Morgan Stanley lowered the projected EPS of FIH (02038.HK ) +0.040 (+1.013%) Short selling $2.19M; Ratio 9.135% in 2014 by 10% but uplifted the 2015 projected EPS by 10%, reflecting a quarter's delay in the increased production of flagship models and the better control on OPEX. Morgan Stanley expected that the company will experience a 84% growth in 2015. It also raised the target price of FIH from HK$5 to HK$5.3 and reiterated the rating of Overweight.
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Credit Suisse slashed ANTON OILFIELD (03337.HK) -0.370 (-17.209%) Short selling $26.79M; Ratio 24.556% 's 2014-2016 earnings forecasts by 30%-57% to reflect the income trend for the first nine months of this year, while expecting that the company's revenue this year would recede 5% and profit for 2014 would decrease 84%. The broker cut the target price from $2 to $1.4 and reiterated the Underperform rating.
Goldman Sachs pointed out that AGILE PROPERTY (03383.HK ) -0.020 (-0.480%) Short selling $4.81M; Ratio 19.334% completed the revised rights issue plan. Goldman Sachs lowered the NAV and target price from $14.8 and $5.9 to $13.5 and $5.4. The projected basic earnings per share in 2015 to 2016 was cut to 11%. Goldman Sachs pointed out that Agile reached an agreement with several banks on the extension of repayment period for loans but uncertainties of the company may continue.
HSBC said in a report that JNCEC ( 00579.HK) +0.050 (+1.534%) Short selling $1.87M; Ratio 38.100% is playing a leading role in the natural gas power market in Beijing, and the company's earnings growth is strong with the government's support and capacity expansion. The bank said the stock is currently trading at 7.8x P/E, 1.2x P/B, with dividend yield of 17%, showing a good value. However, the bank lowered the company's 2015/16 EPS forecasts by 5.3% and maintained the Overweight rating, with target price reduced from $5.5 to $5.3.
During the period from January to September 2014, China's coal production recorded a small drop compared with a year ago, but the substantial decrease in coal output in September dragged down the production for the first three quarters, according to the data released by National Development and Reform Commission (NDRC).
As stated in the report of UBS, the sales forecast of GAC GROUP (02238.HK ) +0.090 (+1.261%) Short selling $5.44M; Ratio 29.968% and Toyota JV was cut to 11% and 7% respectively due to the slow sales of Accord, City and Camry. UBS cut the earnings forecast of GAC Group this year by 19% to RMB 3.7 billion, lower than the market estimates of 9%. The target price of GAC Group was cut from HK$11.2 to HK$7.3,
In a report, JP Morgan said that I.T (00999.HK ) -0.050 (-1.969%) 's operating profit excluding interest and tax was in line with the estimate. The broker took a more cautious view on the company's Hong Kong business, believing that the company is facing the risk of recording sluggish sales. Rating was downgraded from Overweight to Neutral, with target price lowered from $3.3 to $2.7.
CHINA TELECOM (00728.HK) +0.300 (+6.452%) Short selling $4.41M; Ratio 5.947% announced the results for the first three quarters ended September 2014. The profit amounted to RMB 16.169 billion, representing an increase of 9.8% compared with the corresponding period of last year. The operating revenue totaled RMB 243.608 billion, representing an increase of 2.2%, compared with the same period of last year. Operating revenues excluding mobile terminal sales increased 4.8% in the year-ago period to RMB 220.292 billion. EBITDA was RMB 74.793 billion, representing an increase of 0.1%, compared with the corresponding period of last year.
STANCHART (02888.HK) -6.700 (-4.820%) Short selling $13.75M; Ratio 10.912% released the interim management statement for the third quarter ended 30 September 2014. Operating income rose 0.96% year-on-year to US$4.514 billion. Profit before tax amounted to US$1.53 billion, down 16.39% as compared with the year-ago period.
HKEX (00388.HK) +3.400 (+2.046%) Short selling $29.91M; Ratio 4.029% 's share price will be under pressure in the short term, but given that the Shanghai-Hong Kong Stock Connect is expected to be launched within the year, the Buy rating was reiterated with target price maintained at $195, Bank of America Merrill Lynch said in a report.
Credit Suisse, in the latest research report, raised up its 2014/15 earnings forecasts for CTEG (01363.HK) +0.230 (+2.987%) Short selling $3.52M; Ratio 6.536% by 3% each to reflect a better profit outlook on Qingyuan Lvyou industrial solid waste treatment. The Outperform rating on the company was maintained and the target price was lifted from $9.7 to $10.
JP Morgan said in its latest research report that YANZHOU COAL (01171.HK) -0.010 (-0.164%) Short selling $18.32M; Ratio 19.019% 's impressive results were related to a significant reversal of accrued safety expenses. The research house said due to recent policy measures, coal prices have seen bottom with spot prices already up 3% above the 3Q's reading. The company's Overweight rating was kept with a target price of $10.7.
Credit Suisse said in the latest research report that ZIJIN MINING (02899.HK) -0.040 (-2.094%) Short selling $1.85M; Ratio 6.927% 's 3Q14 net profit increased 24% year-on-year and 46% quarter-on-quarter, and excluding the one-off gain, the recurring net profit dropped 31% quarter-on-quarter, mostly in line with expectations. The research house upgraded its rating on the company from Neutral to Outperform and lifted the target price from $2.2 to $2.
C Suisse pointed out in the research report that the profit of Shuanghui under WH GROUP (00288.HK) -1.230 (-19.871%) Short selling $21.00M; Ratio 1.661% recorded a year-on-year decrease of 15.7% in the third quarter, against the expectations of market and C Suisse. C Suisse lowered the profit forecast for WH GROUP to 2% in 2014-16 and slightly cut the target price of the company from $7.7 to $7.5, which is commensurate to 14.3 times of the projected P/E ratio. The Outperform rating of WH GROUP was kept.
HKEX (00388.HK) -8.200 (-4.702%) Short selling $201.00M; Ratio 6.356% announced that it has not received the notice for approving the launch of the Shanghai-Hong Kong Stock Connect and the authority will issue an announcement once there is material progress on the matter. The market started to worry about the prolonged delay of the program due to the current political climate in Hong Kong. HKEX saw its share price tumble 3.4% at market open this morning and further hit the low at $165.6. It last traded at $167.7, down 3.8%. Chinese financial brokers also received rising selling pressure. FIRST SHANGHAI (00227.HK) -0.140 (-9.032%) opened down 5.8% and last stood at $1.45, down 6.5%; SHENYIN WANGUO (00218.HK) -0.390 (-8.784%) was last $4.19, down 5.6%; SUNWAH KINGSWAY (00188.HK) -0.012 (-6.486%) dropped 5.4% to $0.175; CASH FIN SER GP (00510...
Credit Suisse said in the latest research report that CHINA VANKE (02202.HK) -0.480 (-3.320%) Short selling $75.76M; Ratio 50.933% 's 3Q14 revenue rose 0.5% year-on-year to RMB20.8 billion, with GFA delivery down 0.8% and booked average selling price up 1.1%, in line with its expectations and the company's own delivery schedule. The research house expected a further downside to Vanke's gross margin in 4Q14, and thus lowered the 2014 estimated revenue and EPS for the company. The target price was slightly cut from $18.6 to $18.3 and the Outperform rating was kept.
At present, the preparation for the Shanghai-Hong Kong Stock Connect has already been completed, so the launch is coming later than expected, said Cui Wei, head of China Strategic Analysis for Global Research at Bank of America Merrill Lynch. He predicted that the delay may be associated with various reasons, but it is hard to say whether it is related to the Occupy China event in Hong Kong. He further pointed out that since there is no material reason for a prolonged delay, the program is expected to commence within the year.
Hang Seng Index closed down 158 pts or 0.7% at 23,143, below the 10MA. Hang Seng China Enterprises Index fell 80 pts or 0.8% to 10,311. Market turnover increased to $56.746 billion. HKEX (00388.HK) -8.200 (-4.702%) Short selling $201.00M; Ratio 6.356% sank 4.7% to $166.2 (below the 100MA) as the company said there is still no definite date for the launch of the Shanghai-Hong Kong Stock Connect. It became the weakest blue chip, dragging down the HSI by 28 pts. Brokerage stocks were also under selling pressure. HENYIN WANGUO (00218.HK) -0.390 (-8.784%) , FIRST SHANGHAI (00227.HK) -0.140 (-9.032%) and GUOTAI JUNAN I (01788.HK) -0.240 (-4.469%) Short selling $8.09M; Ratio 9.705% slid 8.8%, 9% and 4.5% respectively. CITIC SEC (06030.HK) -0.500 (-2.732%) Short selling $56.53M;...
Market Indexes Index Last Day High Day Low Change %Change Time (HKT) Hang Seng Index 23,143.23 23,275.40 23,012.80 - 158.97 - 0.68% 2014-10-27 16:01 Hang Seng Finance Sub-index 31,430.72 31,527.50 31,209.82 - 125.70 - 0.40% 2014-10-27 16:01 Hang Seng Utilities Sub-index 53,905.63 54,535.50 53,665.05 - 27.56 - 0.05% 2014-10-27 16:01 Hang Seng Properties Sub-index 30,116.31 30,412.59 30,003.69 - 230.34 - 0.76% 2014-10-27 16:01 Hang Seng Commerce & Industry Sub-index 13,839.04 13,935.56 13,757.81 - 148.79 - 1.06% 2014-10-27 16:01 Hang Seng China Enterprises Index 10,311.58 10,387.28 10,263.32 - 80.06 - 0.77% 2014-10-27 16:01 Hang Seng China-Affiliated Corporations Index 4,381.26 4,39...