Social turmoil and bearish Hong Kong stocks Tencent put aside the speculative speculation to drive the HSI to regain 27,000

After experiencing a sharp drop of more than 700 points on Monday, Hong Kong stocks rebounded slightly yesterday, re-emphasizing the 27,000 mark

Local violent demonstrations continued to escalate, causing the HSI to fall by 130 points. In the afternoon, under the leadership of Tencent (0700), the market rose 138 points, closed at 27,065 points, and regained 20 and 100 antennas, but the turnover was reduced to 69.2 billion. yuan. Daiwa Securities expects Hong Kong stocks to continue to underperform the Asia-Pacific stock market, as valuations are higher than the Singapore stock market and social unrest continues.

Daiwa Capital expects that Hong Kong stocks will underperform the Asia-Pacific stock market in the next 12 months, as the valuation of Hong Kong stocks is significantly higher than the Singapore stock market, and social unrest continues, adding to the profit pressure of enterprises. The bank’s basic forecast is that the overall stock market will decline in the next 12 months, while Hong Kong stocks will underperform the market. Hong Kong stocks were in line with Singapore in terms of corporate earnings growth and projection revisions in 2019, but the P/E ratio was 15.4 times significantly higher than Singapore’s 13 times, which is in line with the global mature market.

The next year is expected to run the Asian shares

Paul M. Kitney, chief equity strategist at Daiwa Asia Pacific, said that the bank’s original position was to be optimistic about the Hong Kong market. By July of this year, it decided to downgrade the rights of Hong Kong stocks to “low allocation”, mainly considering the valuation of Hong Kong stocks, which is significantly more expensive than Singapore. In addition, the profitability of Hong Kong stock companies has turned worse, and the continued social turmoil has further pressure on corporate profits.

He pointed out that Hong Kong will benefit from the macro-stability policy of the Chinese mainland, but only to a limited extent. The continued impact of the Sino-US trade war and the deterioration of local violent demonstrations have caused Hong Kong stocks to support an additional risk premium.

In the Asia Pacific market, Daiwa is more optimistic about India, Thailand, Indonesia, the Philippines and Vietnam, but bearish on Japan, A shares and H shares, Hong Kong and South Korea. In terms of industry, we are optimistic about industry, real estate, communication services and utilities, and look down on health care, information technology and raw materials.

Although the bank expects the Asia-Pacific stock market to decline, it is not expected to have a large outflow of funds, and the Asia-Pacific region remains the largest source of global economic growth. The US dollar will maintain a stable trend in the next six months as the US economy shows no signs of weakening.

New economy and domestic demand stocks are bright

The H-Share Index reported 10,691 points, up slightly by 0.7%. Before the heavyweight Tencent announced its results, its share price rose 2.2% to close at the highest daily level of 330.2 yuan, together with a 1% increase in AIA (1299), which gave the HSI more than 80 points. Bloomberg’s report quoted the opinions of several analysts. On average, Tencent’s third-quarter revenue was about 99.3 billion yuan, and non-GAAP earnings per share was 2.59 yuan, which was the driving force behind the stock’s rebound.

The funds flowed to the lower-risk new economy and property management stocks. Meituan (3690) rebounded more than 4.5%, China Mobile (0302) soared nearly 10%, Yunyou (0484) rose more than 5%, and Wenwen (0772) also 4.8% of the credit. In addition, Ya Life (3319) rose 5.5%, Aoyuan Health (3662), Zhonghai Property (2669) and Cai Life (1778), all of which increased by more than 5%. Domestic demand stocks continued to run out, and Run Beer (0291) and Qingdao (0168) also rose more than 5%.


Main page                                                                                                 Next page

發佈留言

發佈留言必須填寫的電子郵件地址不會公開。 必填欄位標示為 *