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Hong Kong Stock Range Trade Today Investment Daily 3 November 2020 Major Market Indicators Market Overview 2 Nov 30 Oct 29 Oct Mkt. Turn.(mn) 116,200 151,700 133,200 Hong Kong stock range trade today; Initial Resistance at 10 Day Stock Advances 970 531 698 SMA Stock Declines 755 1,290 1,056 China's Caixin manufacturing PMI rose to 53.6 in Oct, and reached 9 years high, drove the Hong Kong HSI 24,460 24,107 24,567 stock market rose. The Hang Seng Index opened 167 points higher, and up 353 points, closed at 24,460 Change +353 -479 -122 points on Monday. H-Share Index closed at 9,937 points, up 176 points. Market turnover was $ 116.2 HSI Turn.($bn) 46.41 58.65 51.18 billion. Evergrande(3333) sold 40.964% equity interests it held in Guanghui Industrial for RMB HSCEI 9,937 9,760 9,955 14.8billion, which is expected to strengthened the cash position, its share price up 1%. Auto mobile Change +176 -195 -8 sector performed well, Geely Auto(0175) up 13.6%, and was the best performing blue chips, BYD HSCEI Turn.($bn) 46.76 60.84 55.87 (1211) also up 12.7%. Encouraging manufacturing data from US, China and Euro helped to boost US stock market sentiment on Monday. Besides, investors expect Biden could win the election, which will launch measures to HSI Technical Indicators boost the economy, US value stock well on Monday. Of which, energy, material and industry sector 10-days MA 24,622 performed the best 50-days MA 24,509 The Dow rose 423 points on 26,925 on Monday. On the other hand, technology stock momentum were 250-days MA 25,438 not strong, the Nasdaq rose 0.4% only. Besides, better US manufacturing data, as well as hope of 14-days RSI 50.54 delaying plans to increase production at OPEC+ meeting at 30-Nov and 1-Dec, oil price rose 2.8% to Primary resistance 24,500 US$36.8 per barrel. Primary support 24,000 HK Stock Connect net inflow remained strong in the past few trading days. Despite HK stock rebounded yesterday, overall market turnover shrank obviously. It reflected that investors prefer to stay HS CEI Technical Indicators sideline ahead of US president election. Hong Kong stock is likely to range trade today, initial 10-days MA 9,987 resistance at 10 Day SMA(24,622). 50-days MA 9,846 Auto stock performed strong recently. State Council announced that sales of new energy vehicles 250-days MA 10,190 target to reached 20% of overall new car sales in 2025. Of which, BYD (1211) benefit the most, but 14-days RSI 53.57 Primary resistance 10,000 share price already accumulated significant gain in recent weeks. Investors could accumulate during Primary support 9,800 weakness. On the other hand, JW Therap(2126) share price rose 2.5% in the grey market yesterday. Even though parent’s strong brand effect is expected to provide support to its share price performance. HSI Futures Since overall non revenue biotech stocks were weak recently, it will limit JW Therap short term upside. Technical Analysis 2 Nov 30 Oct 29 Oct The Hang Seng Index rose 353 points on Monday and closed with white candlestick, market turnover Nov 24,337 24,157 24,491 was $116.19 billion. Although RSI and MACD rose, the VHSI continued to hover at a recent high, and Volume, 104,210 134,232 123,435 the risk aversion sentiment remained high. Moreover, the Hang Seng Index failed to regain the 50-days Open interests 126,097 132,.060 125,385 SMA of about 24,500 points. In addition, due to lack of trading momentum, the room for further Dec 24,330 24,147 24,490 rebound will be limited, and 24,800 points will be the next major resistance level. The first support Volume 534 688 693 level of the Hang Seng Index is 24,000 points and the second support level is 23,800 points. In addition, Open interests 17,091 16,950 16,788 the first resistance level is 24,500 points and the second resistance level is 24,800 points. HSI Chart HSCEI Futures 2 Nov 30 Oct 29 Oct Nov 9,902 9,786 9,941 Volume 84,189 97,277 12,701 Open interests 197,160 198,354 198,501 Dec 9,902 9,789 9,935 Volume 2,020 2,630 3,965 Open interests 93,555 9,976 93,226 Sources ：Google Investment Daily Daily Focus AIA (1299): Latest Update AIA (01299) announced that it has obtained the approval from China AIA (01299)Info Banking and Insurance Regulatory Commission to establish a branch in Closed price 73.35 Sichuan. It became the first branch approved after AIA China become a Expected P/E (X) 17 wholly-owned life insurance company in July. AIA China currently has Expected Dividend 1.8 branches in Shenzhen, Guangzhou, Dongguan, Beijing, Shanghai, yield (%) Jiangsu, Tianjin, Jiangmen and Shijiazhuang. 52 week high 86.5 AIA stated before that it will focus on developinginsurance business in 10 52 week low 58.7 to 12 provinces in China. AIA CEO Mr Li recently said that AIA would 14RSI 42.6 gradually expand the mid-to-high-end market in China, while areas chosen will be large population with a concentrated middle and high class. On the contrary, China rural market is not AIA target segment, given the group's advantage is not obvious compared to other China insurance companies. In addition, AIA stated that other Asian markets, including Indonesia, Vietnam, India, and the Philippines, also have great development potential. AIA might increase investment in different markets depending on opportunities. AIA major business is insurance business at Asia. Owing to COVID 19, new business value fell 34% yoy in 1H20. Of which, China and Hong Kong accounted for 38% and 20% of new business value in 1H20. Thanks to China open insurance market, China business is likely to be major driver of AIA profit growth in the coming years. With anticipated Wealth Management Connect in 2021, Greater Bay Area resident could buy insurance products in Hong Kong. Together with low base in 2020, AIA Hong Kong business will rebound in 2021. Besides, AIA also has strong exposure in Asia, which will benefit from far more better control of epidemic in the areas. Current valuation is 17x FY21 prospective P/E and 1.72x prospective P/B, suggest Buy, target price is HK$85.00. Analyst: Samuel Chua, CFA http://www.kgieworld.com 3 November 2020 2 Investment Daily GAC Motor(2238): Q3 Result Beat Expectation GAC Motor(2238) announced 20Q3 result. Total revenue from GAC Motor(2238)Info operations grew 19.3% YoY to RMB17.51 billion. Net profit rose 89.5% YoY to RMB2.68 billion. It beat market expectation which was mainly Closed price 8.37 due to strengthened cost control and recovery of sales volume. Expected P/E (X) 8.5 Expected Dividend Q3 sales volume rose 15%. Of which, Japan JV brand Toyota and Honda 2.8 yield (%) achieved strong performance. Toyota and Honda sales volume rose 20% 52 week high 9.94 and 29% respectively, which led investment income rose 39.2% to 52 week low 5.47 RMB3.42 billion. Besides, Trumpchi also achieved improvement. Sales volume rose 10% YoY. However, Trumpchi continued to record loss in 14RSI 79 Q3. But the loss did not widen. Overall trend takes longer time to observe. It is expected that Japanese brands will continue to record fast growth in Q4. Self-owned brand is likely to stabilize and rebound. Having said that, share price accumulated significant gain. Apart from better than expected Q3 result, media said that GAC Group plans to announce spin-off its NEV brand Aion before Guangzhou automobile exhibition. And according to the article, it plans to further seek listing on STAR board. In fact, Aion performed quite well. September Aion sales volume reached 6,875 which grew 72% YoY. It is noteworthy. Management did not disclose more details on this reported plan. NEV brand Polestar under Geely(175) parent company is reported to have finance plan of USD900 million. This news is expected to further fuel up investors optimism on GAC motor spin off. And State Council aims that by 2025 NEV vehicles sales volume accounts for around 20% of overall vehicles sales. It is likely to boost market interest in NEV segment. Together with GAC second phase of NEV capacity expansion, it is expected to benefit from policy support. In terms of valuation, GAC Motor FY21 projected P/E is 8.5x which is not demanding comparing among peers. Still, since accumulated gain was huge in recent months, investors are suggested to accumulate when share price corrects to around 10 day moving average (around HK$7.7). Analyst: Li Kam Ming, CFA, FRM http://www.kgieworld.com 3 November 2020 3 Investment Daily Shanghai /Shenzhen -Hong Kong Stock Connect Statistics SH Connect SZ Connect Combined Southbound Balance (RMB bn) 50.51 48.58 76.52 Balance as % of Quota Amount 97.1 93.4 91.1 Top 10 Most Actively Traded Stocks(SH-HK Connect Southbound) Stock Name Stock code Buy Trades (HKD) Sell Trades (HKD) Turnover (HKD) TENCENT 700 1,566,088,850 202,877,000 1,768,965,850 GEELY AUTO 175 816,360,620 260,789,000 1,077,149,620 MEITUAN-W 3690 846,780,520 148,382,392 995,162,912 SMIC 981 497,222,400 230,129,525 727,351,925 XIAOMI-W 1810 382,448,330 146,118,890 528,567,220 CHINA RES BEER 291 86,207,700 353,702,986 439,910,686 CCB 939 406,203,350 7,690,420 413,893,770 HKEX 388 298,596,700 87,996,060 386,592,760 CHINA LIFE 2628 188,010,120 170,533,440 358,543,560 PING AN 2318 94,865,675 176,644,625 271,510,300 Sources: HKEx Top 10 Most Actively Traded Stocks(SZ-HK Connect Southbound) Stock Name Stock code Buy Trades (HKD) Sell Trades (HKD) Turnover (HKD) GEELY AUTO 175 1,108,556,520 138,916,080 1,247,472,600 MEITUAN-W 3690 610,552,620 301,798,180 912,350,800 TENCENT 700 460,500,900 158,179,150 618,680,050 BYD COMPANY 1211 287,694,700 319,149,900 606,844,600 YIHAI INTL 1579 100,957,750 296,252,150 397,209,900 SMOORE INTL
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