20180606-凯基证券亚洲-Investment_Daily_5页_215kb

Market Summary

Core Market Indicators

Hang Seng Index (HSI)

• Latest Close (5 Jun): 31,093 (up 95 points)
• Market Turnover (5 Jun): HK$106 billion
• Stock Advances (5 Jun): 814
• Stock Declines (5 Jun): 802
• HSI Turnover (5 Jun): HK$43.11 billion
• HSCEI Close (5 Jun): 12,259 (up 9 points)
• HSCEI Turnover (5 Jun): HK$36.01 billion

HSI Technical Indicators

• 14-day RSI: 55.6 (rebounded)
• MACD: Positive territory, line turned upward
• Support Levels:
  • Initial: 50-day SMA
  • Next: 30,000
• Resistance Levels:
  • First: 31,593
  • Second: 32,000

HSCEI Technical Indicators

• 14-day RSI: 53.3
• Support Levels:
  • First: 12,109
• Resistance Levels:
  • First: 12,225

HSI Futures

• Jun Futures Close (5 Jun): 31,063
• Jun Futures Volume (5 Jun): 164,490
• Jun Futures Open Interests (5 Jun): 123,090
• Jul Futures Close (5 Jun): 30,871
• Jul Futures Volume (5 Jun): 608
• Jul Futures Open Interests (5 Jun): 1,526

HSCEI Futures

• Jun Futures Close (5 Jun): 12,198
• Jun Futures Volume (5 Jun): 57,229
• Jun Futures Open Interests (5 Jun): 225,842
• Jul Futures Close (5 Jun): 12,023
• Jul Futures Volume (5 Jun): 540
• Jul Futures Open Interests (5 Jun): 8,053

Stock Connect Statistics

• SH Connect Balance (5 Jun): 50.69 billion RMB
• SZ Connect Balance (5 Jun): 49.33 billion RMB
• Combined Southbound Balance (5 Jun): 82.72 billion RMB
• Top 10 Most Actively Traded Stocks (Southbound):
  • Tencent (700): Buy 545.3 million, Sell 263.0 million, Turnover 808.3 million
  • China Overseas (688): Buy 325.0 million, Sell 3.3 million, Turnover 328.3 million
  • CCB (939): Buy 1.7 million, Sell 316.9 million, Turnover 318.7 million
  • 3SBIO (1530): Buy 259.4 million, Sell 51.1 million, Turnover 310.4 million
  • Country Garden (2007): Buy 250.6 million, Sell 32.7 million, Turnover 283.3 million
  • ICBC (1398): Buy 2.3 million, Sell 262.8 million, Turnover 265.1 million
  • Ping An (2318): Buy 193.6 million, Sell 46.9 million, Turnover 240.5 million
  • China Life (2628): Buy 189.3 million, Sell 5.9 million, Turnover 195.3 million
  • HKEX (388): Buy 17.0 million, Sell 176.5 million, Turnover 193.5 million
  • MINTH GROUP (425): Buy 98.6 million, Sell 59.7 million, Turnover 158.3 million

Key Stocks Analysis

China Education Group (839)

• Closed Price (5 Jun): HK$15.00
• Expected P/E: 33.5 (20-30% higher than peers)
• 52 Week High: HK$15.40
• 52 Week Low: HK$6.24
• 14-day RSI: 76.7
• Analysis:
  • Strong organic growth and policy support (e.g., birth control relaxation)
  • Potential for share placement due to cornerstone investors' lock-up period ending mid-June
  • Increased valuation may lead to short-term profit-taking pressure
  • Recommend accumulation when price corrects to HK$23–24

Wharf REIC (1997)

• Closed Price (5 Jun): HK$62.60
• Expected P/E: 20.7
• Dividend Yield: 3.1%
• 52 Week High: HK$65.15
• 52 Week Low: HK$45.60
• 14-day RSI: 61.5
• Analysis:
  • Largest retail landlord in Hong Kong, focused on luxury goods
  • High exposure to high-end discretionary spending
  • Strong performance in retail sales, outperforming the market
  • 73.6% of revenue from Harbour City and 19.3% from Times Square
  • Recommend accumulation during consolidation

Genscript Bio (1548)

• Closed Price (5 Jun): HK$27.05
• 14-day RSI: 53.3
• Share Placement:
  • Top management proposed to place 90 million shares (4.91% of enlarged issued share capital)
  • Placing price: HK$26.5 (8% discount to closing price of HK$28.8)
  • Estimated net proceeds: HK$2.37 billion
• Purpose of Funds:
  • Expand CAR-T R&D and production facilities
  • Global team building and commercialization
  • Build GMP manufacturing facilities
  • Working capital
• Analysis:
  • CAR-T therapy is in clinical trial phase
  • Financial performance still relies on traditional business
  • Expected P/E ratio is 138x
  • Recommend accumulation when price corrects

Top 10 Most Actively Traded Stocks

• Tencent (700): +1.21%, Turnover 10,829 million
• Ping An (2318): +1.02%, Turnover 5,190.8 million
• 3SBIO (1530): -5.56%, Turnover 4,294.6 million
• Genscript Bio (1548): -6.08%, Turnover 3,695.3 million
• CCB (939): 0.00%, Turnover 2,017.3 million
• ICBC (1398): 0.00%, Turnover 1,443.9 million
• China Life (2628): +0.89%, Turnover 1,409.6 million
• Sinopec Corp (386): -2.57%, Turnover 1,408.0 million
• Galaxy Entertainment (27): -2.47%, Turnover 1,387.7 million
• AIA (1299): +0.14%, Turnover 1,301.2 million

Ten Short Sell Stocks

• Tencent (00700.HK): Short Sell 734M, Turnover 10.83B, Short Sell Ratio 6.78%
• Ping An (02318.HK): Short Sell 389M, Turnover 5.19B, Short Sell Ratio 7.49%
• HSCEI ETF (02828.HK): Short Sell 258M, Turnover 1.55B, Short Sell Ratio 16.61%
• CCB (00939.HK): Short Sell 186M, Turnover 2.02B, Short Sell Ratio 9.24%
• CSOP A50 ETF (02822.HK): Short Sell 179M, Turnover 412M, Short Sell Ratio 43.33%
• Sinopec Corp (00386.HK): Short Sell 153M, Turnover 1.40B, Short Sell Ratio 10.84%
• Genscript Bio (01548.HK): Short Sell 150M, Turnover 3.69B, Short Sell Ratio 4.06%
• Tracker Fund (02800.HK): Short Sell 115M, Turnover 529M, Short Sell Ratio 21.73%
• Conch Cement (00914.HK): Short Sell 105M, Turnover 616M, Short Sell Ratio 17.04%
• Galaxy Entertainment (00027.HK): Short Sell 75.7M, Turnover 1.38B, Short Sell Ratio 5.46%

Economic Calendar Highlights

• Mon:
  • US: Apr. Factory Orders (-0.4%), Apr. Durable Goods Orders
• Tue:
  • Euro Zone: Apr. Retail Sales YoY
  • Hong Kong: Want Want China (151) Results
• Wed:
  • US: Apr. Trade Balance (51.5B)
  • Hong Kong: Link REIT (823) Annual Results
• Thur:
  • US: Apr. Initial Jobless Claim (Till Jun 2), Apr. Continuing Jobless Claim (Till May 26)
  • Euro Zone: Q1 GDP SA YoY
  • China: May. Foreign Reserve (USD) 3124.85B
  • Hong Kong: Chow Tai Fook (1929) Annual Results
• Fri:
  • Canada: G7 Summit (Till Jun 9)
  • China: May. Trade Balance (USD) 28.78B, May. Exports YoY (USD) 12.9%, May. Imports YoY (USD) 21.5%
• Sat:
  • China: May. CPI YoY (1.8%), May. PPI YoY (3.4%)

Disclaimer

• KGI Asia Ltd. is an SFC licensed entity
• Analysts have no financial interest in the stocks discussed
• Information is for informational purposes only and may not be reproduced without consent
• No liability is accepted for any loss arising from the use of this report