20180626-凯基证券亚洲-Investment_Daily_5页_209kb

Market Summary

Core Market Indicators

Hang Seng Index (HSI)

• Market Turnover (mn): 1073.09 (25 Jun), 990.45 (22 Jun), 103,472 (21 Jun)
• Stock Advances/Declines:
  • 25 Jun: 415 Advances, 1,335 Declines
  • 22 Jun: 837 Advances, 804 Declines
  • 21 Jun: 551 Advances, 1,136 Declines
• HSI Value:
  • 25 Jun: 28,961
  • 22 Jun: 29,338
  • 21 Jun: 29,296
• Change:
  • 25 Jun: -377
  • 22 Jun: +42
  • 21 Jun: -400
• HSI Turnover ($bn):
  • 25 Jun: 43.97
  • 22 Jun: 39.38
  • 21 Jun: 41.13

H-share Index (HSCEI)

• HSCEI Value:
  • 25 Jun: 11,208
  • 22 Jun: 11,329
  • 21 Jun: 11,364
• Change:
  • 25 Jun: -130
  • 22 Jun: -24
  • 21 Jun: -141
• HSCEI Turnover ($bn):
  • 25 Jun: 37.42
  • 22 Jun: 33.00
  • 21 Jun: 33.21

Technical Analysis

Hang Seng Index (HSI)

• Moving Averages:
  • 10-day MA: 30,040
  • 50-day MA: 30,543
  • 250-day MA: 29,309
• RSI (14-day): 31.7
• Primary Resistance: 250-day MA (29,309)
• Primary Support: 28,000
• HSI Technical Outlook: Weak, likely to continue downtrend in the near term

H-share Index (HSCEI)

• Moving Averages:
  • 10-day MA: 11,715
  • 50-day MA: 12,069
  • 250-day MA: 11,726
• RSI (14-day): 27.3
• Primary Resistance: 11,365
• Primary Support: 11,093
• HSCEI Technical Outlook: Weak, likely to continue downtrend in the near term

Market Outlook

• HSI Expected Range: 28,700-29,100 for today
• Factors Affecting HSI:
  • Weak RMB
  • Weakness in US stock markets, especially Nasdaq
  • OPEC production increase missed expectations
• Performance Highlights:
  • CNOOC (883) rose 2.4%
  • Oil-service stocks also saw gains
• Key Risks:
  • US-China trade tensions
  • Continued RMB weakness

IPO Briefs

Bank of Jiujiang (6190)

• Industry Sector: Bank
• Issue Price (HK$): 10.48-10.96
• Total Share Offer Size (HK$ bn): 3.77-3.95
• P/E (x): 11.7-12.2
• Sponsor: ABC International, China Securities International
• Dealing Period: 10-July
• Valuation: Neutral, offering price to book ratio is in line with peers
• Business Overview:
  • Regional commercial bank in Jiangxi province
  • 255 outlets, 13 branches, 241 sub-branches
  • Total deposits: RMB179.6 billion
  • Total loans: RMB102.7 billion
  • Net interest margin declined from 3.11% to 2.32%
  • Loan growth led to profit fluctuations

FingerTango (6860)

• Industry Sector: Mobile Game
• Issue Price (HK$): 2.07-3.27
• Total Share Offer Size (HK$ bn): 1.04-1.64
• P/E (x): 14.3-22.6
• Sponsor: China Securities International
• Dealing Period: 12-July
• Valuation: Neutral, projected P/E is lower than historical levels
• Business Overview:
  • Leading mobile game publisher in China
  • 7 major titles, 96.2% of revenue
  • 5 out of 7 titles entered maturity stage
  • Revenue of major titles declined in FY2017
  • Growth in ARPPU and new titles expected

Stock Connect Statistics

SH-HK Connect

• Balance (RMB bn):
  • SH Connect: 54.38
  • SZ Connect: 53.30
  • Combined Southbound: 82.77
• Balance as % of Quota Amount:
  • SH Connect: 104.6%
  • SZ Connect: 102.5%
  • Combined Southbound: 98.5%

Top 10 Most Actively Traded Stocks (SH-HK Connect Southbound)

• CCB: Buy Trades 344,770,860, Sell Trades 20,431,640, Turnover 364,770,860
• SUNAC: Buy Trades 310,441,500, Sell Trades 174,087,550, Turnover 310,441,500
• AIR CHINA: Buy Trades 308,234,700, Sell Trades 196,931,600, Turnover 308,234,700
• TENCENT: Buy Trades 277,205,860, Sell Trades 156,537,740, Turnover 277,205,860
• COUNTRY GARDEN: Buy Trades 199,162,200, Sell Trades 148,559,320, Turnover 199,162,200
• SMIC: Buy Trades 188,239,010, Sell Trades 147,898,670, Turnover 188,239,010
• CM BANK: Buy Trades 159,521,256, Sell Trades 125,081,820, Turnover 159,521,256
• SUNNY OPTICAL: Buy Trades 147,898,670, Sell Trades 128,733,660, Turnover 147,898,670
• CHINA SOUTH AIR: Buy Trades 135,242,980, Sell Trades 123,668,700, Turnover 135,242,980
• SHANGHAI PECHEM: Buy Trades 125,081,820, Sell Trades 91,626,864, Turnover 125,081,820

Top 10 Most Actively Traded Stocks (SZ-HK Connect Southbound)

• TENCENT (700): Buy Trades 281,893,440, Sell Trades 156,537,740, Turnover 281,893,440
• CCB (939): Buy Trades 256,942,950, Sell Trades 183,668,700, Turnover 256,942,950
• SUNNY OPTICAL (2382): Buy Trades 207,231,750, Sell Trades 156,537,740, Turnover 207,231,750
• SUNAC (1918): Buy Trades 178,378,950, Sell Trades 146,002,710, Turnover 178,378,950
• SMIC (981): Buy Trades 146,813,156, Sell Trades 146,002,710, Turnover 146,813,156
• CHINA SOUTH AIR (1055): Buy Trades 128,733,660, Sell Trades 123,668,700, Turnover 128,733,660
• GENSCRIPT BIO (1548): Buy Trades 123,668,700, Sell Trades 91,626,864, Turnover 123,668,700
• ZTE (763): Buy Trades 91,626,864, Sell Trades 123,668,700, Turnover 91,626,864
• DONGJIANG ENV (895): Buy Trades 146,813,156, Sell Trades 123,668,700, Turnover 146,813,156
• ICBC (1398): Buy Trades 146,002,710, Sell Trades 123,668,700, Turnover 146,002,710

Ten Most Actively Traded Stocks

• TENCENT (700): -2.16%, Closed Price 388.80, Turnover 8,491.6M
• PING AN (2318): -1.52%, Closed Price 74.50, Turnover 4,719.2M
• CCB (939): -0.95%, Closed Price 7.31, Turnover 3,460.0M
• ICBC (1398): -1.00%, Closed Price 5.97, Turnover 2,066.3M
• HKEX (388): -1.24%, Closed Price 239.20, Turnover 1,877.2M
• AIA (1299): -2.04%, Closed Price 67.20, Turnover 1,835.2M
• CNOOC (883): +2.43%, Closed Price 12.64, Turnover 1,722.6M
• BANK OF CHINA (3988): -0.77%, Closed Price 3.87, Turnover 1,695.9M
• CONCH CEMENT (914): -2.02%, Closed Price 46.05, Turnover 1,496.5M
• CHINA MOBILE (941): -0.07%, Closed Price 68.65, Turnover 1,454.0M

Ten Short Sell Stocks

• TRACKER FUND (02800.HK): Short Sell 1.12B, Turnover 1.70B, Short Sell Ratio 66.13%
• TENCENT (00700.HK): Short Sell 938.58M, Turnover 8.49B, Short Sell Ratio 11.05%
• PING AN (02318.HK): Short Sell 739.23M, Turnover 4.72B, Short Sell Ratio 15.66%
• HSCEI ETF (02828.HK): Short Sell 512.16M, Turnover 1.70B, Short Sell Ratio 30.06%
• ISHARES A50 (02823.HK): Short Sell 443.28M, Turnover 582.09M, Short Sell Ratio 76.15%
• CSOP A50 ETF (02822.HK): Short Sell 351.33M, Turnover 629.89M, Short Sell Ratio 55.78%
• CCB (00939.HK): Short Sell 344.49M, Turnover 3.46B, Short Sell Ratio 9.96%
• COUNTRY GARDEN (02007.HK): Short Sell 270.81M, Turnover 1.26B, Short Sell Ratio 21.47%
• AIA (01299.HK): Short Sell 257.99M, Turnover 1.84B, Short Sell Ratio 14.06%
• CAM CSI300 (03188.HK): Short Sell 228.42M, Turnover 444.42M, Short Sell Ratio 51.40%

Economic Calendars

• Mon, US: May New Home Sales (670K vs. 662K)
• Wed, US: May Durable Goods Orders (-0.7% vs. -1.6%)
• Thur, US: May Existing Home Sales (2.2% vs. 2.2%), Jun Initial Jobless Claims (Till Jun 23)
• Thur, US: Jun Continuing Jobless Claims (Till Jun 16)
• Thur, Euro Zone: EU Summit (Jun 28-29)
• Thur, Euro Zone: Jun Consumer Confidence
• Thur, Euro Zone: Jun Core CPI YoY (1.1%)
• Thur, Euro Zone: Jun CPI Estimate YoY (1.9%)
• Fri, US: May Core CPE YoY (1.8%)
• Fri, US: May Personal Spending (0.4% vs. 0.6%)
• Fri, US: May Personal Income (0.4% vs. 0.3%)
• Fri, China: Jun Official Manufacturing PMI (51.9%)

Disclaimer

• The information and opinions in this report are for informational purposes only
• KGI Asia Ltd. does not guarantee the accuracy or completeness of the data
• No liability is accepted for any loss arising from the use of this report
• This report is not an invitation or offer to buy or sell securities