20220222-马银证券_香港_-每日港股简评_2页_135kb

报告摘要

Market Summary

Core Content

The Hong Kong stock market experienced a correction on the previous day, driven by significant selling pressure on Chinese technology companies. The Hang Seng Tech Index fell by approximately 3%, while major tech stocks like Meituan-W (3680 HK) declined by 4%. However, some companies newly included in the Hang Seng Index saw positive performance, with Lenovo (992 HK) and Nongfu Spring (9633 HK) gaining 5.3% and 0.5%, respectively. The Hang Seng Index itself dropped 157 points to 24,170, with daily turnover increasing to HKD143.7 billion.

Global tensions between Russia and Ukraine also contributed to market volatility, as the Dow futures fell by more than 400 points, which is expected to negatively impact the Hang Seng Index. Additionally, HSBC (5 HK) is set to release its 2021 results, with analysts expecting adjusted pre-tax net profit to rise by 1.15x to 1.23x. The company's share buyback amount and dividend per share will also be key points of focus.

Sector Highlights

China Healthcare

The Chinese government has initiated staff training for the rollout of COVID-19 vaccine booster shots, indicating that the program may begin soon. Two types of booster schemes are currently in place: homologous and heterologous. Major domestic manufacturers of inactivated vaccines include Sinovac, Sinopharm Wuhan, Sinopharm Beijing, BioKangtai (300601 CH), and Institute of Medicinal Biotechnology. For recombinant vaccines, Zhifei (300122 CH) and Cansino (6185 HK) are leading players.

Over 10 vaccine candidates are under R&D, covering various technologies such as recombinant, viral vector, inactivated, mRNA, and fusion protein. This diversification reflects the ongoing efforts to ensure a robust and adaptable vaccine portfolio in response to the evolving pandemic.

China Renewable Energy

On 18 February, 12 departments, including the National Development and Reform Commission (NDRC), issued a notice promoting the steady growth of the industrial economy. The notice emphasizes the need for provincial governments to:

Fully utilize carbon emission reduction support tools and the RMB200 billion special re-loans for clean and efficient coal usage.
Accelerate the construction and environmental assessment of large-scale wind and solar projects in the Gobi Desert area.
Support offshore wind development in Guangdong, Fujian, Zhejiang, Jiangsu, and Shandong provinces.

These measures are expected to benefit wind and solar IPPs (Independent Power Producers), including CR Power (836 HK), Longyuan (916 HK), Datang Renewable (1798 HK), and Xinyi Energy (3868 HK).

Company Highlights

Man Wah (1999 HK)

Man Wah plans to expand its retail network by opening at least 1,000 new stores per year, aiming to reach a total of 10,000 stores in three years. This implies a CAGR of over 20%. The company is also upgrading its ERP system to support a c.10,000 POS network. Post-pandemic, Man Wah has accelerated its expansion, increasing its network by 43% YoY to 4,122 stores in FY21.

Beigene (6160 HK)

Beigene's HER2-targeting BsAb zanidatamab (ZW25) has been granted breakthrough therapy designation by the China NMPA for the treatment of HER2+ locally advanced unresectable or metastatic biliary tract cancer (BTC) that has failed previous chemotherapy. The drug also received breakthrough therapy designation from the US FDA, along with orphan drug designations in biliary, gastric, and ovarian cancer, and fast-track status in refractory BTC and 1L gastroesophageal adenocarcinoma.

Haidilao (6862 HK)

Haidilao's share price fell following the release of a profit alert for 2021. The company is expected to report a net loss of c.RMB3.8b to RMB4.5b, despite a revenue increase of over 40% YoY to exceed RMB40 billion. The loss is attributed to one-off losses from asset disposal, impairment losses, and the closure of over 300 restaurants. Additionally, the ongoing global pandemic and rapid expansion in 2020 and 2021 have impacted operations.

Disclaimer

This Dim Sum Daily is for general information only and is not intended as investment research or recommendation. It does not constitute substantive analysis or substantive research. MIB Securities (HK) Ltd and its affiliates do not independently verify the information and accept no liability for any loss arising from reliance on its contents. All statements are current opinions and may change without notice. The company may also participate in financing transactions, have positions in securities, or serve as directors of companies mentioned. This report is intended for clients and not for reproduction or distribution without permission. Investment in international markets carries risks, including economic, political, currency exchange, and limited information availability. It is recommended to consult a financial advisor before making investment decisions.