The indices show mixed performance, with some experiencing positive growth and others declining.
Key Points:
- HSI and HSCEI showed positive YTD growth, while SHSZ300 and SZCOMP experienced declines.
- CCMP and UKX had the highest EPS growth for 2018.
- NKY had a negative YTD change but strong EPS growth.
- P/E ratios varied, with CCMP and SPX showing higher P/E values for 2018 and 2019.

Company	Local (HK$)	Daily (%)	ADR (US$)	Daily (%)
700 TENCENT	404.0	-0.74	17.0	-0.12
1398 ICBC	6.6	-0.45	9.2	-2.10
939 CCB	8.1	0.00	165.0	-3.91
857 PETROCHINA	6.1	-3.04	29.4	0.79
5 HSBC	77.1	-0.64	6.6	1.22
941 CHINA MOBILE	72.1	-0.76	20.6	0.83
2318 PING AN	77.8	-0.26	19.9	-0.08
3988 BANK OF CHINA	4.1	-0.48	13.1	-0.49
386 SINOPEC	7.3	-7.22	92.3	-2.09
1299 AIA	70.5	-0.28	36.1	0.08

Core Content: This section provides the stock prices and daily changes for major Hong Kong-listed companies in both local HK$ and ADR (American Depositary Receipt) USD terms.
Key Points:
- TENCENT and ICBC saw declines in both local and ADR markets.
- HSBC and CHINA MOBILE had mixed performance, with ADRs showing positive changes.
- SINOPEC and CCB had significant drops in local prices but some ADR gains.
- AIA had a slight drop in local prices but a small increase in ADRs.

Core Content: The report discusses the recovery in demand for the building materials sector, particularly in cement and glass, and highlights the divergence in sector performance.
Main Views:
- Cement Production: 1Q18 saw a decline in production due to short-term factors, but production rebounded strongly in April. The southern region outperformed the northern region in production and earnings.
- Glass Production: Flat glass production also declined in 1Q18 but showed a strong rebound in April. The sector faces challenges in maintaining stable demand and supply.
- Demand Drivers: Property demand increased, while infrastructure demand declined. The combination of sales and new starts area suggests low housing stock and potential for new construction in the short term.
- Investment Opportunities: Companies with sustainable growth and those benefiting from increasing industry concentration and high-end demand are highlighted.
Key Companies:
- Skshu Paint (603737 CH), Monarch Sanitary Ware (002798 CH), and Oriental Yuhong Waterproof Technology (002271 CH) are recommended for their potential in the building materials sector.
- Conch Cement (600585 CH), Huaxin Cement (600801 CH), and Tapai Group (002233 CH) are noted for possible earnings rebounds in Q2 2018.

Core Content: The power sector experienced strong growth in April due to delayed production resumption and the end of production suspensions.
Main Views:
- Power Consumption: National power consumption increased by 9.3% YoY in Jan-April and 7.8% YoY in April.
- Thermal Power Utilization: Thermal power utilization hours rose for 15 consecutive months, indicating strong demand.
- Coal Prices: High coal prices are a cost concern, but long-term contracts may help control costs.
- Power Generation: Thermal, hydropower, and wind power generation all saw growth, with wind power maintaining the highest growth rate.
Key Companies:
- Huaneng Power International (600011 CH) and Huadian Power International (600027 CH) are recommended for monitoring due to their strong performance and potential for cost control.

Building Materials Sector: Further economic downturn, macroeconomic policy volatility, new capacity additions, rising raw material costs, and changes in energy consumption structure.
Power Sector: Deterioration in power demand and supply, downward adjustments in power tariffs, and fluctuations in coal prices.

Benchmark: Hong Kong Hang Seng Index
Time Horizon: 12 months
Stock Ratings:
- Buy: Expected to outperform benchmark by more than 15%
- Accumulate: Expected to outperform benchmark by more than 5% but not more than 15%
- Hold: Expected relative performance between -5% and 5%
- Underperform: Expected to underperform benchmark by more than 5%
Sector Ratings:
- Positive: Expected to outperform benchmark by more than 10%
- Neutral: Expected relative performance between -10% and 10%
- Cautious: Expected to underperform benchmark by more than 10%

The research analyst certifies that the views expressed in the report accurately reflect personal opinions and that no compensation is linked to the recommendations.
No proprietary trading or investment banking relationships with the companies mentioned.
No financial interests or holdings in the securities discussed.

This report is for informational purposes only and does not constitute an offer to buy or sell securities.
The information is subject to change without notice.
GF Securities (Hong Kong) is not liable for any loss arising from the use of the report.
Recipients should exercise their own judgment and seek professional advice before making investment decisions.

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