1、Midday Market Summary 16 March 2010 Sun Hung Kai Financial 1Disclaimer This report / note has been prepared by Sun Hung Kai Investment Services Limited (“SHKIS”), and together with its associates and subsidiaries “Sun Hung Kai Financial” or“SHKF”). SHKF does and seeks to do business with companies c
2、overed in its research reports / notes. At a result, investors should be aware that SHKF may have a conflict of interestthat could affect the objectivity of this report / note. Investors should consider this report / note as only a single factor in making their investment decisions. For analyst cert
3、ificationand other disclosures, refer to the Disclosure Section at the end of the report / note. All reports are available at: http:/www.SHK http:/ http:/ http:/ Bloomberg Code: Equities Close Gain/Loss (%) T/O (HK$bn) HSI 20,986 (0.4) 8.6 HSCEI 11,913 (0.5) 5.2 HSCCI 4,085 (0.6) 1.9 Sources: Bloomb
4、erg and Sun Hung Kai Financial The HSI opened up 56 points at 21,135, but reversed intraday. Hong Kong property stocks fell, including Sun Hung Kai Properties (16.HK, -2.4%) and Cheung Kong Holdings (1.HK, -1.1%), following the governments plan to increase the supply of homes by selling subsidized f
5、lats and the Housing Societys announcement that it will sell more homes. China Resources Land (1109.HK, -2.2%) was the biggest loser among HSI constituents. Commodities stocks continued their decline. China Shenhua (1088. HK, -1.5%) dropped for a second day. BYD Co. (1211.HK, +6.4%) surged after del
6、aying plans to mass-produce electric cars, and was the largest gainer among HSCEI constituents. Bank of China (3988.HK, -0.3%) fell on news that it may start a rural-banking business in China with Temasek Holdings. Esprit (330.HK, +3.6%) was the biggest gainer among HSI constituents. The HSI narrowe
7、d its loss by midday, closing down 92 points or 0.4% at 20,986; the HSCEI closed down 57 points or 0.5% at 11,913. Turnover was HK$28.8bn. Pharmaceuticals was the best-performing sector, up 1.3%, led by China Shineway Pharmaceuticals (2877.HK, +11.2%). Forestry and paper was worst performer, down 1.
8、6%, led by China Grand Forest (910.HK, -3.2%). FX and Gold USD/JPY: Market focus on BoJ meeting; may retreat on expectation of loose monetary policy The BoJ began its two-day monetary-policy meeting today. Expectations are that it will keep interest rates unchanged at 0.1%. The focus will be on whet
9、her the central bank implements further measures to fight deflation and stimulate an economic recovery. We do not rule out further fund injections into the market, even though the BoJ had already pumped JPY10tn into the banking system by end-February. USD/JPY rose from 88 in early March to a high of
10、 91.09 last Friday, which should already factor in expectations that Japan would expand its loose monetary policy further. There may be profit-taking in USD/JPY regardless of whether Japan boosts money flows further. News Highlights null BYD Co. (1211.HK, +6.4%) has delayed plans to mass-produce ele
11、ctric cars in China by the middle of this year. Instead, it will manufacture 100 E6 electric cars to be used as taxis in Shenzhen. Further development of electric cars will depend on the success of this project. Midday Market Summary 16 March 2010 渐飞研究报告 - http:/Midday Market Summary 16 March 2010 S
12、un Hung Kai Financial 2null Hong Kong Resources (2882.HK, +11.8%) will acquire a 40% equity interest in China Gold Silver, a retailer of gold, jewelry and other precious metals. The deal is priced at HK$543.9m, with HK$181.3m in cash and HK$362.6m in shares at HK$1.63/share. After the transaction, C
13、hina Gold Silver will be 87.64%-owned by Hong Kong Resources. null Shanghai Forte Land (2337.HK, -4.7%) sold 761,683 sq m GFA of properties in 2009, for unbooked revenue of RMB7.448bn. Attributable GFA was 545,537 sq m, for revenue of RMB5.433bn, up 136.9% yoy and 109.75% yoy respectively. The compa
14、ny secured seven projects last year with GFA of 1.43 million sq m. null Sino-Tech (724.HK, -7.8%) will acquire a 4,650 sq. ft. house at No.8 Severn Road for HK$280m. The property is intended for investment purposes. null Renhe Commercial (1387.HK, unch) has secured approval from the National Civil A
15、ir Defense Office to develop and operate underground commercial centers in Wuhan, Hubei province and Ganzhou, Jiangxi province. Total planned GFA is 450,000 sq m and 170,000 sq m respectively. null Hi Sun Technology (818.HK, +2.9%) is considering spinning off its transaction-data-capture terminals a
16、nd solutions businesses for listing on the stock exchange main board. null Century City (355.HK, unch) expects to turnaround to profit for FY09, following a loss in FY08, on fair-value gains on financial assets and investment properties and a contribution from listed associate Regal. null Tianjin De
17、velopments (882.HK, -4.2%) FY09 results may be significantly worse than last year, on weakening business at Tianjin Port and provisions for the possible repurchase of toll-road projects. null Matrix Holdings (1005 HK, +0.8%) expects to turnaround to profit in FY09, following a loss in 2008, on booki
18、ng prepaid royalties, lower materials prices and tighter cost controls. null According to Eva Cheng, Secretary for Transport USD to Retreat From Peak Kenix Lai 8 March 10 Forex Solid Support at 79.5 Kenix Lai 17 Feb. 10 Trading Express China Green (904.HK) Sowing the Seeds of Growth Holly Hou 17 Feb
19、. 10 Company Report NagaCorp (3918.HK) No Jackpot, But Steady Yield Eva Yip, CFA 8 Feb. 10 Forex Positive Outlook for USD Kenix Lai 5 Feb. 10 Trading Express China Yurun Food (1068.HK) Bringing Home the Bacon Eva Yip, CFA / Holly Hou 5 Feb. 10 Trading Express Johnson Electric (179.HK) Recovery Engin
20、e Has Started Up Eva Yip, CFA 2 Feb. 10 Trading Express GCL-Poly Energy (3800.HK) Tammy Leung 1 Feb. 10 Company Report Shenguan Holdings (829.HK) Sausage Casings On a Roll Holly Hou 1 Feb. 10 Forex USD to Rise Further Kenix Lai 20 Jan. 10 IPO Preview Meike International Holdings (953.HK) Holly Hou 1
21、9 Jan. 10 Sector Report Telecom Equipment Sector New Telco Capex Wave from Network Convergence Eva Yip, CFA 15 Jan. 10 IPO Preview SouthGobi Energy Resources (1878.HK) Holly Hou 14 Jan. 10 Key Takeaways China Green (904.HK) Barry Chan / Holly Hou 13 Jan. 10 Trading Express Switch from PetroChina to
22、Sinopec Michael Yuk 11 Jan. 10 Forex USD to Trend Down This Week Kenix Lai 7 Jan. 10 Trading Express Hong Kong REITs Attractive Yield Play Alvin Chong 7 Jan. 10 Trading Express Yanzhou Coal (1171.HK): Valuation Hots Up Despite Big Freeze Michael Yuk 6 Jan. 10 Company Report Centron (1155.HK) 3G Subs
23、cribers to Maintain Telco Capex Spending Eva Yip, CFA 4 Jan. 10 Forex USD to Rebound Further Kenix Lai 10 Dec. 09 Strategy Report Period of Correction To Last Well Next Into Next Year Alvin Chong 10 Dec. 09 IPO Preview China Pacific Insurance (2601.HK) Holly Hou 9 Dec. 09 IPO Preview Shengli Oil and
24、 Gas Pipe Holdings (1080.HK) Holly Hou 9 Dec. 09 IPO Preview China Corn Oil (1006.HK) Holly Hou 7 Dec. 09 Forex Market Volatility to Increase Kenix Lai 30 Nov. 09 Equity Dashboard Market Digest Holly Hou / Eva Yip, CFA 26 Nov. 09 IPO Preview China Longyuan Power Group (916.HK) Holly Hou 25 Nov. 09 C
25、ompany Report Centron (1155.HK): Dialed In to 2G/3G Capex Boom Eva Yip, CFA 24 Nov. 09 IPO Preview Futong Technology Development (465.HK) Holly Hou 23 Nov. 09 Forex & Gold Weekly USD Upside to be Capped at Top of Downtrend Kenix Lai 18 Nov. 09 Key Takeaways China Green (904.HK) Alvin Chong / Holly H
26、ou 18 Nov. 09 Equity Dashboard Market Digest Holly Hou / Eva Yip, CFA 渐飞研究报告 - http:/Midday Market Summary 16 March 2010 Sun Hung Kai Financial 5Address: 12/F, CITIC Tower, 1 Tim Mei Avenue, Central, Hong Kong Phone : (852) 3920 2888 Fax : (852) 3920 2789 Web : http:/www.SHKFG.com Sun Hung Kai Finan
27、cial Research Products Investment Daily Note is our daily report incorporating views on industries, sectors, securities and markets. It also provides highlights of our other research reports. Company Reports incorporate our key views on listed companies, providing a bottom-up approach to equity inve
28、stment. Sector Reports provide our overview of an industry or sector, for a top-down approach to equity investment. Combined with Company Reports, Sector Reports offer a panoramic view for stock selection. Key Takeaways provide a comprehensive and up-to-date overview on listed companies, with in-dep
29、th analysis of current and future strategies, positioning, earnings drivers and key investment risks. Trading Express highlights investment ideas with a short-term or speculative approach, including news- and event-driven strategies, visualization strategies and trading strategies involving quantita
30、tive analysis. Equity Dashboard gives a birds-eye view of the Hong Kong stock market and individual sector performances, with a review of individual sectors and stocks within each sector. Stock Guides are a user-friendly investment tool putting comprehensive fundamental information at our clients fi
31、ngertips. Each guide provides a clear and structured picture of a stocks financial and business fundamentals and catalysts. Technical Action reports identify and highlight short-term, speculative investment ideas derived from technical analysis, with appropriate entry and exit prices. 渐飞研究报告 - http:
32、/Midday Market Summary 16 March 2010 Sun Hung Kai Financial 6Definitions SHKIS means Sun Hung Kai Investment Services Limited, and together with its associates and subsidiaries, Sun Hung Kai Financial or SHKF. Disclosure Section Analyst Certification I / We Kenix Lai and Holly Hou hereby certify tha
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