20181203-凯基证券-Market_Overview_6页_255kb

Market Summary

Core Content

This document provides a comprehensive overview of the Hong Kong and Chinese stock markets, including key market indicators, technical analysis, major stock movements, economic data, and relevant financial statistics. It also includes information on IPOs and market sentiment.

Major Market Indicators

• HSI closed at 26,506, up 55 points from the previous day.
• HSCEI closed at 10,621, up 36 points.
• Market turnover increased, mainly due to MSCI quarterly review-related trading activities.
• Meitu (1357.HK) saw a significant drop of nearly 13% due to data privacy concerns.

Technical Analysis

Hang Seng Index (HSI)

• Technical Trend: Pending for change, with a cross star pattern observed at the close.
• Support Levels:
  • First: 10-day SMA (26,248)
  • Second: 26,000
• Resistance Levels:
  • First: 26,787 (20% retracement from peak)
  • Second: 27,000
• RSI: 56.3, indicating a neutral to slightly overbought condition.

HSCEI

• Technical Trend: Also pending for change.
• Support Levels:
  • First: 10-day SMA (10,530)
  • Second: 10,530 (same as first support)
• Resistance Levels:
  • First: 10,784
  • Second: 10,530 (same as first support)
• RSI: 55.5, indicating a neutral condition.

Macau Market

• Gaming Revenue (Nov): 24.795 billion Macau dollars, up 8.5% YoY, beating market expectations.
• Key Drivers:
  • Opening of the Hong Kong-Zhuhai-Macau Bridge.
  • Stronger VIP win rate.
• Gaming Stock Outlook: Expected to rebound today, but upside is limited due to weak China economy and uncertain license renewal.
• Sands China (1928):
  • Closed price: 33.85
  • Expected P/E: 16X
  • Dividend yield: 5.6%
  • 52-week high: 47.60
  • 52-week low: 29.85
  • RSI: 54.9

CG Property Services (6098)

• Transaction: Conditionally agreed to purchase interests in 5 property management companies for RMB682,588,800.
• Benefits:
  • Immediate income and expansion of business scale.
  • Reasonable transaction price lowers valuation.
  • Diversification through third-party business and value-added services.
• Performance:
  • Gross profit margin: 30% (higher than peers).
  • 90% of revenue from the mother company.
• Analyst View: Recommend a wait-and-see attitude due to uncertain growth potential and valuation.

WuXi AppTec (2359.HK)

• IPO Info:
  • Industry: Pharmaceutical
  • Issue price (HK$): 64.1–71.5
  • Total share offer size (HK$ Mn): 7,466–8,328
  • P/E: 50.9–56.8
  • Sponsor: Morgan Stanley, Huatai Financial, Goldman Sachs
  • Dealing period: Dec-13
• Market Position:
  • Ranked 1st in China's pharmaceutical R&D outsourcing market with 8.3% share.
  • Global market share: 1.1% in the top 15 CROs and CMOs.
• Financial Performance:
  • Revenue growth: 27% YoY in 2017, 20% YoY in 1H2018.
  • Gross profit margin: 39.8% in 1H2018 (down 3.4% YoY due to RMB appreciation).
• Analyst Recommendation: "Subscribe" due to strong industry outlook and reasonable valuation.

Stock Connect Statistics

• SH Connect:
  • Balance (RMB bn): 47.75
  • As % of Quota: 91.8%
• SZ Connect:
  • Balance (RMB bn): 50.32
  • As % of Quota: 96.8%
• Combined Southbound:
  • Balance (RMB bn): 83.78
  • As % of Quota: 99.7%

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

Ten Most Actively Traded Stocks

Ten Short Sell Stocks

Economic Calendars

Analysts and Disclaimer

• Analysts: Chua Tit Hong, Li Kam Ming, ZHU Luying.
• Disclaimer:
  • The information and opinions are from KGI Asia Ltd. internal research.
  • No liability is accepted for any loss arising from the use of this report.
  • The report is for informational purposes only and not an invitation to trade.