20160726-新鸿基金融集团-INVESTMENT_DAILY_NOTE_15页_2mb

报告摘要

Investment Daily Note Summary

Core Content Overview

This document provides a comprehensive summary of the Hong Kong and global market conditions, focusing on stock performance, key company updates, sector analysis, valuations, and external economic indicators.

Main Points and Key Information

Market Highlights

BYD (1211.HK): Won a bid for a new energy vehicles procurement project valued at RMB 1.52 billion. The company expects positive results, but the stock is currently overbought and may test lower at the 20-day MA (HK$48.8).
Sands China (1928.HK): Its controlling shareholder reported adjusted property EBITDA of US$488 million for 2Q ended June 30, 2016, a 13.6% decline YoY, but better than market consensus. The stock is expected to continue its upward trend.

Equity Indices

Hang Seng Index (HSI): Closed at 21,993, with a 0.1% daily change and a 0.4% YTD change.
HSCEI: Closed at 9,035, with a 0.0% daily change and a -6.5% YTD change.
Shanghai Composite: Closed at 3,016, with a 0.1% daily change and a -14.8% YTD change.
Shenzhen Composite: Closed at 2,020, with a 0.0% daily change and a -12.5% YTD change.

External Market Conditions

US Stocks: Ended lower due to caution ahead of Fed and BOJ meetings. ADRs dropped, contributing to a 94-point decline in HSI.
Oil Prices: Fell to a 3-month low at US$42.97/bbl, reflecting concerns over global crude supply.
Gold Prices: Settled at US$1,319.50/oz, down US$3.90.

Hong Kong Market Turnover

HSI: Turnover of HK$16.5bn, down -0.58%.
HSCCI: Turnover of HK$3.8bn, down -17.59%.
HSCEI: Turnover of HK$9.3bn, up 0.30%.
Main Board: Turnover of HK$49.4bn, down -4.96%.

Yesterday's Hong Kong Equities

The market remained range-bound due to wait-and-see sentiment before major policy meetings.
HSI: Closed at 21,993, up 29 points.
HSCEI: Closed at 9,034, up 2 points.
Pokémon Go Launch: Boosted local telecom stocks like SmarTone (315.HK) and Hutchison Telecom (215.HK).
Alibaba Pictures (1060.HK) issued a profit warning, leading to a stock drop.

Stock in Focus

Huaneng Renewables (958.HK)

Last Close: HK$2.52
Entry: HK$2.50
Target: HK$3.00
Stop-loss: HK$2.36
YTD/1M/3M/12M % Change: 8.6% / 4.1% / 11.0% / -22.9%
Market Cap: HK$24.51bn
3M Average Daily Volume: 25.90mn shares
FY1 Forward P/E: 8.8
Reason for Pick: Strong H1 results, positive profit alert, and attractive valuation. The company is a major wind power operator in China and benefits from the NDRC's policy to boost renewable energy usage.

Today's Top Picks

Clear Lift (1341)

Last Trading Day Closing Price: HK$1.25
Purchase Price: Current
Target Price: HK$1.50
Stop-loss Price: HK$1.13
Reason: Share price bottomed out successfully, and recent market movement supports a potential rise.

CNOC Int'l (1240)

Last Trading Day Closing Price: HK$2.99
Purchase Price: Current
Target Price: HK$3.43
Stop-loss Price: HK$2.69
Reason: Company successfully bid for a development site in Singapore, and the stock is expected to rise after a correction.

Sector Performance

Best Performing Sectors (1D % change)

HK Telecoms: 2.6%
Durable Consumables: 1.7%
Oil-related: 1.4%
Building Materials: 1.2%
HK Consumer Group: 1.0%
Gaming: 0.9%
Consumer Staples: 0.8%
Toll Road: 0.7%
Medical: 0.7%
Chinese Telecoms: 0.6%
Airline: 0.4%
REITs: 0.4%
Brokerages: 0.4%
Chinese Banks: 0.4%
Local Property: 0.3%

Major Stocks in Best Performing Sectors

HK Telecoms: HutchTel HK (215), Smartone (315), HKT-SS (6823)
Durable Consumables: Welling Hldg. (382), Skyworth Digital (751), Hisense Kelon Elec (921), TCL Multimedia (1070)
Oil-related: Sinopec (386), PetroChina (857), CNOOC (883), Hilong Hldg. (1623), China Oilfield Services (2883)
Building Materials: Shanshui Cement (691), Anhui Conch (914), China Res Cement (1313), BBMG (2009), CNBM (3323)
HK Consumer Group: Sa Sa Int'l (178), Cafe De Coral (341), Luk Fook (590), Bonjour (653), I.T (999)
Gaming: Galaxy Ent. (27), SJM Hldg (880), Wynn Macau (1128), Sands China (1928), MGM China (2282)
Consumer Staples: Want Want (151), Uni-President (220), Tingyi (322), Hengan Int'l (1044), Sun Art Retail (6808)
Toll Road: Sichuan Express (107), Jiangsu Express (177), Shenzhen Express (548), Zhejiang Express (576), Anhui Expressway (995)
Medical: Trad Chi Med (570), Sinopharm (1099), Sino Biopharm (1177), Fosun Pharma (2196), SH Pharma (2607)
Chinese Telecoms: China Telecom (728), China Unicom (762), China Mobile (941)
Airline: Cathay Pacific (293), China East Air (670), Air China (753), China South Air (1055)
REITs: Yuexiu REIT (405), Fortune REIT (778), Prosperity REIT (808), LINK Reit (823), Champion REIT (2778)
Brokerages: First Shanghai (227), Central China Sec. (1375), CITIC Sec. (6030), Haitong Sec. (6837), China Galaxy Sec. (6881)
Chinese Banks: CCB (939), ABC (1288), ICBC (1398), BankComm (3328), BOC (3988)
Local Property: CK Hutchison (1), Henderson Land (12), SHK Prop (16), New World Dev (17), Sino Land (83)

Valuation and Forward P/E

Valuations and Estimated Earnings Growth

Index	FY16E P/E	Long-term Avg. Fwd. P/E	Deviation from Avg. (%)	FY1 EPS Growth (%)	FY2 EPS Growth (%)
Hang Seng Index	12.2	11.0	11.8	-10.6	-10.8
HSCEI	7.7	7.9	-2.2	-8.1	9.1
Shanghai Composite	13.9	10.7	29.0	20.6	13.2
S&P 500	18.4	15.3	20.5	9.3	13.3

Market Data

Best and Worst Performers

Best Performers:
- HI LONG HOLDING (1623.HK): 12.8% daily change
- GOLDIN PROPERTIE (283.HK): 10.5% daily change
- POWERLONG REAL (1238.HK): 6.1% daily change
- POLYTEC ASSET HO (208.HK): 5.6% daily change
- SA SA INT'L (178.HK): 4.9% daily change
Worst Performers:
- LANDING INTERNAT (582.HK): -8.8% daily change
- GUANGZHOU AUTO-H (2238.HK): -6.1% daily change
- YINGDE GASES GRP (2168.HK): -5.0% daily change
- SINOPEC OILFIE-H (1033.HK): -4.6% daily change
- LONKING (3339.HK): -4.1% daily change

HSCI Volume Filter

TIAN LUN GAS (1600.HK): 1.7% daily change, 1,080.2 average volume
POWERLONG REAL (1238.HK): 6.1% daily change, 1.9 average volume
MICROPORT SCIENT (853.HK): -0.3% daily change, 0.7 average volume
GOLDIN PROPERTY (283.HK): 10.5% daily change, 2.5 average volume
HILONG HOLDING (1623.HK): 12.8% daily change, 4.4 average volume

Most Short Sold Stocks

SUN ART RETAIL (6808.HK): 1.5% daily change, 5.2 short sell turnover
SHANGRI-LA ASIA (69.HK): -0.2% daily change, 1.8 short sell turnover
CIMC-H (2039.HK): 0.6% daily change, 62.1 short sell turnover
CHINA RESOURCES (874.HK): 19.96 HK$, 600332 A-share, 56.0% premium
BBMG CORP-H (2009.HK): 2.94 HK$, 601992 A-share, 60.0% premium

Economic Data and Event Calendar

Result Calendar: Includes various companies' results and dividends for the period ending June 30, 2016, and others.
Key Dates: July 26, 28, August 2, 9, 10, 16, 23, 26, 29, 30, etc.

Summary

This document offers a detailed market analysis of the Hong Kong and global markets, highlighting key stock movements, sector performance, valuations, and upcoming events. It emphasizes the importance of market trends, corporate news, and external economic factors like interest rates and exchange rates. The focus on Huaneng Renewables and CNOC Int'l showcases the potential for growth in renewable energy and property sectors. Investors are advised to monitor the market closely, especially for stocks that may benefit from policy changes and market corrections.

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