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KGI Daily (HK) Investment D aily 20 September 2017 Major Market Indicators Market Overview 19 Sep 18 Sep 15 Sep Mkt. Turn.(mn) 99,600 112,000 117,200 Stock Advances 649 938 753 The Hang Seng Index is expected to trade at 27,900 to 28,300 Stock Declines 403 755 898 today HSI 28,051 28,159 27,807 Change -108 +352 +30 Ahead of the monetary meeting of the Fed, Hong Kong equities retreated on HSI Turn.($bn) 33.58 34.00 39.79 Monday. Hang Seng Index decreased 108 points and closed at 28,051 points. HSCEI 11,125 11,195 11,067 HSCEI closed at 11,125 points, falling 70 point. Turnover for the morning session Change -70 +128 -33 was $99.6 billion. Individual automobile enterprise tied up with technology giant, HSCEI Turn.($bn) 16.59 18.73 22.20 leading the price hit historical high, other automobile stocks closed mixed. And the Fed is going to hold monetary meeting, the local property stocks fell in general. HSI Technical Indicators 10-days MA 27,842 Merger and acquisition activities support telecom sector price to perform well on 50-days MA 27,348 Tuesday. Besides, financial stock also continued recent strength, all three major 250-days MA 24,539 US stock market index hit new high again on Tuesday. However, ahead of the 14-days RSI 60.01 FOMC meeting on Wednesday, some of the investors stay sidelined, which limit Primary resistance 28,589 US stock market upside room. The Dow and the Nasdaq rose 39 points (to 22,371) Primary support 27,816 and 7 points (to 6,461) respectively. HS CEI Technical Indicato rs Although HK stock market trend fluctuate, but Hang Seng Index still closed above 10-days MA 11,152 28,000, recent uptrend has not been reversed yet. Since the Fed will have interest 50-days MA 10,962 rate meeting on Wednesday, investor prefer to keep sideline, Hang Seng Index will 250-days MA 10,197 continue to hover at 28,000 today. 14-days RSI 52.14 Primary resistance 11,500 Primary support 10,962 Technical Analysis HSI Futures 19 Sep 18 Sep 15 Sep HSI once surpassed 28,200 points on Tuesday, yet it finally declined at day close. Currently it is located around the ceiling of Bollinger Band 28,194 points , and Sep 28,035 28,161 27,776 （ ） the MACD bearish gap remains. The first support is 20-DMA 27,816 points, and Volume 100,184 92,906 142,395 the next support is 50-DMA 27,348 points. The first resistance should be 28,589 Open interests 148,835 152,157 151,354 points. The next resistance is 29,000 points. Oct 28,017 28,140 27,763 Volume 1,916 1,452 1,566 HSI Chart Open interests 6,850 6,013 5,160 HSCEI Futures 19 Sep 18 Sep 15 Sep Sep 11,112 11,186 11,060 Volume 63,024 66,051 91,124 Open interests 220,785 227,986 237,149 Oct 11,120 11,194 11,065 Volume 11,409 8,166 498 Open interests 31,433 22,900 16,212 Sources：etnet Investment Daily Daily Focus Shimao (813) : Aug contract sales Shimao reported August contract sales of RMB7.04bn, increased 34%yoy, with Shimao (0813) Info GFA of 427,250 sqm, increased 8%yoy, the average selling price was RMB16,489 per sqm. Closed price 17.46 For the first 8 months, the contract was RMB58.3bn, the GFA was 3.5mn sqm, Expected P/B (X) 0.63 increased 30% and 9%yoy respectively. The average selling price was Dividend yield (%) 5.2 RMB16,666. The group year target sales was RMB88bn, the achievement ratio was 66.3%. 52 week high 17.96 The group said the available for sales value was 6.78mn sqm, with RMB150bn, 52 week low 9.80 the disposal ratio would be 60%. 14RSI 73.30 For the 1H2017, the group sales increased 19.3%yoy to RMB35.8bbn, with gross margin increased 28.2% to 29.6%, the net profit was increased 4.5%Yoy to RMB3.61bn. In FY2014, the group contract sales was RMB70.2bn, ranked number 8 in terms of sales. However, the group adopted contraction policies, to reduce the debt level. In FY2015 and FY2016, the contract sales was RMB67bn and 68bn respectively. In this year, the group aggressively acquired land, with total investment was RMB25bn in the 1H, and budget was RMB35bn. Shimao is trading at P/B of 1 times, with estimated NAV of HK$27.6, current price is trading at 36.7% discount to its NAV, investors would speculative trading the counter. Risks including the high valuation would not be backed up by fundamental once the fund outflow from the sector. GAC (2238) & Tencent (700) strategic tie-up GAC (2238) announced to tie-up with Tencent(700) strategically on Monday after GAC (2238) Info market closed. Both of them will cooperate on business- and capital- level. Firstly, they will cooperate in intelligent connected vehicle, Big data in the aspects of Closed price 18.12 business-level. Also, they may explore capital-level tie-up in areas like auto Expected P/E (X) 10.1 E-commerce, auto insurance and new energy vehicles. Dividend yield (%) 2.7 “Internet+” is the major development trend of many traditional industries. We think that the strategic tie-up between GAC and Tencent, providing more 52 week high 18.80 high-tech features to the GAC’s product in long-term. The consumers can 52 week low 8.93 experience better driving experience, including the use of artificial intelligence connected car service via mobile payment, Wechat, even expanding the 14RSI 74.16 application of auto “Big Data” with the support of Tencent. On the other hand, GAC announced the sales volume data in August. For the period, the overall sales volume was approximately 157,661 units, representing an increase of 23.5% YoY. The total sales volume in the first eight months increased 29.1% YoY to 1,279,456 units. The sales growth driver came from the Trumpchi and two JVs – GAC Fiat and GAC Mitsubishi. In which the accumulate sales of Trumpchi increased 49.8% YoY to 330,035 units, while the Ytd sales growth of GAC Fiat and GAC Mitsubishi jumped over 51% and 2x YoY respectively. Driven by the announcement about the strategic tie-up, leading the price of GAC hit historical high on Tuesday. Looking forward, as the local brand and JVs own a rich product mix in large-sized SUV, along with the Trumpchi just launched two new models –GS7 and GS3 with good market response. Currently, the waiting list of those models is one to two months. We believe the new models will provide sales momentum to GAC continuously. Strategically, the projected P/E ratio of GAC is 10.1x, the valuation is still attractive. We recommend to accumulate when there is price correction. http://www.kgieworld.com 20 September 2017 2 Investment Daily Sunevision(8008): Applied for transfer to Mainboard Sunevision(8008) has submitted application to transfer from GEM to mainboard. Sunevision (8008) Info Sunevision will not issue any new shares for the transfer. Sunevision believes the transfer will increase flexibility for future financing. Closed price 5.01 Sunevision is one of the major players in HK data center business, major clients Expected P/E (X) 31.5 are telecom operators, network and cloud service providers. Benefit from Dividend yield (%) 2.5 continuous increase of data demand, Sunevision maintained profit growth in past years. Its net profit rose 14.7% to HK$630mn in FY17 (Y/E June). If excluding 52 week high 5.30 property re-valuation, it rose 8.7% yoy to HK$555mn. 52 week low 3.24 Sunevision new data center, Mega Plus at TKO, opened in second half of 2017. It 14RSI 53.23 will increase Sunevision capacity and provide more variable service to meet client demand. We expect its net profit growth to accelerate in 2018. However, its current valuation is 31.5x prospective P/E, valuation is quite high. On the other hand, refer to the five most recent transfer from GEM board to mainboard, it usually takes three to four months to get approval while share price stimulus is very short term and limited. We suggest investors to take profit during strength. http://www.kgieworld.com 20 September 2017 3 Investment Daily Shanghai /Shenzhen -Hong Kong Stock Connect Statistics SH Connect SZ Connect Combined Southbound Balance (RMB bn) 13.09 12.67 25.76 Balance as % of Quota Amount 100.68 97.46 99.07 Top 10 Most Actively Traded Stocks(SH-HK Connect Southbound) Stock Name Stock code Buy Trades (RMB) Sell Trades (RMB) Turnover (RMB) SUNAC 1918 529,312,750 737,120,800 1,266,433,550 HSBC HOLDINGS 5 797,410,740 32,700,480 830,111,220 ICBC 1398 777,359,980 38,560,600 815,920,580 COUNTRY GARDEN 2007 187,138,480 427,666,720 614,805,200 GAC GROUP 2238 33,333,400 416,338,800 449,672,200 TENCENT 700 349,754,680 80,479,420 430,234,100 EVERGRANDE 3333 119,411,950 180,016,750 299,428,700 GEELY AUTO 175 100,630,200 162,450,100 263,080,300 FOSUN INTL 656 147,359,330 86,789,470 234,148,800 CPIC 2601 80,598,160 76,700,960 157,299,120 Sources: HKEx Top 10 Most Actively Traded Stocks(SZ-HK Connect Southbound) Stock Name Stock code Buy Trades (RMB) Sell Trades (RMB) Turnover (RMB) SUNAC 1918 102,581,650 144,305,150 246,886,800 CHINA VANKE 2202 133,234,905 42,827,130 176,062,035 TENCENT 700 64,441,500 68,672,200 133,113,700 FOSUN INTL 656 114,359,310 10,311,190 124,670,500 EVERGRANDE 3333 65,433,850 49,852,050 115,285,900 KAISA GROUP 1638 73,285,330 38,416,240 111,701,570 CHIHO ENV 976 100,124,640 4,580,680 104,705,320 COUNTRY GARDEN 2007 44,267,180 55,645,880 99,913,060 GENSCRIPT BIO 1548 75,832,200 21,100,300 96,932,500 GEELY AUTO 175 25,997,850 60,866,150 86,864,000 Sources: HKEx Other Statistics Ten Most Actively Traded Stocks Stock Name Code Change Closed Price Turnover(Million) TENCENT 700 -0.52% 344.20 7612.2 HSBC HOLDINGS 5 0.66% 76.65 2726.3 SUNAC 1918 9.14% 37.60 2493.6 PING AN 2318 -0.88% 62.30 2324.5 ICBC 1398 0.17% 5.81 2018.1 COUNTRY GARDEN 2007 0.28% 14.24 1933.9 GEELY AUTO 175 1.57% 22.70
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