20220622-马银证券_香港_-每日港股简评_2页_652kb

Market Overview Summary

Core Content

The Hong Kong stock markets showed positive movement on the back of a rally in the tech, auto, and property sectors, as well as gains in HSBC (5 HK) and Standard Chartered (2888 HK). This was influenced by the Bank of England's suggestion of more aggressive interest rate hikes to support the weak pound and combat higher inflation. The Hang Seng Index rose by 395 points to 21,559 points, with a daily turnover of HKD119.3 billion. However, the index is expected to open approximately 100 points lower this morning, at around 21,400 points, according to ig.com.

Sector Analysis

China Coal

• Coal Prices: The CCTD QHD5,500 blended coal price, QHD5,500 spot coal price, and BSPI price remained stable on a week-over-week basis.
• Production: Coal production in May 2022 reached 367 million tonnes, a 10.3% increase YoY. For the first five months of 2022, production totaled 1,814 million tonnes, up 10.4% YoY.
• Inventory: Coal inventory at QHD increased by 3.8% WoW to 5.15 million tonnes as of 19 June. Inventory of coal IPPs at eight coastal provinces rose by 0.2% to 30.62 million tonnes.
• Market Outlook: Coal prices are expected to remain stable throughout June and July.

China Express

• Volume Growth: The express industry saw a reversal in growth trends, with May volume showing a positive YoY growth of 0.2% (or 24% MoM).
• Selling Price: The industry average selling price (ASP) grew by 0.7% YoY, slightly lower than the 2% growth in April.
• Company Performance: All A-share players reported higher revenue YoY growth in May, driven by improved volume and ASP.
• Xiaomi Performance: Xiaomi reported positive YoY growth in both ASP and volume, following product optimization efforts since H2 2021. It maintained a No.1 position in smartphone and AIoT marketing campaigns on major e-commerce platforms.
• SF and YTO: SF showed positive YoY growth in both ASP and volume, while YTO's ASP outperformed its Tongda peers on a MoM basis.
• Market Expectations: With the lifting of the Shanghai lockdown and the "618" e-commerce shopping festival, the market anticipates continued MoM growth in parcel volume. As of 18 June, daily parcel volume reached 351 million parcels, up 8% YoY.

Company News Highlights

Alibaba-SW (9988 HK)

• 618 Shopping Festival: Pre-sales for the 618 shopping festival began on 26 May with price freezes, discounts, and vouchers.
• Marketing Success: The company highlighted positive YoY sales growth and recovery in consumer confidence.
• Merchant Empowerment: Emphasized efforts to support merchants with sustainable growth and focus on R&D, design, and quality.
• Innovation: Introduced new innovations to Taobao Live, enhancing user interaction.

Xiaomi-W (1810 HK)

• Market Leadership: Maintained leadership in China's smartphone and AIoT marketing campaigns during the 618 shopping festival.
• GMV: Achieved a total gross merchandise value (GMV) of RMB18.7 billion across online and offline channels.
• Shipment Share: Expanded its shipment share in the mid-to-high end smartphone market to 17.3% as of end-May.

JW Therap-B (2126 HK)

• Insurance Collaboration: Collaborates with 44 commercial insurers offering up to 100% cost reimbursement and 22 city-level supplemental insurers offering up to 50% cost reimbursement.
• Drug Development:
  • 3L FL: Expected to receive NMPA approval in 4Q22E, with commercialization efforts to ramp up shortly.
  • 3L MCL: Aims to complete enrolment for the pivotal study by the end of 2022E and submit NDA in 2023E.
  • 2L LBCL: Received IND approval and plans to dose its first patient in 3Q22E.

Key Information

• Market Sentiment: Positive due to tech, auto, and property sector rallies, as well as support from the Bank of England.
• Coal Sector: Prices remain stable, with increased production and inventory.
• Express Sector: Volume growth turned positive YoY in May, with continued momentum expected in June.
• Company Performance: Alibaba and Xiaomi showed strong marketing and sales performance during the 618 festival. JW Therap-B is progressing with its drug development pipeline.

Disclaimer

• This report is for general information and not investment research or recommendation.
• MIB Securities (HK) Ltd does not independently verify the information and makes no representation regarding its accuracy or completeness.
• The information is based on data from recognized sources and may be subject to change.
• There may be conflicts between fundamental, technical, and quantitative opinions.
• MIB (HK) may perform investment banking services for companies mentioned in this report.
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