Credit Suisse stated in its report that the third quarterly results of CHINA RAILWAY (00390.HK) -0.090 (-1.860%) Short selling $11.55M; Ratio 17.996%
was in concordance with estimates. The revenue was increased steadily
during the period, with a year-on-year growth of 13%. As benefited by
improving profit margin on railway and metro business, the overall
profit margin hedged up 1 percentage point to 8.3%. The broker
considered that the supportive governmental policies of the PRC
government and improving financial management will enhance the stable
earnings growth of China Railway. The target price was lifted from $5.05
to $6.2 correspondingly, maintaining the rating of Outperform.
Shanghai Pechem (00338.HK) Trading Sell Last price: HK$2.43 Resistance: HK$2.60 Support: HK$2.27/2.13 Shanghai Pechem closed lower at HK$2.43 in a long dark candle yesterday, short of the 0.38x retracement level at HK$2.41. Given that the Slow Stochastics has breached the previous low and the MACD is under the centreline, the stock is likely to test the 0.5x retracement level at HK$2.27. If the stock breaches this support, it will then test the 0.62x retracement level of HK$2.13. Expected Timeframe: 2 weeks to 2 months Wisdom Group (01661.HK) Trading Sell Last price: HK$5.47 Resistance: HK$5.65 Support: HK$5.22/4.96 Wisdom Group gapped down to re-enter the moving average envelope yesterday on strong volume. With reference to the downside bias of both the Williams’ %R Indicator and the ROC, we expect the stock to test the moving average of the envelope at HK$5.22. If the stock crosses below the moving average of the ...
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