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HONG KONG MARKET HOW HAS TRUMP CONTRACTING TRADING MATTERS SERIES: TRADING FLOWS COVID-19 AFFECTED MARKETS? An overview of the performance DIGITAL ENGAGEMENT TEAM of companies in the market 9 OCTOBER 2020 Hang Seng Index Key Events Summary 200 Day MA 32,000 100 Day MA 2 Oct 30,000 50 Day MA Stocks fall 28,000 following Trump’s positive virus test, but close off the 26,000 worst levels on stimulus hopes 5 Oct 24,000 Dow ends 465 09 Oct 2020: points higher 22,000 after Trump 24,119.13 cleared to leave hospital after 3- 20,000 12 Oct night stay Jan Feb Mar Apr May Jun Jul Aug Sep Oct China Sep Exports release Market Commentary • China’s yuan climbs, stocks gain in upbeat return 15 Oct for traders (09 oct, Bloomberg) China Sep CPI o Stock Connect/Markets reopen after national Release Golden Week holiday in China • A slew of China data will give the latest read on the strength of the economy’s recovery in the final 19 Oct month of 3Q (09 Oct, Bloomberg) o 12 Oct: China Sep Exports, estimate +8.4% China 3Q GDP Release o 15 Oct: China Sep CPI, estimate +1.8% • Macau casinos drop as golden week results don’t impress market (09 oct, bloomberg) o Gross gaming revenue -76% from the same 3 Nov period a year ago, according to Bernstein • Hang Seng Index holding support at 24,000 US Presidential psychological level, below key 50/100/200 Day Elections Moving Averages Data extractedfromBloomberg asof previous closing unlessotherwisestated Hang Seng Index Components: Movers and Laggards TOP PERFORMING SINCE 05 OCTOBER 2020 LAST TRADED VOLUME VS COUNTER TOTAL PRICE CHANGE (%) 30D AVG (%) WUXI BIOLOGICS CAYMAN INC 7.42% -60.44% AAC TECHNOLOGIES HOLDINGS IN 6.95% 7.12% SUNNY OPTICAL TECH 6.34% -5.39% HSBC HOLDINGS PLC 5.54% -52.41% TENCENT HOLDINGS LTD 5.47% -0.44% COUNTRY GARDEN HOLDINGS CO 5.06% -10.83% AIA GROUP LTD 4.94% -47.34% TECHTRONIC INDUSTRIES CO LTD 4.63% -52.01% CSPC PHARMACEUTICAL GROUP 4.40% -39.50% HANG LUNG PROPERTIES LTD 4.19% -35.00% WORST PERFORMING SINCE 05 OCTOBER 2020 LAST TRADED VOLUME VS COUNTER TOTAL PRICE CHANGE (%) 30D AVG (%) SANDS CHINA LTD -5.03% 74.49% WHARF REAL ESTATE INV -3.33% 74.56% LINK REIT -2.38% 1.69% CHINA UNICOM HONG KONG LTD -0.59% -32.19% WH GROUP LTD -0.48% 24.24% BANK OF CHINA LTD-H -0.42% -30.01% SUN HUNG KAI PROPERTIES -0.30% -3.85% IND & COMM BK OF CHINA-H -0.25% -30.14% HENGAN INTL GROUP CO LTD -0.18% -7.93% CITIC LTD -0.18% -36.00% Data extractedfromBloomberg asof previous closing unlessotherwisestated Overnight Flows Summary: As of 09 October 2020 TOP 10 MOST ACTIVE SECURITIES BY TRADED VALUE TRADED VALUE COUNTER LAST PRICE PRICE CHANGE (%) ($’000s) 1 TENCENT HOLDINGS LTD 539.50 0.84% 8,213,727 2 ALIBABA GROUP HOLDING LTD 286.20 -1.17% 6,415,638 3 MEITUAN DIANPING-CLASS B 270.00 1.20% 6,304,381 4 EVEREST MEDICINES LTD 72.75 32.27% 3,078,792 5 XIAOMI CORP-CLASS B 20.95 0.48% 2,447,587 6 JD.COM INC - CL A 307.80 0.92% 1,948,431 7 PING AN INSURANCE GROUP CO-H 80.80 0.62% 1,815,818 8 XINYI SOLAR HOLDINGS LTD 13.66 -10.13% 1,392,688 9 BYD CO LTD-H 122.40 -4.67% 1,260,378 10 GEELY AUTOMOBILE HOLDINGS LT 15.80 1.28% 1,095,910 STOCKS HITTING 52 WEEKS HIGHS (TOP 5 BY MARKET CAP) COUNTER LAST PRICE PRICE CHANGE (%) 52 WEEK HIGH 1 ALIBABA GROUP HOLDING LTD 286.20 -1.17% 293.00 2 HAIDILAO INTERNATIONAL HOLDI 59.55 -3.64% 63.00 3 SHENZHOU INTERNATIONAL GROUP 135.40 0.59% 138.60 4 GREAT WALL MOTOR COMPANY-H 11.00 -1.61% 11.48 5 YUM CHINA HOLDINGS INC 413.60 0.63% 416.60 STOCKS HITTING 52 WEEKS LOWS (TOP 5 BY MARKET CAP) COUNTER LAST PRICE PRICE CHANGE (%) 52 WEEK LOW 1 SHENZHEN EXPRESSWAY CO-H 6.72 0.45% 6.65 2 HUI XIAN REIT 1.54 0.00% 1.36 3 KOWLOON DEVELOPMENT CO LTD 7.83 -1.02% 6.28 Stocks have been filtered to show only those >US$1b in market capitalisation. Figures as of previous closing Data extractedfromBloomberg asof previous closing unlessotherwisestated Hang Seng Index Components Summary (1/2) Analysts Upside/Downside Consensus from Analyst Counter Price RSI Latest Dividend Ex Date 12M Target Consensus Price (%) AAC TECHNOLOGIES HOLDINGS IN 44.65 51.35 0.1 9/9/2020 53.89 20.70% AIA GROUP LTD 79.65 56.63 0.35 7/9/2020 85.76 7.67% ALIBABA GROUP HOLDING LTD 286.20 65.99 N/A N/A 313.90 9.68% BANK OF CHINA LTD-H 2.39 38.02 0.191 7/7/2020 3.47 45.05% BANK OF COMMUNICATIONS CO-H 3.79 37.83 0.315 6/7/2020 5.08 34.16% BOC HONG KONG HOLDINGS LTD 21.25 48.31 0.447 15/9/2020 27.00 27.06% CHINA CONSTRUCTION BANK-H 5.02 29.08 0.32 2/7/2020 7.30 45.39% CHINA LIFE INSURANCE CO-H 17.96 50.72 0.73 7/7/2020 25.72 43.20% CHINA MENGNIU DAIRY CO 37.45 56.85 0.181 5/6/2020 41.25 10.15% CHINA MOBILE LTD 49.95 38.78 1.53 27/8/2020 70.42 40.98% CHINA OVERSEAS LAND & INVEST 19.90 34.75 0.45 18/9/2020 32.01 60.85% CHINA PETROLEUM & CHEMICAL-H 3.17 37.64 0.07 14/10/2020 4.61 45.50% CHINA RESOURCES LAND LTD 36.10 55.75 0.168 24/9/2020 43.82 21.38% CHINA UNICOM HONG KONG LTD 5.02 43.88 0.148 1/6/2020 7.17 42.81% CITIC LTD 5.68 26.57 0.1 14/9/2020 9.02 58.89% CK ASSET HOLDINGS LTD 38.40 37.50 0.34 7/9/2020 54.19 41.12% CK HUTCHISON HOLDINGS LTD 47.25 43.32 0.614 7/9/2020 68.65 45.30% CK INFRASTRUCTURE HOLDINGS L 36.60 38.72 0.68 4/9/2020 51.13 39.69% CLP HOLDINGS LTD 73.00 47.12 0.63 2/9/2020 88.62 21.39% CNOOC LTD 7.65 38.89 0.2 3/9/2020 10.92 42.79% COUNTRY GARDEN HOLDINGS CO 9.96 59.17 0.2055 16/9/2020 12.84 28.90% CSPC PHARMACEUTICAL GROUP LT 15.66 52.36 0.06 10/9/2020 19.70 25.79% GALAXY ENTERTAINMENT GROUP L 52.10 39.93 N/A 25/9/2020 63.12 21.15% GEELY AUTOMOBILE HOLDINGS LT 15.80 48.86 0.25 28/5/2020 19.10 20.87% HANG LUNG PROPERTIES LTD 20.40 52.01 0.17 11/9/2020 22.60 10.76% Data extractedfromBloomberg asof previous closing unlessotherwisestated Hang Seng Index Components Summary (2/2) Analysts Upside/Downside Consensus from Analyst Counter Price RSI Latest Dividend Ex Date 12M Target Consensus Price (%) HANG SENG BANK LTD 117.30 45.66 0.8 15/10/2020 120.88 3.05% HENDERSON LAND DEVELOPMENT 28.95 48.11 0.5 2/9/2020 35.94 24.15% HENGAN INTL GROUP CO LTD 56.15 36.68 1.2 10/9/2020 77.27 37.61% HONG KONG & CHINA GAS 11.20 47.04 0.12 31/8/2020 11.09 -0.95% HONG KONG EXCHANGES & CLEAR 372.00 57.75 3.71 1/9/2020 408.04 9.69% HSBC HOLDINGS PLC 31.45 50.32 N/A N/A 36.03 14.56% IND & COMM BK OF CHINA-H 4.01 35.36 0.2628 22/6/2020 5.86 46.18% LINK REIT 61.50 46.84 1.4572 12/6/2020 77.14 25.43% MTR CORP 38.65 42.76 0.25 19/8/2020 44.17 14.28% NEW WORLD DEVELOPMENT 38.10 52.91 1.48 30/11/2020 52.73 38.41% PETROCHINA CO LTD-H 2.27 27.63 0.08742 29/9/2020 3.43 50.92% PING AN INSURANCE GROUP CO-H 80.80 43.20 0.8 16/9/2020 102.85 27.29% POWER ASSETS HOLDINGS LTD 41.00 42.38 0.77 3/9/2020 51.08 24.58% SANDS CHINA LTD 28.35 31.72 N/A 3/2/2021 37.66 32.83% SHENZHOU INTERNATIONAL GROUP 135.40 69.62 0.9 7/9/2020 133.01 -1.76% SINO BIOPHARMACEUTICAL 8.47 43.98 0.02 14/9/2020 10.88 28.48% SUN HUNG KAI PROPERTIES 98.50 49.28 3.7 9/11/2020 129.81 31.78% SUNNY OPTICAL TECH 125.80 60.77 0.728 27/5/2020 143.49 14.06% SWIRE PACIFIC LTD - CL A 37.80 42.67 0.7 9/9/2020 60.64 60.43% TECHTRONIC INDUSTRIES CO LTD 106.30 69.79 0.53 1/9/2020 108.00 1.60% TENCENT HOLDINGS LTD 539.50 58.74 1.2 15/5/2020 613.88 13.79% WH GROUP LTD 6.25 42.20 0.05 24/8/2020 9.72 55.49% WHARF REAL ESTATE INVESTMENT 30.45 44.61 0.78 17/8/2020 35.73 17.34% WUXI BIOLOGICS CAYMAN INC 202.60 65.43 N/A N/A 208.61 2.97% XIAOMI CORP-CLASS B 20.95 50.09 N/A N/A 23.99 14.52% Data extractedfromBloomberg asof previous closing unlessotherwisestated Upcoming Economic, Trading and Earnings Calendar Monday, 12 Oct 1.
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    Corporate Presentation September 2020 2 Why invest in Link REIT? 01 02 03 04 05 100% FREE FLOAT QUALITY ASSETS RESILIENT TRACK RECORD OF STRONG CORPORATE DIVERSIFIED TRADE MIX PERFORMANCE GOVERNANCE ACROSS REGIONS One of the largest retail- Commercial assets in Focus on Fifteen years of Highly independent focused REITs in Asia Hong Kong, London, non-discretionary active asset Board with professional with 100% free float Sydney and Tier-1 cities retail, car parks and management management in Mainland China premium grade A offices performance 3 Top Global Retail-focused REITs Link is one of the largest retail-focused REITs in the world US$B No.1 Largest retail-focused 25.0 21.9 REIT in Asia by market 21.4 capitalisation 20.0 16.5 15.0 1st First REIT listed in Hong Kong 10.0 8.6 6.7 6.1 5.3 5.2 5.1 4.8 5.0 3.9 3.8 2.4 1.7 1.4 1.2 Only 1 Only internally-managed 0.0 REIT in Asia 100% 100% free float held by institutions and private investors Note: Comparison of selected major REITs in the world based on market capitalisation. Source: Bloomberg as at 31 August 2020. 4 Quality Portfolio Diversified across Regions Pro-forma Portfolio Value(1) – HK$200B Includes retail facilities, car parks and (31 March 20) offices 1.6% 1.8% 3.1% 9.6% GEOGRAPHY NO. OF PROPERTIES AREA 4.3% Hong Kong 63.7% 126 ~ 9M sq ft 83.9% Hong Kong Retail, office and car parks Retail and Mainland China office space 12.7% 15.9% Overseas 5 ~ 5M sq ft 3.4% Mainland China Retail and office Retail and office space Hong Kong Hong Kong Hong Kong Retail Car park Office 2 ~ 305K sq ft Mainland Mainland Sydney China Retail China Office Overseas Premium Grade A offices Sydney London in Sydney and London ~ 482K sq ft Office Office London Note: (1) As at 31 March 2020 on a pro forma basis, including the acquisitions of Sydney office completed on 7 April 2020 and London office completed on 25 August 2020.
  • Pair Trade Weekly

    Pair Trade Weekly

    Hong Kong / China Pair Trade Weekly DBS Group Research . Equity 12 January 2010 Seven Pair Ideas HSI: 22,412 Pairs for the week ANALYST New Pair Derek Cheung· (852) 2971 1703 · • Long - Shimao Property (813 HK); [email protected] Short - Sino-Ocean Land (3377 HK) Alice Hui, CFA · (852) 2971 1960 · Maintain [email protected] • Long - Denway Motors (203 HK); Carol Wu · (852) 2863 8841· [email protected] Short - Geely Automobile (175 HK) • Long - Dah Sing Financial (440 HK); Danielle Wang · (852) 2820 4915· danielle_wang @hk.dbsvickers.com Short - Wing Hang (302 HK) • Long - Hang Lung Group (10 HK); Dennis Lam · (852) 2971 1922· [email protected] Short - Hang Lung Properties (101 HK) Gideon Lo, CFA · (852) 2863 8880 · • Long - Sinopec (386 HK); [email protected] Short - CNOOC (883 HK) Jasmine Lai · (852) 2971 1926 · • Long - China Telecom (728 HK); [email protected] Short - China Unicom (762 HK) Jeff Yau CFA· (852) 2820 4912 · • Long - Shenzhen Expressway (548 HK); [email protected] Short - Hopewell Highway Infrastruct (737 HK) Mavis Hui · (852) 2863 8879 · [email protected] Patricia Yeung · (852) 2863 8908 · [email protected] Prices used as of 11 January 2010 Patrick Xu (65) 6398 7957 [email protected] Paul Yong CFA +86 21 6888 3372 [email protected] Rachel Miu · (852) 2863 8843· [email protected] Steven Liu, CFA (852) 2971 1780 [email protected] Titus Wu · (86 21) 6888 3360 · [email protected] In Singapore, this research report or research analyses may only be distributed to Institutional Investors, Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore.