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Investment Daily Investment Daily 15 April 2021 Major Market Indicators Market Overview 14 Apr 13 Apr 12 Apr Mkt. Turn.(mn) 138,100 142,800 160,700 Resistance at 50 Day SMA; Sector Rotational Buying is expected in Stock Advances 1,037 782 534 the near term Stock Declines 637 874 1,155 A-shares and technology stocks rebounded on Wednesday, supporting Hong Kong stock HSI 28,901 28,497 28,453 market. Hang Seng Index rose 403 points to 28,900. H-share Index rose 148 points to Change +404 +44 -246 10,999. Hang Seng Tech Index gained 186 points to 8,225. Market turnover was HK$138.1 HSI Turn.($bn) 56.36 61.72 74.51 billion. Chinese internet platforms pledged to follow compliance, Meituan(3690) HSCEI 10,999 10,851 10,875 rebounded 3.6%. Alibaba(9988), Tencent(700) and JD(9618) were up by 2-2.5%. HK Change +149 -24 -103 property stocks extended rally. SHK Property (16) and New World Development (17) rose HSCEI Turn.($bn) 54.00 61.80 75.21 2.6% and 2.3%, respectively. Goldman Sachs and JP Morgan quarter results beat expectation, provides support to HSI Technical Indicators banking stocks share price. On the other hand, owing to sharp drop of crude inventory in US, oil price rose 4.9% to US$63.2 per barrel on Wednesday, energy sector also performed 10-days MA 28,647 50-days MA 29,178 well on early Wednesday, the Dow once rose more than 230 points. 250-days MA 26,072 However, latest Fed's Beige Book report stoked inflation jitters, 10 Year US treasury yield 14-days RSI 51.40 rose 1 basis points to 1.64%. Technology sector performed weak on Wednesday, of which, Primary resistance 29,178 major tech stocks fell more than 1%. Coinbase rose 31% on its first day trading but still Primary support 28,647 below expectation. US stock closed mixed, the Dow rose 54 points to 33,731 while the HS CEI Technical Indicators Nasdaq lost 1.0% to 13,858. 10-days MA 11,004 Although Hong Kong stock market rebounded on Wednesday, market daily turnover fell to 50-days MA 11,364 HK$138bn, reflecting the buying momentum was still not strong. Besides, Hong Kong 250-days MA 10,422 Stock Connect related trading volume was also at recent low while fund net inflow was 14-days RSI 46.30 HK$1.3bn on Wednesday. Hong Kong stock market upside is limited in the short term, Primary resistance 11,364 resistance at 50 Day SMA (29,178). Rotational buying between sectors is expected in the Primary support 10,600 near term. HSI Futures Anta (2020) 1Q21 sales beat market expectation, partly due to positive Impact of Xinjiang Cotton event on domestic brand triggering a sharp sales increase in the final week of March. 14 Apr 13 Apr 12 Apr It is expected that Chinese consumer preference on domestic sportswear brand will Apr 28,915 28,519 28,413 strengthen in long run. But overall sales momentum will be more normalized in the Volume 100,750 98,834 90,228 upcoming period. Investors could switch their focus toward peers with more attractive Open interests 106,384 106,040 105,900 valuation. Of which, international sportswear brand sales in China gradually recover, May 28,741 28,350 28,246 investors could eye on Topsport(6110). Volume 631 596 516 Open interests 902 948 673 HSI Chart HSCEI Futures 14 Apr 13 Apr 12 Apr Apr 11,001 10,855 10,867 Volume 71,953 66,455 57,731 Open interests 157,421 162,008 155,079 May 10,945 10,804 10,809 Volume 1,613 634 576 Open interests 3,564 2,190 1,776 Sources ：Google Investment Daily Daily Focus Handset supply chain: Apple to unveil new iPad series next week Apple announced yesterday that it would hold a Spring product event on BYD Electronics (0285) Info April 20, in which market expects Apple to unveil the latest series of iPad Closed price 43.6 and Mac, and also new operating system iOS 14.5. Based on previous market estimates, the new iPad Pro will equip with Expected P/E (X) 17 Expected Dividend chip A14X, with performance on par with existing M1 chip, applied on 0.5 yield (%) Macbook series. Other than the new chip, the new iPad Pro will replace 52 week high 63.1 USB-C port used on existing iPad with thunderbolt port; and will feature 52 week low 14.3 upgraded cameras. The new series boast mini LED screen size of at least 14RSI 46 12.9-inch. For new iPad mini, the potential adoption of fingerprint-on-display will be one of the key highlights. It will be the first Apple’s device using the technology if the expectation materializes. Among supply chain players listed in Hong Kong, BYE Electronics (0285) is expected to be the biggest beneficiary. The company expects Apple to become the single largest customer this year, with its assembly share of iPad growing from 20-30% in 2020 to 30-40% in 2021. Thanks to share gain in assembly orders, BYD Electronics will potentially win more components orders from Apple, including metal casings of iPad, and also ceramics parts on iWatch and iPhone. Apple revenue is expected to grow over 100% YoY in 2021. The counter is not trading at 17x 2021F consensus earnings, above its 1-year average of 13x. Due to the supply constraints in chips recently, production volume of electronic devices has come under pressure, as well as the share price of supply chain players. We therefore expect share performance of BYD Electronics to be range-bounded near-term, and suggest investors to buy at or below HK$40. Analyst: Christopher Ho, CFA http://www.kgieworld.com 15 April 2021 2 Investment Daily Chow Tai Fook(1929) 21Q4 SSSG Substantially Improved Chow Tai Fook(1929) announced 21Q4 operational data ended March Chow Tai Fook(1929) Info 2021. Jan-Mar China SSSG grew 1.4 times which hugely improved from Closed price 12.98 12% from 21Q3. It was better than expectation. Strong SSSG performance was attributable to low base effect and gold price 10% Expected P/E (X) 22 Expected Dividend decline from year end of 2020. And China gold jewelry and products 3.1 yield (%) achieved increase in both volume and ASP. Segment SSSG performance 52 week high 13.48 was outstanding and grew 1.6 times. ASP increased 29% YoY to 52 week low 5.32 HK$5,300 which outpaced gold price 13.3% YoY growth. 14RSI 70 Hong Kong and Macau market was still dragged by weak tourism. Even with help of low base, SSSG performance remained sluggish and grew 31.2% YoY only. Forward looking, Hong Kong government will expand its travel2hk scheme which is expected to improve tourism consumption gradually. In fact, percentage of RSV settled by China UnionPay, Alipay, WeChat Pay or RMB to the total RSV of Hong Kong and Macau market sequentially improved to 24.0% from last three quarters. But in terms of RSV, China contribution to group RSV has risen to 90.3% which is likely to offset weak Hong Kong and Macau market. The group net opened 150 POS in Chin in 21Q4 which was in line with expectation. As of March 2021, the Group had 4,591 POS in total which added 741 POS compared to March 2020. It has exceeded annual opening target of 450-500 POS. China Jan-Feb gold jewellery and products retail sales value grew 98.7% YoY. Chow Sang Sang(116) FY21 result was better than expectation especially China segment. These factors have already fueled investor expectation towards Chow Tai Fook quarter data supporting share price gain widen since end of March. Forward looking, Chow Tai Fook is expected to further benefit from China economy recovery and market share expansion. Therefore, FY22 stores opening target will be our focus. In terms of valuation, FY22 forecast P/E is 22x which is higher than last five year average 18x. Investors are suggested to accumulate when share price corrects. Share price is expected to see support at HK$12. Analyst: Tracy Chan Lok Yee http://www.kgieworld.com 15 April 2021 3 Investment Daily Shanghai /Shenzhen -Hong Kong Stock Co nnect Statistics SH Connect SZ Connect Combined Southbound Balance (RMB bn) 49.28 46.53 81.45 Balance as % of Quota Amount 94.8 89.5 97.0 Top 10 Most Actively Traded Stocks(SH-HK Connect Southbound) Stock Name Stock code Buy Trades (HKD) Sell Trades (HKD) Turnover (HKD) CHINA MOBILE 941 274,436,600 820,989,175 1,095,425,775 TENCENT 700 625,249,550 394,265,750 1,019,515,300 SMIC 981 401,786,900 434,616,250 836,403,150 MEITUAN-W 3690 171,714,860 453,158,220 624,873,080 XIAOMI-W 1810 156,412,630 246,124,490 402,537,120 CHINA RES BEER 291 324,368,000 12,323,700 336,691,700 ANTA SPORTS 2020 242,218,000 64,571,300 306,789,300 SMOORE INTL 6969 70,360,900 190,970,559 261,331,459 CANSINOBIO-B 6185 173,030,080 85,807,440 258,837,520 CNOOC 883 165,801,750 88,139,310 253,941,060 Sources: HKEx Top 10 Most Actively Traded Stocks(SZ-HK Connect Southbound) Stock Name Stock code Buy Trades (HKD) Sell Trades (HKD) Turnover (HKD) MEITUAN-W 3690 576,124,740 746,788,940 1,322,913,680 TENCENT 700 533,887,750 464,437,050 998,324,800 CHINA MOBILE 941 470,761,050 230,228,200 700,989,250 SMOORE INTL 6969 407,667,900 204,404,600 612,072,500 XIAOMI-W 1810 250,495,260 126,669,130 377,164,390 CANSINOBIO-B 6185 107,428,440 154,766,000 262,194,440 CHINA RES BEER 291 130,076,000 116,230,500 246,306,500 SMIC 981 191,190,925 55,030,150 246,221,075 ICBC 1398 62,605,370 172,747,079 235,352,449 SIHUAN PHARM 460 125,848,800 89,787,460 215,636,260 Sources: HKEx Other Statistics Ten Most Actively Traded Stocks Stock Name Code Change Closed Price Turnover(Million) TENCENT 700 2.55% 623.50 111.79 MEITUAN-W 3690 3.62% 286.00 82.94 BABA-SW 9988 1.97% 237.80 50.99 XIAOMI-W 1810 2.01% 25.40 24.89 BYD COMPANY 1211 5.94% 178.30 24.15 CHINA MOBILE 941 0.00% 50.00 19.46 PING AN 2318 0.77% 91.55 19.06 GEELY AUTO 175 4.99% 20.20 17.07 JD-SW 9618 2.55% 306.00 16.73 AIA 1299 -0.40% 98.90 16.16 http://www.kgieworld.com 15 April 2021 4 Investment Daily Ten Short Sell Stocks Stock Name Code Short Selling Turnover Short Selling Ratio Turnover TRACKER FUND 02800.HK 1.10B 3.25B 33.80% MEITUAN-W 03690.HK 904.45M 8.29B 10.91% PING AN 02318.HK 440.90M 1.91B 23.13% FI2 CSOP HSI 07500.HK 383.88M 1.04B 36.77% BABA-SW 09988.HK 331.70M 5.10B 6.51% BANK OF CHINA 03988.HK 229.52M 1.42B 16.18% TENCENT 00700.HK 217.30M 11.18B 1.94% WUXI BIO 02269.HK 170.44M 1.22B 13.92% XIAOMI-W 01810.HK 149.71M 2.49B 6.02% ICBC 01398.HK 122.50M 1.12B 10.89% Source: AA Stocks Economic Calendars Date Country Event Survey Prior Tue US Mar.
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