20180614-凯基证券亚洲-Investment_Daily_5页_212kb

报告摘要

Market Turnover (mn): HK$84,400 on 13 Jun, down from HK$87,700 on 12 Jun and HK$77,400 on 11 Jun.
HSI Value: Closed at 30,725 on 13 Jun, down 377 points from 31,103 on 12 Jun and up 105 points from 31,063 on 11 Jun.
HSI Turnover ($bn): $30.67 on 13 Jun, up from $28.96 on 12 Jun and $27.93 on 11 Jun.
HSCEI Value: Closed at 12,035 on 13 Jun, down 170 points from 12,206 on 12 Jun and up 6 points from 12,172 on 11 Jun.
HSCEI Turnover ($bn): $24.94 on 13 Jun, up from $23.14 on 12 Jun and $22.99 on 11 Jun.

The Hang Seng Index is expected to trade within the range of 30,500-30,900.
The market is in consolidation due to reduced turnover and concerns over US rate hikes.
Chinese banking sector faced pressure due to lower-than-expected new yuan loans in May.
ZTE resumed trading after reaching an agreement with the US government, but dropped 41.6%.
US stock market fell slightly after the Fed's rate hike, with the Dow and Nasdaq declining.

Industry Sector: Food
Issue Price (HK$): 0.75
Total Share Offer Size (HK$ mn): 128
Historical P/E (x): 15.2
Sponsor: Cinda International
Dealing Period: 27-June
Shineroad is a distributor of food ingredients and additives with over 21 years of experience.
It supplies over 1,000 products to more than 2,000 customers in China.
Food ingredients and additives account for 60% and 40% of total turnover, respectively.
The company has strong supplier relationships, with top 5 suppliers accounting for 80% of purchases.
The IPO is not considered highly attractive due to the relatively low P/E ratio and less promising industry outlook.
Analyst recommendation: Neutral.

Net Profit Growth: Expected to increase by over 45% YoY for the year ended 31 March 2018.
Reasons for Growth: Strong performance in natural gas sales, user connections, and value-added services.
Projects: The company operates in 25 provinces, including 342 city gas projects, 14 long-distance pipelines, and 580 CNG/LNG stations.
Strategic Partnerships: With provinces such as Tianjin, Hebei, Shandong, and others.
Government Policies: Supports natural gas usage with a target of 10% share in primary energy mix by 2020.
Stock Valuation: Currently trading at a P/B of 8.2X and projected P/E of 27.3X for 2018.
Dividend Yield: 1.1%
Analyst Recommendation: Investors should consider accumulating when the price consolidates.

SMIC (981): Buy Trades 248,097,740 RMB, Sell Trades 95,785,450 RMB, Turnover 343,883,190 RMB
TENCENT (700): Buy Trades 123,154,660 RMB, Sell Trades 45,419,360 RMB, Turnover 168,574,020 RMB
CCB (939): Buy Trades 55,734,680 RMB, Sell Trades 379,562,106 RMB, Turnover 435,296,786 RMB
CSPC PHARMA (1093): Buy Trades 241,759,300 RMB, Sell Trades 48,701,900 RMB, Turnover 290,461,200 RMB
SUNAC (1918): Buy Trades 95,641,500 RMB, Sell Trades 184,350,570 RMB, Turnover 279,992,070 RMB
ICBC (1398): Buy Trades 67,576,360 RMB, Sell Trades 134,381,750 RMB, Turnover 201,958,110 RMB
CHINA RES BEER (291): Buy Trades 183,799,200 RMB, Sell Trades 17,819,200 RMB, Turnover 201,618,400 RMB
SUNART RETAIL (6808): Buy Trades 167,139,810 RMB, Sell Trades 17,827,370 RMB, Turnover 184,967,180 RMB
CONCH VENTURE (586): Buy Trades 118,324,675 RMB, Sell Trades 60,769,600 RMB, Turnover 179,094,275 RMB
EVERGRANDE (3333): Buy Trades 141,445,400 RMB, Sell Trades 19,020,650 RMB, Turnover 160,466,050 RMB

TENCENT (00700.HK): Short Sell 292.78M, Turnover 5.09B, Short Sell Ratio 5.75%
CCB (00939.HK): Short Sell 247.08M, Turnover 2.43B, Short Sell Ratio 10.16%
PING AN (02318.HK): Short Sell 213.24M, Turnover 2.40B, Short Sell Ratio 8.89%
HSCEI ETF (02828.HK): Short Sell 143.09M, Turnover 1.01B, Short Sell Ratio 14.18%
ICBC (01398.HK): Short Sell 81.00M, Turnover 2.18B, Short Sell Ratio 3.71%
AIA (01299.HK): Short Sell 74.09M, Turnover 1.07B, Short Sell Ratio 6.95%
SMIC (00981.HK): Short Sell 65.75M, Turnover 2.39B, Short Sell Ratio 2.75%
BANK OF CHINA (03988.HK): Short Sell 64.49M, Turnover 1.19B, Short Sell Ratio 5.42%
ABC (01288.HK): Short Sell 61.13M, Turnover 597.65M, Short Sell Ratio 10.23%
AAC TECH (02018.HK): Short Sell 58.95M, Turnover 1.09B, Short Sell Ratio 5.41%

Sun, 10-15 Jun: China will announce May Aggregate Financing and May New Yuan Loans.
Mon: Hong Kong – Yixin (2858) Q1 Result
Tue, 13 Jun: US – May CPI YoY (Expected 2.7%, Prior 2.5%); Singapore – US-North Korea Summit
Wed, 13 Jun: US – May PPI YoY (Expected 2.6%, Prior 2.6%); Euro Zone – Apr Industrial Production SA MoM (Prior 0.5%); Hong Kong – Yixin (2858) Q1 Result
Thu, 13 Jun: US – FOMC Rate Decision (Expected 1.75%-2.00%, Prior 1.50%-1.75%); US – Jun Initial Jobless Claim (Till Jun 9); US – May Continuing Jobless Claim (Till Jun 2); Euro Zone – ECB Rate Decision; China – May Retail Sales YoY (Expected 9.6%, Prior 9.4%); China – May Industrial Production YoY (Expected 7.0%, Prior 7.0%); China – First Five Months Fixed Asset Investment YoY (Expected 7.0%, Prior 7.0%)
Fri, 13 Jun: Euro Zone – Apr Trade Balance SA (Prior 21.2B); Japan – BOJ Rate Decision; Hong Kong – Vitasoy (345) Annual Result

KGI Asia Ltd. provides equity research and earnings estimates on KGIEWORLD.COM.
The information and opinions in this report are the result of internal research and are not guaranteed for accuracy or completeness.
No liability is accepted for any loss arising from the use of this report.
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