20171219-凯基证券亚洲-Investment_Daily_5页_515kb

报告摘要

Indicator	18 Dec	15 Dec	14 Dec
HSI (Points)	29,050	28,848	29,166
HSI Change (Points)	+202	-318	-55
HSI Turnover ($bn)	35.95	44.27	37.72
HSCEI (Points)	11,415	11,365	11,531
HSCEI Change (Points)	+49	-165	+11
HSCEI Turnover ($bn)	16.72	24.46	19.82

The Hang Seng Index (HSI) closed at 29,050 points on 18 Dec, up 202 points from the previous day.
The HSCEI closed at 11,415 points, up 49 points.
Market turnover for HSI on 18 Dec was $35.95 billion, a decrease compared to the prior day.
HSI had a bearish MACD gap that slightly narrowed, and the index is currently trading near the Bollinger Band middle line.
The first support level for HSI is 28,650 points, with the next support at 28,276 points.
The first resistance level is 29,368 points, with the next resistance around 29,800 points.

HKT-SS (6823.HK) saw a 4% stock price jump due to a positive profit alert and HKEx's decision to allow dual-class shares.
The price war in the mobile telecom market is still ongoing, with CSL launching a lower-priced unlimited data plan.
HKBN is aggressively expanding its market share, with 300K mobile subscribers in November, 40% of whom came from CSL.
Analysts believe the price war will continue until HKBN reaches its target.
HKT-SS faces high debt levels and pressure on mobile market, raising concerns about its dividend sustainability.
HKBN's share price is not attractive after a recent rally, while Hutchison Telecom (0215) has HK$10bn cash and may declare a special dividend, with a target price of HK$3.20.

Vobile provides online video content protection services and was the world leader in 2016 revenue with 7.5% market share.
It offers subscription-based SaaS and transaction-based SaaS platforms.
The online video content protection market is expected to grow from $133.8 million in 2016 to $194.6 million in 2021.
However, the company's revenue from top customers is highly concentrated, with 30% from the top 5 customers.
VDNA fingerprinting technology may be obsolete due to advancements in watermarking and digital fingerprinting.
Based on an IPO price of HK$3.5–3.7, the historical P/E is between 46.5x and 69.1x, which is not attractive.
Analysts rate the stock as Neutral due to high customer concentration and technological risks.

Ruifeng Power is a cylinder block manufacturer, ranked 4th in China in 2016.
The company operates 3 precision casting lines and 13 mechanical processing lines.
Revenue in 1H17 was RMB 320 million, with cylinder blocks accounting for 82.1% of total revenue.
The cylinder block market in China is expected to grow at a CAGR of 7.1% from 2016 to 2021.
The historical P/E ranges from 11.6x to 12.1x, lower than peers like HuaZhong (6830.HK).
The top 5 customers account for 63% of revenue in 1H17, still highly concentrated.
Analysts suggest a Neutral rating due to modest growth, high customer concentration, and limited market potential.

SH Connect and SZ Connect balances are 11.46 billion RMB and 12.56 billion RMB, respectively.
The combined Southbound balance is 20.26 billion RMB, which is 88.1% and 96.6% of the quota.
The top 10 most actively traded stocks under SH-HK and SZ-HK Connect include ICBC, Tencent, SUNAC, Ping An, HKEX, SMIC, CCB, CPIC, Dalí Foods, and Sunny Optical.

The top 10 short sell stocks include ICBC, Ping An, Tracker Fund, Tencent, CCB, SUNAC, CSOP A50 ETF, Kunlun Energy, HS H ETF, and SHK PPT.
The short sell ratio for these stocks ranges from 5.67% to 57.05%.

The information and opinions are from KGI Asia Ltd. internal research.
The report is not an invitation to trade and may be subject to change without notice.
KGI Asia Ltd. disclaims any liability for losses arising from the use of this report.
The report is for informational purposes only and not to be reproduced or published without prior consent.

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