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Investment Daily 24 August 2020 Major Market Indicators Market Overview 21 Aug 20 Aug 19 Aug Mkt. Turn.(mn) 118,100 118,200 84,600 HK Stock oscillate above 25,000 today; Focus on big cap tech Stock Advances 1,030 613 696 stock Stock Declines 767 1,181 904 Asia stock market rebounded on Friday, Hong Kong stock also rose accordingly. Thanks to HSI 25,114 24,791 25,179 heavy-weighted stocks Tencent (0700) and AIA (1299) reversed the recent weakness, Hang Seng Index Change +322 -388 -188 rose 322 points to 25,114. H share index also rose 56 points to 10,212. Market turnover maintained at HK$118.1bn. Tencent and AIA both rose 2.0% and 4.0% respectively on Friday. Macau government HSI Turn.($bn) 31.10 34.94 23.43 HSCEI 10,212 10,156 10,313 announced further measures to facilitate passenger flow between Macau and Guangdong, Galaxy Change +56 -158 -112 (0027) rose 6.2% to HK$62.30. US economic data released last Friday, are mostly positive, support the US stock market to extend rally. HSCEI Turn.($bn) 25.78 29.17 21.76 Besides, Bloomberg reports saying that senior US official tells Apple that WeChat ban does not extend to China, Apple share price rose more than 5%. HSI Technical Indicators The three US stock index rose 0.3-0.7% respectively. Of which, both S&P and Nasdaq hit new high 10-days MA 25,072 last Friday. On the other hand, there is no progress on latest UK and EU trade talk, US dollar index rose 50-days MA 24,992 0.5% to 93.3. Looking ahead this week, investors will eye on Fed Chairman Powell speech on annual 250-days MA 25,788 central banking conference on Thursday. 14-days RSI 51.67 US might loosen its ban on Wechat, which will slight ease China US tension. Besides, US stock market Primary resistance 25,500 short term trend remained strong, also provides support to global market stock sentiment. However, Primary support 25,000 US dollar rebound might not be favorable to emerging market. Hang Seng Index is expected to continue oscillate above 25,000 today. HS CEI Technical Indicators Several issuers plans to launch Hang Seng Tech Index ETF soon, which will boost sentiment of tech 10-days MA 10,236 stocks. Of which, US might loosen the ban on Wechat, Tencent (0700) share price rebounded in the US 50-days MA 10,175 ADR market. We expect fund will flow into Tencent and Alibaba (9988) in the near term. Besides, 250-days MA 10,285 Anhui Conch(0914) and China Resources Cement (1313) interim result beat expectation. Together 14-days RSI 50.01 Primary resistance 10,300 with cement price entered into seasonal uptrend, suggest investors to accumulate these two stocks. Primary support 10,000 Technical Analysis The Hang Seng Index rose by 322 points on Friday, ending the 3 consecutive black candlestick and HSI Futures closed with white candlestick, market turnover was $118.1 billion. The Hang Seng Index regained the 10 days SMA, RSI rose and MACD remained in the positive region, VHSI also fell slightly. In addition, 21 Aug 20 Aug 19 Aug the inflow from southbound increased. However, the market lack of a clear direction, it is expected that Aug 25,066 24,678 25,135 the index will hover at 25,000 points with main support at 24,500 points and main resistance at 25,500 Volume, 113,690 140,999 54,891 points. The first support level of the Hang Seng Index is 25,000 points, and the second support level is Open interests 125,056 125,719 121,877 24,500 points. In addition, the first resistance level is 25,500 points, and the second resistance level is Sep 24,965 24,581 25,040 25,800 points. Volume 1,930 1,635 557 HSI Chart Open interests 14,128 12,977 12,869 HSCEI Futures 21 Aug 20 Aug 19 Aug Aug 10,182 10,100 10,295 Volume 61,319 97,781 42,652 Open interests 180,585 185,701 186,500 Sep 10,148 10,074 10,273 Sources ：Google Volume 5,262 4,197 1,634 Open interests 61,091 58,789 57,540 Investment Daily Daily Focus Anhui Conch(914.HK), China Resources Cement(1313): Interim Result Review Anhui Conch(914.HK) interim revenue rose 3.3% yoy to Rmb7.4bn, while net Anhui Conch(914) Info profit rose 5.3% yoy to Rmb16,069mn; no interim dividend is declared. Besides, China Resources Cement (1313.HK) also anonuced interim result, revenue fell Closed price 57.4 3.0% yoy to HK$16,884mn while net profit rose 11.3% yoy to HK$4,191mn. Interim DPS rose 5.8% yoy to HK$0.275. Both companies interim result beat Expected P/E (X) 7.6 expectation. Dividend yield (%) - Both companies self production volume declined in 1H20, Anhui Conch self 52 week high 62.05 produced cement and clicker volume fell 3.0% yoy while China Resources Cement cement volume sales dropped 1.6% yoy. However, it is mainly due to the 52 week low 41.372 impact of COVID 19 on the first quarter sales. In fact, their sales both rose 14RSI 45 obviously in the second quarter. In terms of average selling price, Anhui Conch selling price remained flat in 1H20 while China Resources cement price rose 2.3% yoy. Besides, thanks to coal price decline, unit cost fell slightly result in higher gross profit per ton (5-6% yoy increase for China Resouces Cement, around 4% increase for Anhui Conch). Due to heavy rainfall, China cement price fell obviously in July, which a few percentage below last year level. However, thanks to weather improved, cement price started to resume uptrend in August. Looking ahead, since September to December is a traditional peak season for cement, its cement price will continue to move upward. In addition, China government will increase infrastructure investment to stabilize the economy growth. Cement demand remained firm in the remaining of 2020. We expect China Resources Cement and Anhui Conch net profit to rise 10% yoy and 5% yoy for the full year of 2020, while valuation is 7.9x and 7.6x prospective P/E respectiviely. Suggest to Accumulate, target price for China Resources Cement is HK$12.00 while Anhui Conch is HK$66.00. Analyst: Samuel Chua, CFA http://www.kgieworld.com 24 August 2020 2 Investment Daily Languang Justbon(2606) : GFA under management is expected to maintain growth For the,1H2020, total revenue of the Group increased to RMB$ 1,166.2 million, Languang Justbon(2606) Info up 25% YoY, among them, Property management services, Consultancy services and Community value-added services were about RMB$673 million, 295 million, Closed price 53 and 199 million respectively, accounted for 58%, 25% and 17% of overall revenue, and for the growth rate, it recorded 22.5%, 54.2% and 2.9% respectively. Expected P/E (X) 14 In terms of gross profit margin, the gross profit margins of property management, Dividend yield (%) 2.62 consulting services, and community value-added services were 28.6%, 50.8% and 52 week high 62.7 32.8% respectively, while the overall gross profit margin was 30.5%. Shareholders’ profit was RMB $234.5 million, up 30.6% YoY, However, the profit 52 week low 26.9 per share decreased by 5.7% YoY to RMB$1.32, mainly due to the increase in the 14RSI 47 weighted average number of ordinary shares from 128 million in the same period last year to 178 million this year. At the end of June this year, the company's GFA under management was 89.9 million square meters, while the contracted area was 140.7 million square meters, up 25.4% and 20.4% respectively from the end of last year. Since the company has reserve area of 50 million square meters, it provides support for future growth. In fact, during 1H2020, the company acquired 8 property management companies with an aggregate GFA under management of around 12.243 million sq. m. Upon completion of the acquisitions, it helps to support revenue growth. According to the Prospectus, the Unutilised net proceeds of RMB 1,130million can be used for the expansion of property management services, together with the company was in net cash position, it can provide support for future mergers and acquisitions and to generate growth. In terms of valuation, the Expected P / E ratio is 14 times, the P / B ratio is 3.26 times, Expected dividend yield around 2.62%, the valuation is reasonable. The company's performance was not bad, coupled with high visibility of the management area, investors should pay attention to future mergers and acquisitions and the growth of the area under management. However, the company said that it expects to achieve full circulation of H shares in two months, which may put pressure on the stock price due to the increased supply, recommended investors to collect when corrected to around $49.5. Analyst: Li Kam Ming, CFA, FRM http://www.kgieworld.com 24 August 2020 3 Investment Daily Shanghai /Shenzhen -Hong Kong Stock Connect Statistics SH Connect SZ Connect Combined Southbound Balance (RMB bn) 51.76 49.05 81.23 Balance as % of Quota Amount 99.5 94.3 96.7 Top 10 Most Actively Traded Stocks(SH-HK Connect Southbound) Stock Name Stock code Buy Trades (HKD) Sell Trades (HKD) Turnover (HKD) TENCENT 700 582,841,000 1,080,517,750 1,663,358,750 MEITUAN-W 3690 779,569,860 226,546,510 1,006,116,370 XIAOMI-W 1810 284,799,628 463,467,924 748,267,552 SMIC 981 332,869,650 212,606,600 545,476,250 KINGDEE INT'L 268 417,084,700 22,236,000 439,320,700 CHINA UNICOM 762 153,364,560 114,422,260 267,786,820 SUNAC 1918 104,103,050 123,384,766 227,487,816 SUNNY OPTICAL 2382 95,471,160 82,484,950 177,956,110 PING AN 2318 164,519,550 10,136,550 174,656,100 KINGSOFT 3888 15,544,850 142,741,500 158,286,350 Sources: HKEx Top 10 Most Actively Traded Stocks(SZ-HK Connect Southbound) Stock Name Stock code Buy Trades (HKD) Sell Trades (HKD) Turnover (HKD) TENCENT 700 472,816,700 276,344,500 749,161,200 MEITUAN-W 3690 474,496,360 185,916,080
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