Asian Macro Initial Thoughts Expect a generally higher open.


30 Mar

Asia
Australia rallied in early traded but currently easing back slightly
Japan
Nikkei Futures opened +48pts and have eased to +20pts. Unemployment data in line, Retail sales pre market +VE should help. Expect some choppy trading as Renesas says damage worse than initially thought.
S Korea
Expect markets to open flat with interest in tech but concerns about US inflation. Also caution going into month/quarter end tomorrow.
Taiwan
Expect market to open flat having missed the sell-off that impacted the region Monday afternoon but to work higher as local data remains good; Tech in focus as Macronix’s expects chip shortage to last 2 more years.
China
Expect market to open lower as International relation deteriorate and concerns about the raising of the retirement age are added to existing concerns over global covid cases and PBOC debt control. Infrastructure plays mixed after Hyundai Construction Equipment Co. said Monday it has bagged orders worth 250 billion won ($221 million) to provide excavators and loaders to China.
HK
ADR’s +83pts at 28,421 with weakness in HSBC, Sinopec, BoC and Tencent. Concerns over China’s international relations and another busy day for earnings plus preparation for month/quarter end tomorrow.
US Futures opened Dow +58pts, S&P +0.2% and NDX +0.26%

A joint WHO-China study on the origins of COVID-19 says that the virus was probably transmitted from bats to humans through another animal, and that a lab leak was “extremely unlikely” as a cause.  Many questions remain unanswered, and the team proposed further research in every area except the lab leak hypothesis, the Associated Press reported, citing a draft copy it had obtained.  Summary of the reporthttps://www.reuters.com/article/us-health-coronavirus-who-china-factbox/factbox-who-china-report-on-virus-origins-says-lab-leak-extremely-unlikely-idUSKBN2BL2HX

DOW +0.3% to a new high, NDX -0.6%, S&P -0.1%, Russel 2K -2.8% 
US markets opened slightly lower spiked but then trended lower until around 11am when they rebounded. Dow worked higher from its 160pts loss but dipped slightly into the close but still finished at a new high. S&P recovered to flat, NDX bounced off its lows to flat but then sold down again. Russell sold down from the open and traded sideways but closed at its lows
Main concerns about rising covid cases and further selling pressure linked to Archegos (Arch Ego’s?) Capital although ViacomCDS and Discovery initially rebounded in the pre markets having lost 27% Friday but then turned lower again. Boeing higher on more Max 737orders, but banks weak on CS warning.
Media report CDC will extend national eviction ban until June 30 was due to expire end of March. -VE landlords and potential -VE mortgage companies.
Banks  Morgan Stanley -2.6%, Goldman’s -0.5%, JPMorgan Chase -1.6%, Citigroup -2%, Wells Fargo -3.3%, Amex -1%
Work from home names: Facebook +2.8%, Apple +0.2%, Amazon +0.8%, Netflix +1.2%,  Disney -0.6%, Zoom Video -3.6%, Alphabet +1% and Microsoft -0.5%,
Tech NXP Semi  -2.4%, Nvidia +0.9%, Micron -1.6%, AMD +0.4%, Skyworks -1.6%
Re-opening stocks  Boeing +2.3% on new orders, Caterpillar +0.3%, Simon Property -0.8%, Kohl’s -2%, Nordstrom -3.5%, Gap -2.5%, United Airlines -1.1%, Carnival -1.7%, Wynn Resorts -3.1%, Chevron -0.5%, Exxon Mobil -0.6%,  
Lock down names Campbell Soup +2.1% General Mills +2.5%, JM Smucker +2%
DATA
Dallas Fed Manufacturing Index Mar 28.9 vs 17.2 Feb (F/cast was 18)
USD was stronger vs Yen & Euro. Bitcoin +4.85% @ 57,810.24, VIX +10% @ 20.74, US T10 @ 1.717%
OIL Brent +0.64%, WTI +1% rebounding from initial weakness on news the Ever Given had been re-floated and ahead of OPEC+ meeting to discuss May production levels
Gold -1.1%, Silver -1.4%, Copper -0.76% Platinum -0.2%, Palladium -5.3% on news Russian mines to resume full production in coming months.
AHEAD Redbook, Case-Shiller Home Price, House Price Index, CB Consumer Confidence, API Crude Oil Stock Change
Earnings: Lululemon Athletica, Chewy, McCormick, BioNtech, FactSet, Blackberry, PVH

DAX +0.47%, CAC +0.45%, FTSE -0.07% 
Markets opened mixed covid third wave concerns (especially France) and worries about Archegos Capital; Credit Suisse -16% after warning of ‘significant’ losses from the US Family Office, effective a Q1Profit Warning; which followed the warning from Nomura (effectively a 2H profit wipeout) and suggests there could be more. Financial Services weak but F&B strong.
Good news was Ever Given has been re-floated, the Suez Canal can be re-opened and they will increase the daily capacity to try and deal with the back log. Bad news was that ports will be hit with additional traffic arriving in quick succession which is likely to put logistics under pressure.
FTSE opened flat traded sideways in a tight range in the red tick up towards flat in closing trades
DAX and CAC Opened higher and spiked but then sold down to test around Friday’s close and but then rallied back, and worked slightly higher into the close.
Cellnex Telecom +4.7% after Singapore wealth fund GIC agreed to buy a 2.5% stake.
DATA
UK
BoE Consumer Credit Feb GBP -1.246b vs-2.65b Jan revised (F/cast was -1.6b)
Mortgage Approvals Feb 87.7k vs 97.35k Jan revised (F/cast was 94.9k)
Mortgage Lending Feb GBP 6.2b vs 5.3b Jan revised (F/cast was 5.0b)
Net Lending to Individuals Feb GBP +4.9B MoM vs 2.6b Jan revised (F/cast was 2.7b)
AHEAD
EUROZONE Economic Sentiment, Consumer Confidence, Consumer Inflation Expectations, Industrial Sentiment, Services Sentiment
GERMANY Import Prices, Inflation Rate,
FRANCE Consumer Confidence
UK No data due

JAPAN 
Nikkei Futures opened +48pts and have eased to +20pts.  Unemployment data in line, Retail sales pre market +VE should help.   Expect some choppy trading as Renesas says damage worse than initially thought. Expect some caution going into the month/quarter/year end.
Yen currently 109.79 (data shows increasingly hedge funds net short positions according to ING data)
Data out 
Unemployment Rate Feb 2.9% vs 2.9% Jan (F/cast was 2.9%)
Jobs/application Ratio Feb 1.09 vs 1.1 Jan (F/cast was 1.1)
Retail Sales Feb -1.5% YoY vs -2.4% Jan (F/cast was -2.4%)
Retail Sales Feb +3.1% MoM vs -0.5% Jan (F/cast was +0.2% MoM)
Tokyo reported 234 new covid cases (down 79 from Sunday) the 10th consecutive day of an increase on the someday in the previous week -VE.  Nationwide the number was 1,339 vs 1,784 Sunday. But Osaka Gov Hirofumi Yoshimura said Monday he plans to request the central government to designate the prefecture as an area requiring stronger anti-virus measures based on a law, saying it has already entered the "fourth wave" of infections.
Vaccine minister, Taro Kono, said on Monday that the pace of coronavirus inoculation in the country would accelerate in May, but that the Tokyo Olympics, set to start in July, were not factoring into the schedule. PM Suga has pledged to have enough doses for the country’s 126 million people by June.
A group of Japanese health ministry officials partied at a restaurant in Tokyo until around midnight while the metropolitan government's request was in place for eateries to shorten business hours to curb the spread of the coronavirus, a ministry official revealed Monday.  Embarrassing for the government.
Renesas Electronics Corp now believes that damage from a fire at its chip fabrication plant in northeast Japan was more extensive than first thought, a company spokeswoman said Monday.  The company had initially said that 11 machines were damaged in a fire earlier this month at the Naka plant, but the Nikkei reported yesterday that the number of inoperable machines was now believed to be about 17. While the Renesas spokeswoman would not confirm a specific number, she said that the chipmaker would share the extent of the damage by today. -VE
Nomura Holdings -16.3% on Monday flagged a possible $2 billion loss at its US subsidiary, prompting Japan’s biggest brokerage and investment bank to shelve a hefty bond issuance and sending its stock tumbling by the most in over a decade. -VE
Mitsubishi UFJ Financial Group, Japan’ biggest bank, and Sumitomo Corp, one of the country’s largest trading houses, are being targeted with climate resolutions from activist shareholders at their annual shareholder meetings. -VE
Applied Materials has terminated its $2.2-billion deal to buy Japanese peer Kokusai Electric Corp from KKR & Co, the chip equipment maker said on Monday as it did not get a confirmation of timely approval from China’s regulator. The termination comes as trade relations between the United States and China become increasingly strained. -VE
Nexon said on Monday it invested $874 million in 2020 in companies including Hasbro, Bandai Namco, Konami and Sega Sammy as part of a plan to take stakes in entertainment companies.  The firm said in statement it recorded a $279 million unrealised gain on the investments, part of a $1.5 billion pool for such investments by Chief Executive Owen Mahoney in a bet on users spending increasing amounts of time in virtual worlds. +VE
Japan is considering ending support for exporting coal-fired power plants maybe announced at the Climate summit being hosted by President Biden 22/23 April +VE for climate -VE for Power plant suppliers like Mitsubishi Heavy.   Toshiba already said it stopped taking orders last November.
Sony’s prototype electric car, the VISION-S, was publicly unveiled in Japan for the first time on Sunday at the EV: Life Futakotamagawa event held in Setagaya Ward, Tokyo. +VE
All Nippon Airways Co on Monday conducted Japan's first trial of the "CommonPass" app indicating a traveler's COVID-19 status at Tokyo's Haneda airport as part of efforts by the global travel industry to make cross-border travel easier and safer. +VE

SOUTH KOREA 
Expect markets to open flat with interest in tech but concerns about US inflation. Also caution going into month/quarter end tomorrow.
No data due
KDCA reported 384 more COVID-19 cases on Monday, including 370 local infections, raising the total caseload to 102,141.  It also on Monday reported 40 more new cases of COVID-19 variants, including 22 local infections, amid growing woes over the spread of more transmissible strains. -VE for sentiment
President Moon Jae-in on Monday fired his top economic policy adviser for raising the rent on an apartment he owns in Seoul’s affluent Gangnam district by 14% tow days before the 5% rent cap was introduced. Comes amid a public furore over skyrocketing home prices.
Hyundai Motor Co (005380.KS) plans to temporarily suspend production at its Ulsan No.1 plant in South Korea due to chip shortage between April 5 and April 13, Korea Economic Daily reported on Monday, citing the auto industry. The affected Ulsan factory produces 311,000 vehicles annually including the Kona Electric and Ioniq 5. -VE
Government said Monday it has granted the final approval to SK hynix Inc.'s 120 trillion-won ($106 billion) project to build a new semiconductor complex, a move that could ease supply shortages in the global market. Expected to be complete in 2025 +VE
Hyundai Construction Equipment Co. said Monday it has bagged orders worth 250 billion won ($221 million) to provide excavators and loaders to China. The orders, the largest ones since the company began making inroads into China in 1995, include 2,200 pieces of construction equipment, such as 5.5- to 8.5-ton excavators and wheel loaders, the company said. +VE also indicates China’s commitment to infrastructure building but surprising the orders didn’t go to Zoomlion, Sany etc.
Samsung Electronics Co. said Monday that domestic sales of its new flagship smartphone series, the Galaxy S21, surpassed 1 million units last week. Saying the S21, which was released here on Jan. 29, achieved the milestone 57 days after its launch, about one-month faster than its predecessor the S20.  But the pace of S21 sales was slower than the S10, which topped the 1 million mark in 47 days in 2019.  Also it maintained its leading position in the smartphone market of the Gulf Cooperation Council (GCC) region in the fourth quarter of 2020, a report showed Monday, although its gap with Apple Inc. has narrowed.  +VE
Magnachip, spun off from South Korea’s SK hynix and listed on the US Nasdaq, has been sold to a Chinese private equity fund, according to industry sources Monday. The chipmaker will be acquired by China’s Wise Road Capital for 1.6 trillion won ($1.4 billion) according to the company announcement.  All of the shares owned by its largest shareholder, US private equity Avenue Capital, will be sold to the Chinese fund at $29 per share with a 75 percent premium, which is estimated to be $1.4 billion.  Some have raised concerns that since Magnachip originated from Korea, there are risks of technology leakage to China, as it makes national-level efforts to boost the semiconductor industry there.   However, unlike industry leaders such as Samsung Electronics, Magnachip still runs 8-inch (200 millimeters) equipment, which is considered outdated.  Still a big +VE for China
GS Group kicked off the first meeting of its ESG committee for sustainable business management, the company said Monday.  The committee for environment, social and corporate governance, commonly referred to as ESG, will help accelerate their planned initiatives, the company said.
SK Innovation’s battery recycling technology has been verified by Argonne National Laboratory, a research institute under the US Department of Energy, the company said Monday. +VE
Hyundai Oilbank said Monday that it will expand its Blue Clean campaign to seek solar and hydrogen transition throughout its value chain -- from logistics centers to service stations. Blue is Hyundai Oilbank’s brand color.
Posco will receive 150 billion won ($133 million) in dividends from Roy Hill Holdings, the developer of Australia’s largest single iron ore mine, officials said Monday. +VE

TAIWAN 
Expect market to open flat having missed the sell-off that impacted the region Monday afternoon but to work higher as local data remains good; Tech in focus as Macronix’s expects chip shortage to last 2 more years.
No data due 
FT reports ‘The Biden administration is preparing to issue guidelines that will make it easier for US diplomats to meet Taiwanese officials by adopting some of the changes introduced by Donald Trump, in a move China is likely to see as a provocation.’  Likely to further raise tensions with China but long term good for Taiwan.
The National Central University survey released yesterday showed  consumer confidence index this month gained 1.88 points to 76.52, its highest since March last year, as the economic situation improved at home and abroad, fueling inflation risks and concern over potential capital flight from equity markets. +VE
Macronix International  yesterday said that the chip crunch could persist for two years, as the world’s major suppliers have been cautious about expanding capacity while demand for NOR flash memory chips has been mounting, especially for vehicles. Macronix, the world’s biggest supplier of NOR flash memory chips, said its factories have been running at full capacity and are dealing with additional requests for chips.  “Our factories are all full... Our principle is to support our long-term clients. New customers have to try their luck,” Macronix chairman Miin Wu told reporters. “What we need to do is make as many chips as we can.”  +VE
Yang Ming Marine Transport Corp Monday gave a rosy outlook for the first half of this year on expectations that container shipping rates would remain high.  A combination of a shortage of empty containers and traffic congestion at ports worldwide due to the COVID-19 pandemic is expected to keep freight rates high until the end of June, Yang Ming president Patrick Tu told an investors’ conference in Taipei.+VE
The Carrefour SA hypermarket chain is under investigation after 11 trade associations filed a complaint accusing the retailer of passing the cost of stores it acquired in a merger last year on to its suppliers through “additional fees.” The Fair Trade Commission (FTC) on Friday received a letter of complaint from 11 trade associations against Carrefour for demanding “additional fees” from suppliers, FTC Vice Chairman Andy Chen said Monday.  A probe has been launched to see if there has been any misconduct, he said. -VE
Clevo Co  Monday reported that net profit last year -37.9% YoY to NT$667 million, while revenue dipped 8% to NT$20.2 billion. Earnings per share were NT$1.12, down from NT$1.75 in 2019. The company’s board of directors has proposed to distribute a cash dividend of 0.6 per share, representing a payout ratio of 53.57 percent. The company said that laptop shipments last year rose 8 percent year-on-year to 1.52 million units, while laptop sales increased 5 percent to NT$16.2 billion, despite shortages of key components. As distance learning remains strong and high-end models are likely to benefit from replacement demand, laptop shipments this year are expected to rise 15 percent to 1.75 million units, it said. Slight +VE
Tai Tong Food & Beverage Group, which operates six restaurant chains in Taiwan and China, yesterday reported that net profit last year increased 2.5 percent year-on-year to NT$369 million. Earnings per share were NT$15.95, a record high, it said. Tai Tong said that it is upbeat about its outlook for the year and plans to accelerate store expansion plans in Taiwan. The company’s board of directors has proposed to distribute a cash dividend of NT$14.5 per share, which represents a payout ratio of 90.91 percent and a dividend yield of 6.6 percent based on yesterday’s closing share price of NT$241.5 +VE

CHINA 
Expect market to open lower as International relation deteriorate and concerns about the raising of the retirement age are added to existing concerns over global covid cases and PBOC debt control.  Infrastructure plays mixed after Hyundai Construction Equipment Co. said Monday it has bagged orders worth 250 billion won ($221 million) to provide excavators and loaders to China.
No data due
China reported 15 new covid patients in the mainland for March 28, up from eight a day earlier, the national health authority said on Monday, Reuters reports.  The National Health Commission, in a statement, said all were imported infections. The number of new non symptomatic patients, which China does not classify as confirmed, fell to 18 from 19 a day earlier.
China plans to lift retirement age but that could stokes workers’ anxiety as demographic crisis looms.  Beijing has announced in its new five-year plan it will delay the retirement age to combat the economic effects of rapid aging.  The change has sparked widespread concern about the impact on consumption, fertility rates and personal investments.  Likely to raise concerns amongst working and middle class citizens.  SCMP article quote 'Gong said some of his co-workers planned to sell properties in lower-tier cities in anticipation of higher vacancy rates, while others were considering mortgaging their homes to invest in high-return financial products. But he was opting for a more modest strategy: cutting daily spending.’  -VE for domestic consumption and could put pressure on property companies.
Palestinians on Monday received 100,000 doses of Sinopharm COVID-19 vaccine donated by China to help broaden an initial campaign to vaccinate medical staff, the elderly and the chronically ill. +VE
H&M stores closed in China by mall operators who say the company showed disrespect to China.  I’d be surprised if that was a clause in the lease!  -VE for foreign businesses operating in China.
The ‘era of bullying China’ is over, officials warn the West;  China has come a long way since the ‘century of humiliation’, says Xinjiang government as it asks firms such as H&M to ‘distinguish right from wrong’. A cotton worker quoted in state media saying sanctions imposed by the West intended to ‘smash the rice bowls of Xinjiang cotton workers’.
UN panel warns that ‘well-known global brands’ may be linked to Xinjiang human rights abuses  More than 150 companies, from China and around the world, could be connected to the suspected abuses, though the report does not name the businesses. Uygur workers have been reportedly subjected to ‘arbitrary detention, human trafficking, forced labour and enslavement’, says United Nations working group. -VE for sentiment and international relations.
Huawei’s lawyers in the Meng extradition case say ‘US laws do not apply in China,’ and that the US has no jurisdiction because Meng is Chinese, HSBC is British, and the meeting that led to her arrest occurred in Hong Kong.  So the US has no right under international law to prosecute Huawei Technologies executive Meng Wanzhou for fraud because her alleged conduct has nothing to do with the US.  Opening a new line of reasoning which would radically change the basis of a lot of international law and treaties.

HONG KONG  
ADR’s +83pts at 28,421 with weakness in HSBC, Sinopec, BoC and Tencent.  Concerns over China’s international relations and another busy day for earnings plus preparation for month/quarter end tomorrow.   
Data due after market Retail Sales
EARNINGs due Tuesday Hop Hing (47), Sichuan Expressway (107), HengTen Networks (136), First Pacific (142), China Merchants Port (144),  IDT (167), AVIC Joy Holdings (260), Citic (267), WH Group (288), Wing On Company (289), Sinofert (297), China Travel International Investment (308), Angang Steel (347), Beijing Enterprises Water (371), China Railway (390), Founder (418), Inspur (596), Sinotrans (598), Fosun (656), China Eastern Air (670), Truly (732), Asia Cement (743), Air China (753), China Rare Earth (769), Shimao (813), China Longyuan Power (916), Hisense Home Appliances (921), Lees Pharm (950), China Southern Air (1055), Huadian Power International (1071), Dongfang Electric (1072), i-CABLE (1097), Cosco Shipping Energy (1138), Zoomlion Heavy (1157),  Cosco Shipping Ports (1199), Midland  (1200), Agricultural Bank of China (1288), PW Medtech (1358), 3SBio (1530), China Datang Corporation Renewable (1798), China Communications Construction (1800),  SouthGobi Resources (1878),  Cosco Shipping Holdings (1919), Bank of Chongqing (1963), China Minsheng Banking (1988), China Vanke (2202), Yantai North Andre (2218), Cosmo Lady (2298), GreatWall Motor (2333), Weichai Power (2338), AVI China (2357), WuXi (2359), BOC HK (2388), China Shineway Pharmaceutical (2877), Jutal Offshore Oil Services (3303),Bestway Global (3358), Waison (3393), Chongqing Rural Commercial Bank (3618),Zhuzhou CRRC Times Electric (3898), China International Capital Corporation (3908), Inner Mongolia Yitai Coal (3948), Bank of China (3988).

Short Selling  Monday 17.1% vs 14.3% Friday
Top Shorts  Bud Apac (1876) 50%, Ping An (2318) 42%, Haidilao (6862) 38%, Country Garden (2007) 36%, BoC (3988) 35%, Ali Health (241) 33%, Mengniu Dairy (2319) 30%, Tencent (700) 30%, Hengan (1044) 29%, AAC Tech (2018) 29%, MTRC (66) 29%, China Life (2628) 28%, HSBC (5) 27%.

BUYBACKS/INSIDER DEALING 

S HARBOURHOLD (01663.HK) announced that Wong Lam Ping, the Company’s chairman and substantial shareholder, had acquired an aggregate of 594,000 ordinary shares in the open market at an average price of approximately HK$0.144 per share on 29 March.
HK Electoral Changes
The Legislative Council's geographical constituency seats are expected to be reduced to 20 as the National People's Congress standing committee is set to pass electoral changes for Hong Kong as early as today. There will also be changes to functional constituencies, with individual voters in some sectors, such as the IT sector, to be replaced by group votes - a change which will see sectors originally dominated by the pro-democracy camp changing hands to the pro-establishment camp.
WATCH
Xiaomi has launched a range of new smartphones — The Mi 11 Ultra, Mi 11 Pro, Mi 11 Lite and Mi 11 Lite 5G.  The Mi 11 Ultra is the smartphone aimed at international markets in the premium seg
ment as Xiaomi looks to boost its market share in the high-end space. +VEZoomlion, Sany and Lonking could see weakness as Hyundai Construction Equipment said Monday it has bagged orders worth 250 billion won ($221 million) to provide excavators and loaders to China.
TIANGONG INT'L (00826.HK) announced that in order to better integrate resources to expand and strengthen the high speed steel and die steel business, the Company has considered and approved TG Tools to prepare for the proposed spin-off and independent listing on a stock exchange in China, and authorised the management of the Company and TG Tools to initiate the preliminary preparations for the Proposed Spin-off.  +VE
At CCB (00939.HK)'s news conference, President Wang Jiang foretold NIM to remain in a reasonable range this year, yet with stable loan rates and higher deposit rates.
Hang Seng Indexes Company announced that it has today launched four new indexes, 
1. Hang Seng Shanghai-Shenzhen-Hong Kong Clean Energy Index,
2. Hang Seng Shanghai-Shenzhen-Hong Kong Autonomous and Electric Vehicles Index, then under Hang Seng Stock Connect
3. Hong Kong Top Shareholding 50 Index
4. Hang Seng Stock Connect China A Top Shareholding 50 Index.
Hang Seng Indexes Company announced that it has licensed the Hang Seng Heathcare Index to Bosera Fund to serve as the underlying index for the creation of an exchange-traded fund (ETF). The ETF was listed on the Shanghai Stock Exchange on 29 March 2021 with assets under management (AUM) of RMB308 million as at 19 March 2021.
The new ETF will bring the number of exchange-traded products linked to indexes in the Hang Seng Family of Indexes to 89 - with listings on 17 different stock exchanges across the world. As at the end of February 2021, AUM in products passively tracking indexes in the Hang Seng Family of Indexes had reached a total of about USD40 billion. +VE
MTR CORPORATION (00066.HK) announced the reduction in fare by 1.7% under the Fare Adjustment Mechanism (FAM) with effect from 27 June 2021.  In view of the impact of pandemic to the economy, the Corporation will introduce measures allowing Octopus and QR code ticket users to save around 5% actual fare expenses from 1 April 2021 till 1 January 2022, which together with fare reduction and various fare promotions were estimated to be over $900 million.  In response to media questions the Transport and Housing Bureau said that the existing Fare Adjustment Mechanism (FAM) is open, objective and transparent. Fares are adjusted in accordance with figures released by the Government in order to ensure that the adjustments reflect the economic situation.  According to the FAM, MTR fares will be adjusted downwards by 1.7 per cent in late June this year. Based on the established mechanism, since there is a fare reduction this year, fare adjustment rates to be recouped shall be carried forward to next year.  Slight -VE
SHK PPT (00016.HK) today (29 March) signed a five-year HK$16.8 billion syndicated credit facility with a consortium of 17 leading international and local financial institutions.   The facility received an overwhelming response from banks, with the loan size increased significantly from the initial amount of HK$5 billion to HK$16.8 billion. This is another clear demonstration of the banking community’s strong faith in SHK PPT. The facility was signed by Sun Hung Kai Properties (Financial Services) Limited, with its parent, SHK PPT, providing a guarantee.  +VE
Local press reports that Local television stations shunning the Academy Awards for the first time in 52 years highlights Hong Kong's adoption of mainland standards, Although TVB stressed it is purely a commercial decision not to broadcast the Oscars, some people are not convinced online users say. A visible resentment to the HK administration -VE
After Market Results 
BYD ELECTRONIC (00285.HK) announced annual result ended December 2020. The net profit amounted to RMB5.441 billion, up 240.6% yearly. EPS was RMB2.41. A final dividend of RMB0.241 was declared against a dividend of RMB0.071 in the corresponding period of the previous year.
BYD COMPANY (01211.HK) announced annual result ended December 2020. The revenue rose 26.02% year on year to approximately RMB153.469 billion. The net profit amounted to RMB4.234 billion, up 162.3% yearly. EPS was RMB1.47. A final dividend of RMB0.148 was declared. It released the estimated results for the first quarter of 2021. The earnings were expected to hit RMB200 million to RMB300 million, increased by 77.56% to 166.34% as compared with the corresponding period last year. EPS may amount to RMB0.06-0.09.  In the first quarter of 2021, China's economic development recorded steady progress, and new energy vehicles have maintained a good development trend. In the field of new energy passenger vehicles, the company's new flagship model "Han" is widely acclaimed by consumers, and continues to sell well. Although seasonal factors have a certain impact on the sales, the company's new energy vehicles still achieved rapid growth.
CONCH VENTURE (00586.HK) announced annual result ended December 2020. The net profit amounted to RMB7.618 billion, up 8.9% yearly. EPS was RMB4.22. A final dividend of HK$0.7 was declared against a dividend of HK$0.65 in the corresponding period of the previous year.
GF SEC (01776.HK) announced annual result ended December 2020. The net profit amounted to RMB10.038 billion, up 33.1% yearly.  EPS was RMB1.32. It was proposed that a cash dividend of RMB4.5 for every 10 shares be distributed to all shareholders
FOSUN PHARMA (02196.HK) announced annual result ended December 2020. The net profit amounted to RMB3.663 billion, up 10.3% yearly. EPS was RMB1.43. A final dividend of RMB0.43 was declared, against no dividend in the year-ago period.
PSBC (01658.HK) announced annual result ended December 2020. The operating income rose 3.4% year on year to RMB286.537 billion. The net profit amounted to RMB64.199 billion, up 5.4%. EPS was RMB0.71.  The Board of Directors suggested distributing cash dividends of RMB2.085 per 10 ordinary shares to all shareholders.
ANALOGUE HLDGS (01977.HK) announced annual result ended December 2020. The net profit amounted to HK$301 million, up 23% yearly. EPS was HK22 cents. The Board resolved to pay a second interim dividend of HK7 cents per share for the year.
FLAT GLASS (06865.HK) announced annual result ended December 2020. The net profit amounted to RMB1.629 billion, up 127.1% yearly. EPS was RMB0.83. A final dividend of RMB0.15 was declared.
FUYAO GLASS (03606.HK) announced annual result ended December 2020. The net profit amounted to RMB2.6 billion, down 10.3% yearly.  EPS was RMB1.04. A final dividend of RMB0.75 was declared.
JD HEALTH (06618.HK) announced annual result ended December 2020. The revenue rose 78.8% year on year to RMB19.383 billion. The loss widened to RMB17.234 billion from RMB972 million in the corresponding period of the previous year. LPS was RMB7.8. No dividend was declared.  Non-IFRS profit for the year grew 117.7% yearly to RMB748 million.
DALI FOODS (03799.HK) announced annual results ended December 2020. Net profit amounted to RMB3.849 billion, up 0.2% yearly. EPS equaled RMB0.28. Final DPS was HK8.5 cents, as compared with HK14 cents in the previous year.

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