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Daily Commentary

18 Apr 2019

Market Outlook

The Hang Seng Index is consolidating around 30,100 today.

China stimulus policy: According to China Business Network, China NDRC recently launched a consultation draft on the “Implementation Plan for Promoting the Renewal of Consumption of Automobiles, Home Appliances and Consumer Electronics to Promote Circular Economy Development (2019 to 2020)”, measures include the increase of automobiles licensing, halving the purchase tax on specific vehicles, stimulating auto stocks yesterday. We continue to pay attention to stock performance today.

US economy is growing moderately with decent corporate earnings results: The Fed’s Beige Book shows that the US job market remains tight, wages grew moderately, and the economic activity grew at a slight-to-moderate pace. In addition, Morgan Stanley recorded -9% YoY in earnings in 1Q19, both revenue and earnings beat expectations.

Daily Pick

HK Stocks

China RES Land (01109.HK)

(Rating: Buy; Target Price: HKD40; Current Price: HKD34.2)

Strong growth in contracted sales, and good performance.

Proactively increase land bank to support sales growth.

Lease business drives the turnover of investment properties.


NavInfo (002405.SZ)

(Rating: Buy; Target Price: RMB30; Current Price: RMB27.66)

Decent revenue in 1Q2019.

Stable development of all business.

Increasing R&D cost and smooth progress of auto-drive business.

Sector and Company News

Sands China LTD (01928) announced the results of its controlling shareholder, Las Vegas Sands Corp., for the fiscal first quarter ended March 31, 2019. On a US GAAP basis, total net revenues for Sands China increased 87% YoY to USD2.33 bn. Net income for SCL stayed flat to USD557 mn.

Sichuan Express (00107) announced that, for the month ended 31 March 2019, its toll income shored up 10.51% YoY to RMB361 mn.

Chow Tai Fook (01929) announced that, during the fourth quarter ended 31 March 2019, same-store-sales in Mainland China and Hong Kong and Macau markets ramped up 9% and 1% respectively. In terms of same store ASP, both markets continued to exhibit a positive growth in the fourth quarter.

Ping An (02318) announced the life insurance premium income for the period from January 1, 2019 to March 31, 2019 aggregated RMB195.8 bn, up 7.4% YoY.

China tower (00788) announced that its EBITDA for 1Q19 spiked 34.2% YoY to RMB13.59 bn with net profit skyrocketing 237.9% YoY to RMB1.284 bn.

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