Month and Quarter end. Also year end for Japanese companies.
Australia Trading higher in early trades ahead of the Buidling Permit data and Private Sector Credit Data out shortly.
Japan Nikkei Futures opened -15pts but are now +35pts (having risen to +55pts); expect a higher open although pre market data could impact the upside. Trading likely to be cautious with Month/Quarter and Year end. Also expect some window dressing Yen currently 110.35 still weakening +VE exporters.
S Korea Expect markets to open lower with concerns about US inflation and mixed pre market data.
Taiwan Expect market to open flat following the US but good local data should limit the down side. Investor will be watching the China PMI data too
China Pre market PMI data will influence trading but markets likely to open lower following the US but good PMI data could reverse that.
HK ADR’s +26pts at 28,603 China PMI data in focus along with results, interesting to see how many Chinese companies are not declaring a final dividend which may indicate they expect further PBoC tightening. Quarter end rebalance and window dressing to be expected. Retail names should do well as sales in Feb rose for the first time in 2 years.
US Futures opened Dow -12pts, S&P and NDX flat. ADP data out today
Banks in US, Japan and Switzerland, linked to Archegos are being probed by regulators (SEC,FCA and Finra) -VE
Data was withheld from World Health Organization investigators who travelled to China to research the origins of the coronavirus epidemic, WHO Director-General Tedros Adhanom Ghebreyesus said on Tuesday. The United States, the European Union and other Western countries immediately called for China to give “full access” to independent experts to all data about the original outbreak in late 2019.
The United States highlighted a deteriorating picture for human rights across the world on Tuesday, calling out China’s repression of Uighurs and mentioned Hong Kong and Tibet along with Russia’s targeting of political dissidents, among other abuses. He also pledge the US would address its own failings. Still likely to increase tensions with China and Russia.
Top Glove (Malaysia) shares slide after US claims of forced labour; US Customs and Border Protection said it had “sufficient information to believe that Top Glove uses forced labour in the production of disposable gloves”.
DOW -0.31%, NDX -0.11%, S&P -0.32%, Russel 2K +1.72%
Markets opened lower despite strong Consumer Confidence data easily beating f/casts and +VE for the re-opening names, there was a rebound in banks and in Viacom and Discovery. But upside capped as the T10 hit a 14mth high at 1.77% in early trading. Dow and S&P effectively traded sideways in the red all day and dipped into the close. NDX saw more volatility. Caution going into month/quarter end with the expectation of a large rebalance of portfolio’s to reflect the moves in bonds.
Banks Morgan Stanley +1.6%, Goldman Sachs +2%, JPMorgan Chase +1.2%, Citigroup -1.9%, Wells Fargo +2.4%, Amex +0.8%
Work from home names: Facebook -1%, Apple -1.2%, Amazon -0.7%, Netflix -0.1%, Disney +0.4%, Zoom Video +1.6%, Alphabet flat and Microsoft -1.4%,
Tech NXP Semi +1.9%, Nvidia -0.6%, Micron -0.1%, AMD -1.5%, Skyworks -0.5%
Re-opening stocks Boeing +0.5%, Caterpillar +1.2%, Simon Property +1.4%, Kohl’s +3%, Nordstrom +2.2%, Gap +4.7%, United Airlines +3.6%, Carnival +4%, Wynn Resorts +1.6%, Chevron -1%, Exxon Mobil -1.2%,
Lock down names Campbell Soup -1.1% General Mills -1.1%, JM Smucker -1.9%
Redbook -17.4% MoM vs -17.6% prior (+9.8% YoY vs +9.4% prior)
Case-Shiller Home Price Jan +11.1% YoY vs +10.2% Dec revised (F/cast was 10.4%)
Case-Shiller Home Price Jan +0.9% MoM vs +0.9% Dec revised (F/cast was )
House Price Index Jan +12% YoY vs +11.4% Dec (F/cast was +11.7%)
House Price Index Jan +1% MoM vs +1.2% Dec revised (F/cast was +1.2%)
CB Consumer Confidence Mar 109.7 vs 90.4 Feb (F/cast was 96.5)
After market API Crude Oil Stock Change +3.91m vs +2.927m prior (Consensus was +0.4m)
USD was stronger vs Yen & Euro. Bitcoin +2.1% @ 58,890, VIX -5.5% @ 19.61, US T10 @ 1.714% having hit 1.776% early in the day.
OIL Brent -1.3%, WTI -1.6% as Suez Canal re-opened and USD rallied. OPEC+ meeting still expected to keep supply curbs in place. After market API showed a bigger than expected gain in inventories; expect weakness in CNOOC etc.
Gold -1.7% off earlier lows, Silver -2.5%, Copper +0.1%, Platinum -1.8%, Palladium +1.8% but off earlier highs.
AHEAD MBA mortgage Applications and 30 yr Mortgage Rate, ADP Employment Change, Chicago PMI, Pending Home Sales, EIA Oil Change, USDA Prospective Plantings Report.
President Biden to release details of Infrastructure stimulus plan
Earnings: Walgreens Boots Alliance, Micron, Dave & Buster’s, Guess
DAX +1.29%, CAC +1.21%, FTSE +0.53%
Markets opened FTSE drifting lower, DAX and CAC trading sideways, with DAX closing at a new high. Data was mixed but Eurozone economic sentiment was higher than expected. Banks rebounded from Monday’s weakness except CS -3.1%. Autos were strong and most sectors except Utilities closed in the green. But some concerns on covid and US inflation as the US T10 hit 1.77% in early trading.Some are talking about late cycle dynamics with the upside in growth and inflation testing the Fed resolve.
I think the Fed is focused on wage inflation and will accept other factors running hot.
Import Prices Feb +1.7% MoM vs +1.7% Jan revised (F/cast was +1.2%)
Import Prices Feb +1.4% YoY vs -1.2% Jan (F/cast was +0.9%)
Inflation Rate Prelim Mar 1.7% YoY vs +1.3% Feb (F/cast was +1.5%)Inflation Rate Prelim Mar +0.5% MoM vs +0.7% Feb (F/cast was +0.3%)
Consumer Confidence Mar 94 vs 91 Feb (F/cast was 91)
EUROZONE Economic Sentiment Mar 101 vs93.4 Feb (F/cast was 96.3)Consumer Confidence Mar -10.8 vs -14.8 Feb (F/cast was -10.8)Consumer Inflation Expectations Mar 18.6 vs 15.7 Feb (F/cast was 17)Industrial Sentiment Mar 2 vs -3.1 Feb revised (F/cast was -0.6)Services Sentiment Mar -9.3 vs -17 Feb revised (F/cast was -14)
EUROZONE Core Inflation Rate and Inflation Rate
GERMANY Unemployment Change and Rate
FRANCE Inflation Rate, Household Consumption, PPI
UK Current Account, GDP Growth Rate, Nationwide Housing Prices, Business Investment.
Nikkei futures opened -15pts but are now +35pts (having risen to +55pts); expect a higher open although pre market data could impact the upside. Trading likely to be cautious with Month/Quarter and Year end. Also expect some window dressing Yen currently 110.35 still weakening +VE exporters.
Data due Pre Market
Industrial Production Feb (Jan was +4.3%MoM (-5.2% YoY) F/cast is -0.9% MoM (-1.8% YoY)
Around 1pm we get Housing Starts and Construction Orders
Tokyo reported 364 new cases of the coronavirus, up 130 from Monday. Nationwide the number grew to 2,079; with Osaka reported the highest number of cases (432 first time over 400). -VE.
Some experts remain -VE on holding the Olympics as the organisers pledge hold 18 test events
Health minister apologized Tuesday over a late-night party involving 23 officials of his ministry held last week in Tokyo despite the metropolitan government's request for shorter business hours to curb the spread of the coronavirus. Those who stayed late are to be punished.
Japan and Indonesia pledged on Tuesday to tighten security ties and signed a deal to facilitate transfers of defence equipment and technology, as their near neighbour China expands its economic and military might.
Nomura Holdings will have to sharpen its focus on risk management systems and may need to rein in its U.S. ambitions, analysts said after the Japanese bank flagged a possible $2 billion loss tied to a single U.S. client. Stock is down 17% since Friday’s close
Mitsubishi UFJ Financial Group on Tuesday flagged potential losses of around $300 million at its European subsidiary related to an unnamed U.S. client; presumed to be Archegos The potential loss does not have any material impact on the business capability of the securities arm, or its European unit, Mitsubishi UFJ Securities Holdings Co Ltd said in a statement.
Toyota Motor Corp will form a joint venture with Chinese fuel-cell maker Beijing SinoHytec Co to manufacture key systems for fuel-cell vehicles. Toyota and SinoHytec signed a contract Monday to set up the 50-50 venture, Toyota Sinohytec Fuel Cell Co, with a total investment of about 8 billion yen
Shoei Kisen, the Japanese owner of a giant container ship which stuck and blocked the Suez Canal for almost a week, has not received any claims or lawsuits to seek compensation for damages from the blockage, a company official said on Tuesday.
SoftBank Group Corp CEO Masayoshi Son said on Monday the conglomerate is considering bringing services from South Korean e-commerce firm Coupang to Japan. SoftBank-backed Coupang raised about $4.6 billion earlier this month in the biggest U.S. initial public offering this year, after it made a splash in South Korea with its “Rocket Delivery” service promising delivery within 24 hours. “We’re discussing with the guys at Yahoo Japan about it. We’ve started considering whether it could be done in Japan too,” Son said in a television interview late on Monday.
Companies listed on the Tokyo Stock Exchange’s top-tier market will be required to disclose their climate change goals and strategies under a revised Corporate Governance Code, according to a draft seen by The Yomiuri Shimbun.
Japan has asked some Taiwanese manufacturers to cooperate in alternative production of semiconductors, Japanese Minister of Economy, Trade and Industry Hiroshi Kajiyama said Tuesday, after a chip plant owned by Renesas Electronics Corp was hit by a fire this month. “We are in communication with several manufacturing equipment makers [in Taiwan] to speed up procurement,” Kajiyama told reporters after a Cabinet meeting. “The ministry will also work together for a swift recovery by using all possible means,” he added. +VE
Expect markets to open lower with concerns about US inflation and mixed pre market data.
Business Confidence Mar 89 vs 82 Feb (F/cast was 84)
Construction Output Feb -8.7% YoY vs -6.4% Jan (F/cast was -5.5%)
Industrial Production Feb +0.9% YoY vs +7.5% Jan (F/cast was +1.5%)
Industrial Production Feb +4.3% MoM vs -1.6% Jan (F/cast was +0.5%)
Manufacturing Production Feb +1% vs +7.4% Jan (F/cast was +2.5%)
Retail Sales Feb -0.8% MoM vs +1.6% Jan (F/cast was +0.5%)
Retail Sales Feb +8.4% YoY vs 0.0 Jan (F/cast was +1.5%)
KDCA reported 447 new covid cases on Tuesday, rising above 400 again (429 locally transmitted). Ahead of the Easter weekend and by-elections next week, health authorities have urged people to comply with distancing rules.
Kim Yo Jong, the sister of North Korean leader Kim Jong Un, slammed South Korea’s president for calling the North’s recent missile test “concerning” and suggesting Seoul, Pyongyang and Washington should not create hurdles for talks, state media KCNA reported on Tuesday.
SK Innovation Co Ltd said on Tuesday it is considering all options including pulling its battery business out of the United States if President Joe Biden does not overturn a trade panel’s decision against it by April 11. Resorting to blackmail after losing the court case to LG Energy Solutions about misappropriating trade secrets related to electric vehicle battery technology. Not a good signal about the management. Stock ticked higher on Tuesday but it has been under pressure since peaking on 1 Feb.
Samsung Electronics Co.'s chip production at its US plant is approaching normal levels, an official from the company said Tuesday, following a monthlong shutdown caused by a power outage in the region.
Newest TV models by Samsung Electronics and LG Electronics have been certified for Wi-Fi 6E technologies, the first in the global TV industry, according to the companies on Tuesday.
Kia Corp on Tuesday held the digital world premiere of the EV6, its first all-electric model built on the group’s exclusive electric vehicle platform. Being the first electric vehicle to be launched since Kia Motors changed its name to Kia Corp. earlier this year, the EV6 is expected to signal a new chapter for the carmaker in light of the fast-growing mobility market.
Hyundai Engineering & Construction, the company behind South Korea’s top apartment brand, Hillstate, is starting presales of units in a high-rise mixed-use apartment complex in the southeastern city of Daegu, the company said Tuesday. Slated for completion in the summer of 2024, the complex, dubbed HillState Dalseong Park Station, comprises three buildings with 392 housing units each measuring 84 square meters. Of the 392 units, 72 are what locals call “residential officetel” units, similar to studio apartments but built for the dual purpose of commercial and residential use.
Hanwha Q Cells said Tuesday it has filed a patent infringement lawsuit against Chinese solar company Astronergy in Germany and France. The lawsuits, filed separately on March 12 with the countries‘ respective courts, accuse Astronergy of stealing Hanwha’s patented technology that enhances the efficiency of solar cells.
Samsung C&T Corp., the construction unit of Samsung Group, said Tuesday its consortium has clinched a $1.56 billion project to build a terminal at Taiwan Taoyuan International Airport.
Expect market to open flat following the US but good local data should limit the down side. Investor will be watching the China PMI data too
No data due
India’s top envoy in Taiwan on Monday pledged to bolster Taiwan-India ties by enhancing bilateral cooperation in the fields of education, investment and healthcare. +VE
Hon Hai Precision company chairman Young Liu said Tuesday component shortages would not affect production by more than 10%, adding that he is “cautiously optimistic” about the information and communications technology business this year. “Still, we are seeing some gradual changes and are monitoring the situation cautiously,” Liu said. “However, according to our observation, it is not going to be a major factor, maybe under 10 percent.” +VE
TSMC (TSM.US) Chairman Mark Liu found global efforts to achieve self-sufficiency in chip output to be "economically unrealistic". While actual chip capacity outweighs demand, uncertainties wrought by rising China-US trade tensions have led to double booking and exacerbated the chip shortage, Liu opined. Slight +VE
Quanta Computer Tuesday said it shipped 59.8 million laptops last year, a 70.37% increase year-on-year and the highest in the company’s history, thanks to work-from-home and distance learning demand amid the COVID-19 pandemic. The company said its other products, such as servers, also fared well amid the spike in demand for information and communications technology products during the pandemic. Net profit in the fourth quarter of last year surged 91.11% YoY to NT$8.63 billion (US$302.6 million), or earnings per share of NT$2.24. +VE
Medigen Vaccine Biologics Corp yesterday announced that it has recruited 3,752 participants for the phase 2 clinical trial of its experimental vaccine against COVID-19, surpassing its target of 3,700 participants announced in January, and the Ministry of Health and Welfare’s requirement of 3,500 participants. +VE
Pou Chen Corp Tuesday said that it has suspended production at its plant in Myanmar amid clashes between police and protesters following a military coup on Feb. 1, in which the military deposed civilian leader Aung San Suu Kyi. Pou Chen provides original design manufacturing services to international brands, such as Nike Inc, Adidas AG, Asics Corp, New Balance Athletic Shoe Inc, Timberland Co and Salomon SAS. The company said that the decision to stop production was made out of safety considerations.
United Renewable Energy Co Tuesday held a groundbreaking ceremony for a new ground-mounted solar farm in Yilan County’s Luodong Township. The plant is part of 200 megawatts (MW) of solar projects URE has won so far this year in Taiwan. The firm expects to generate stable earnings by operating solar farms, after experiencing volatility in the solar cell and solar module manufacturing industry. The solar projects, mostly for government agencies, are expected to spur demand for URE’s solar modules, it said. +VE
Market opening will be impacted by the PMI data but markets likely to open lower following the US but good PMI data could reverse that.
Manufacturing PMI for Mar (Feb was 50.6 and F/cast is 51.1)
Non Manufacturing PMI for Mar (Feb was 51.4 and F/cast is 51.9)
China finalised a sweeping overhaul of Hong Kong's electoral system on Tuesday, drastically curbing democratic representation in the city as Beijing seeks to ensure "patriots" rule the global financial hub. Pan-democrats can now only hold a limited number of seats and that is provided they first pass background checks by the police’s national security department and the Committee for Safeguarding National Security of HKSAR, and then win approval from vetting committee. It will be interesting to see how the pro democratic members of the HK public react. A full text in English can be found at http://www.xinhuanet.com/english/download/2021-3-30/AnnexII.pdf
China tries to plug funding black hole in green energy scheme The regulator says it wants banks to offer loans to renewable energy developers to help make up for a government shortfall in subsidies to the sector. The scheme was funded by an electricity surcharge that has not kept pace with growth in the industry, analyst says
President Xi Jinping has urged Sri Lanka to continue to work with Beijing to develop the controversial. Hambantota port. The Indian Ocean shipping hub, which sits along the main waterways of Asia and Europe, was handed over to a Chinese firm on a 99-year lease that prompted accusations of “debt-trap diplomacy” from countries such as India and the United States.
FT Reports China coastal house prices soar as inland property sales falter. -VE for selective developers
Indian authorities have blocked bank accounts of ByteDance in the country for alleged tax evasion and the company has asked a court to quash the directive which it fears will hit its operations hard, two sources with direct knowledge told Reuters.
China has detained more than 11,000 litres of Australian wine in Shenzhen from the Bunnamagoo Estate and private supplier Lindsdale for poor labelling and excessive use of additives. The seizures last month came just weeks before China officially slapped anti-dumping duties of up to 218.4 per cent on some Australian wines. Further increasing tensions. I still think that Australia should consider restricting Iron ore exports, which is the one thing that China needs, until China adopts a fairer import policy with Australia.
A steelworker was caught on surveillance camera jumping into a blast furnace in China, local police have reported after reportedly losing money on stock exchange -VE
Chinese netizens mock Sichuan county ban on lighters and matches to prevent forest fires A rule to register those who buy lighters and matches and a ban on the sale of these items to minors, in the forest areas in a county in southwest China’s Sichuan province has sparked a heated debate among netizens, state media reports.
ADR’s +26pts at 28,603 China PMI data in focus along with results, interesting to see how many Chinese companies are not declaring a final dividend which may indicate they expect further PBoC tightening. Quarter end rebalance and window dressing to be expected. Retail names should do well as sales in Feb rose for the first time in 2 years.
No data due but after market Tuesday
Retail Sales Feb +31.7% YoY vs -14.6% Jan (F/cast was -7%)
The first increase in 24 straight months and the strongest since at least October of 2005. The latest reading reflected mainly the usual greater volatility in the first two months of a year due to the timing of the Lunar New Year and a low base of comparison early last year amid the COVID-19 outbreak, with the analysis of the combined total sales for January and February being more appropriate. Considering the first two months of the year, retail sales advanced 2.5% over a year ago, boosted by consumer durable goods (29.7%), of which electrical goods and other consumer durable goods (38.3%); and clothing, footwear and allied products (10.8%). Still, sales remained weak mostly for supermarkets (-10.3%). A government spokesman pointed out that the retail trade will continue to face a difficult business environment in the near term as inbound tourism remains frozen.
BAIRONG-W (06608.HK), debut opened at $31.8 in gray market, flattish with the listing price, it closed at $29.25 in gray market, down 8% or $2.55 against the listing price of $31.8, PhillipMart data showed. Excluding handling fee, the book loss was $1,275 per board lot size of 500 shares.
Short Selling Tuesday 17.5% vs 17.1% Monday
Top Shorts Ping An (2318) 49%, Country Garden (2007) 35%, Sands China (1928) 32%, Ali Health (241) 32%, Haidilao (6862) 32%, Longfor (960) 31%, Tencent (700) 30%, Bud Apac (1876) 30%, BoC (3988) 29%, China Life (2628) 27%, China Overseas Land (688) 27%, China Res Land (1109) 27%, Galaxy Ent (27) 25%
EARNINGs due Wednesday include Beijing Enterprises Environment (154), Melco (200), Ping An Securities (231), AVIC Int (232), Esprit (330), Hainan Meilan International Airport (357), Luks Group (366), Cogobuy Group (400), GOME (493), China High Speed Transmission (658), Genting HK (678), Travelsky (696), Global Bio-chem (809), China Qinfa (866), Trinity (891), SMIC (981),Brilliance China (1114), Tibet Water (1115), Wynn Macau (1128),China LotSynergy (1371), China 21st Century Education (1598), Best Pacific Int (2111), Ronshine China (3301), China Evergrande (3333), Legend (3396), Sinotruk (3308), Global Sweeteners (3889), YTO Express (6123), Sino-Life Group (8296)
SINOTRANS (00598.HK) announced that under the PRC Accounting Standards for Business Enterprises, it is estimated that the net profit for the first quarter of 2021 will reach an amount of between RMB805 million and RMB854 million, increasing by a range from approximately RMB563 million to RMB611 million as compared with the corresponding period of 2020, representing a year-on-year increase of 232.39% to 252.39%; the net profits net of non-recurring gains or losses is estimated to be between RMB761 million and RMB797 million, increasing by a range from approximately RMB578 million to RMB615 million as compared with the corresponding period of 2020, representing a year-on-year increase of 315.85% to 335.85%.
WEICHAI POWER (02338.HK) issued a positive profit alert, projecting to record approximately RMB2.89 billion to RMB3.3 billion in the net profit for the three months ending 31 March 2021, representing an increase of approximately 40% to 60% as compared with that for the three months ended 31 March 2020.
ZOOMLION (01157.HK) announced that the 1Q21 net profit was expected to range RMB2.2 billion to RMB2.6 billion, increased by 114.41% to 153.39% when compare to corresponding period in the last year.
NATIONAL SECURITY LAW
Hong Kong residents planning to leave permanently applied to withdraw a record HK$1.7 billion from their mandatory provident fund accounts in Q3 2020 +72.6% QoQ On a yearly basis, the planned withdrawal amount rose 21.9 percent. There were 8,100 claims for withdrawing MPF benefits citing "permanent departure from Hong Kong" in the quarter, rising 35 percent quarter-on-quarter but falling 2.4 percent from a year ago, data from the Mandatory Provident Fund Schemes Authority showed yesterday. -VE for sentiment.
The press should enjoy "no privilege" when authorities tighten company search regulations to limit access to directors' information, Chief Executive Carrie Lam Cheng Yuet-ngor says. The Financial Services and the Treasury Bureau submitted a document to the Legislative Council on Monday, proposing to restrict the public from accessing the residential address and full identification numbers of directors and company secretaries through company registry searches. The Estate Agents Authority said it may issue guidelines for company searches as real estate agents expressed concerns that new laws will prevent them checking the backgrounds of property owners and potentially preventing scams.
Government-appointed advisers of district affairs, crime prevention and fire safety will join the Election Committee responsible for electing the chief executive and 40 lawmakers, while all 117 district councillors have been expunged from the body. The Election Committee - which before would just elect the chief executive - will see its membership increase from 1,200 to 1,500, but traditional subsectors controlled by the pro-democracy camp - including education and social welfare - will get their seats halved.
Sun Hung Kai Properties (0016) will launch St Michel Phase 1 in Shatin offering 215 car parking spaces - more than the 196 homes in the phase - and may open sales by tender after Easter. +VE
Starfront Royale, meanwhile, will open sales of 90 units - in addition to 2 units by tender - tomorrow. The developers of Royale series in Tuen Mun made HK$7 billion from the sales of 1,471 units.
Henderson Land (0012) sold seven units at The Hampstead Reach in Yuen Long for HK$177 million. +VE
TENCENT (00700.HK) announced that on 30 March 2021, a total of 8.429 million options to subscribe for Shares of the company are granted under the 2017 Option Scheme, subject to acceptance of the grantees. Lau Chi Ping Martin, Executive Director and President of the Company, is one of the grantees and he is granted 3.3746 million Options. The closing price of the Share on the date of grant was HK$609.5 per Share. The validity period of Options was Until the last day of the 7-year period after the date of grant of Options.
CHINA RES LAND (01109.HK) CFO Guo Shiqing targeted sales contract of RMB315 billion for this year, versus RMB285 billion last year. Under the group's 14th Five-Year Plan, the equity contracted amount and rental income as of 2025 were expected to double on top of last year's foundation.
WH GROUP (00288.HK) Executive Director Ma Xiangjie, also being the President of Shuanghui Development, upheld his previous forecast that hog price will drop this year, yet freshly estimated the average price may be slightly higher than the previous forecast, and that 2H21's price may be lower than 1H21's. Chief Financial Officer Guo Lijun said there is still gap between China's hog price and the US/ Europe's, although the price pullback may still hover at high level. He assumed such gap to favor the company's expansion of import meat business.
SHIMAO GROUP (00813.HK) recorded contracted sales of over RMB300.3 billion last year, representing a year-on-year increase of 15.5%. With saleable resources worth RMB550 billion this year and based on a sell-through rate of 60%, the group fixed its 2021 sales target at RMB330 billion and anticipated a growth of over 10%, said Vice Chairman Hui Sai Tan, Jason.
XIAOMI-W (01810.HK) announced that the Company has resolved to commence the smart electric vehicle business. The Company will set up a wholly-owned subsidiary to operate the smart electric vehicle business. The initial phase of investment will be RMB10 billion, with the total investment amount over the course of the next 10 years estimated to be USD10 billion. Lei Jun, the Chief Executive Officer of the Group, will concurrently serve as the Chief Executive Officer of the smart electric vehicle business.
In Half-yearly Monetary and Financial Stability Report, the HKMA wrote that housing affordability became more stretched, mainly due to a fall in household income. The housing price-to-income ratio climbed to a new record 19.3 in the fourth quarter of 2020, compared with the historical peak of 14.6 in 1997, which meant that the average price level of a typical 50 sqm. unit is 19.3 times the median household income among private residential families.
Hong Kong-based logistics unicorn GogoX (formerly known as GoGoVan) is considering an IPO. in Hong Kong as soon as this year, which may raise US$400-500 million and value the startup as high as US$2 billion, Bloomberg learnt from people with knowledge of the matter.
To capture the growing interest among investors in renewable energy and electric vehicles, Hang Seng Indexes Company announced the launch of Hang Seng Shanghai-Shenzhen-Hong Kong Clean Energy Index and Hang Seng Shanghai-Shenzhen-Hong Kong Autonomous and Electric Vehicles Index. Hang Seng Shanghai-Shenzhen-Hong Kong Clean Energy Index tracks the overall performance of the 30 largest Hong Kong and mainland China companies that are engaged in hydropower, biomass energy, solar energy, wind energy and geothermal energy generation and are eligible for trading through the Stock Connect Scheme, including CHINA LONGYUAN (00916.HK), XINYI ENERGY (03868.HK), XINYI SOLAR (00968.HK) and GOLDWIND (02208.HK) -0.820 (-5.332%).
The overall performance of the 30 largest Mainland and Hong Kong companies that are involved in the value chain of the electric car and autonomous driving segment is tracked by the Hang Seng Shanghai-Shenzhen-Hong Kong Autonomous and Electric Vehicles Index, including TIANNENG POWER (00819.HK), GANFENGLITHIUM (01772.HK) and BYD COMPANY (01211.HK)
Hang Seng Indexes Company announced that BILIBILI-SW (09626.HK) meets the Fast Entry Rule of various indexes and will be added to Hang Seng Internet & Information Technology Index and Hang Seng Composite Industry Index (Information Technology, Hang Seng Composite LargeCap Index and Hang Seng Composite LargeCap & MidCap Index after market close on 14 April 2021 (Wednesday). All changes will come into effect on 15 April 2021 (Thursday).
Chief Executive Carrie Lam anticipated to submit a bill on election system amendments to the Legislative Council in mid-April 2021, while passing it on the third reading by end-May. Voter registration shall hence begin in June, followed by the Election Committee subsector elections in September and LegCo polls in December, Lam added. The Chief Executive election will take place in March next year. China's NPC Standing Committee greenlighted amendments to the Annex I and II to the HKSAR Basic Law today.
After Market Results
I-CABLE COMM (01097.HK) announced annual result ended December 2020. The loss narrowed from HK$397 million in the corresponding period of previous year to HK$275 million. LPS was HK3.9 cents. No dividend was declared
CHINA VANKE (02202.HK) announced annual result ended December 2020. The net profit amounted to RMB41.516 billion, up 6.8% yearly. EPS was RMB3.62. Final DPS was RMB1.25.
COSCO SHIP HOLD (01919.HK) announced annual result ended December 2020. The revenues from continuing operations rose 13.8% year on year to RMB171.259 billion. The net profit amounted to RMB9.927 billion, up 48.4%. EPS was RMB0.81. No final dividend was declared.
MINSHENG BANK (01988.HK) announced annual result ended December 2020. The operating income rose 2.3% year on year to RMB181.807 billion. The net profit amounted to RMB34.309 billion, down 36.3%. EPS was RMB0.71. A final dividend of RMB0.213 was declared.
GANFENG LITHIUM (01772.HK) announced annual result ended December 2020. The revenue rose 4.6% year on year to RMB5.489 billion. The net profit amounted to RMB1.025 billion, up 184.2%. EPS was RMB0.79. A final dividend of RMB0.3 was declared.
CHINA LONGYUAN (00916.HK) announced annual result ended December 2020. The net profit amounted to RMB5.025 billion, up 10% yearly. EPS was 58.81 fen. A final dividend of 11.76 fen was declared.
SHENZHEN INVEST (00604.HK) announced annual result ended December 2020. The revenue rose 26% year on year to HK$18.803 billion. The net profit amounted to HK$3.723 billion, down 8.4%. EPS was HK42.03 cents. A final dividend of HK11 cents was declared.
ZOOMLION (01157.HK) announced annual result ended December 2020. The net profit amounted to RMB7.296 billion, up 66.5% yearly. EPS. was 97.75 fen. A final dividend of RMB0.32 was declared. It also issued a positive profit alert for Q1
WEICHAI POWER (02338.HK) announced annual result ended December 2020. The net profit amounted to RMB9.207 billion, up 1.1% yearly. EPS was RMB1.16. No dividend was declared. It also announced a positive profit alert for Q1
CRRC TIMES ELEC (03898. HK announced annual result ended December 2020. The net profit amounted to RMB2.475 billion, down 6.9% yearly. EPS was RMB2.11. No dividend was declared.
CRRC (01766.HK) announced annual result ended December 2020. The net profit amounted to RMB11.331 billion, down 3.9% yearly. EPS was RMB0.39. A final dividend of RMB0.18 was declared.
SINOTRANS (00598.HK) released the annual results of the group for the year ended 31 December 2020. The net profit attributable to shareholders of the Company dropped 1.77% yearly to RMB2.754 billion. Basic earnings per share was RMB0.37. The proposed annual dividend for 2020 is RMB0.12 per share (tax included). It also issued a positive profit alert for Q1 +VE
GREATWALL MOTOR (02333.HK) announced annual result ended December 2020. The total operating revenue rose 7.4% year on year to RMB103.308 billion. The net profit was RMB5.362 billion, up 19.2%. EPS was RMB0.59. No final dividend was declared.
CHINA COMM CONS (01800.HK) announced annual result ended December 2020. The revenue rose 12.9% year on year to RMB624.495 billion. The net profit amounted to RMB16.475 billion, down 17.6%. EPS was RMB0.92. A final dividend of RMB0.18088 was declared against a dividend of RMB0.23276 in the corresponding period of the previous year.
FOSUN INTL (00656.HK) announced annual result ended December 2020. The net profit amounted to RMB8.018 billion, down 45.8% yearly. EPS. was RMB0.94. A final dividend of HK$0.22 was declared.
WEIGAO GROUP (01066.HK) announced annual result ended December 2020. The net profit amounted to RMB2.03 billion, up 9.7% yearly. EPS was RMB0.45. A final dividend of RMB0.068 was declared.
CHINA EAST AIR (00670.HK) announced annual result ended December 2020. The revenue declined 51.5% year on year to RMB58.727 billion. The profit swung into loss of RMB11.836 billion. LPS was RMB0.72. No dividend was declared.
AIR CHINA (00753.HK) announced annual result ended December 2020. The revenue declined 49% year on year to RMB69.504 billion. The profit swung into loss of RMB14.403 billion. LPS was 104.87 fen. No dividend was declared. -VE cross read to Cathay Pac
CHINA SOUTH AIR (01055.HK) announced annual result ended December 2020. The total operating revenue declined 40% year on year to RMB92.561 billion. The profit swung into loss of RMB10.847 billion. LPS was RMB0.77. No dividend was declared.
YUZHOU GROUP (01628.HK) announced annual results ended December 2020. Net profit amounted to RMB117 million, down 96.8% yearly. EPS equaled 0.09 fen. Final DPS was HK21.5 cents. Full-year DPS was HK33.5 cents.
ABC (01288.HK) announced annual results for the year of 2020. Net profit attributable to equity holders went up 1.8% yearly to RMB215.925 billion, ahead of the median (RMB206.5 billion) in broker forecast. EPS equaled RMB0.59. Dividends RMB1.851 was declared for each ten shares. Vice Chairman and President Zhang Qingsong foresaw a certain degree of pressure on the lender's NIM in 2021, with housing loan rates sagging by 2-3 bps in the first quarter under a relatively solid LPR. Equally, Zhang projected benefits from China's persistent economic revival and hence a stable improvement in earnings this year.
WH GROUP (00288.HK) announced the results for the year ended 31 December 2020. Revenue before biological fair value adjustments increased by 6.2% yearly to US$25.589 billion. Net profit, before biological fair value adjustments, decreased by 29.4% annually to US$973 million. EPS hit US6.6 cents. A final dividend of HK12.5 cents per share was declared.
BANK OF CHINA (03988.HK) announced the results for the year ended 31 December 2020. Operating income climbed 3.2% yearly to RMB567.647 billion. Net profit surged 2.9% annually to RMB192.87 billion, above RMB177.05-191.468 billion in brokers' forecast EPS hit RMB0.61. A final dividend of RMB0.197 was declared.
BOC HONG KONG (02388.HK) announced FY20 annual results that profit attributable to equity holders slid 17.7% yearly to $26.487 billion, below the median ($27.483 billion) of broker estimates compiled by our reporters. EPS equaled $2.5052. Final DPS
was $0.795. Full-year DPS was $1.242.
SHIMAO GROUP (00813.HK) announced annual result ended December 2020. The net profit amounted to RMB12.628 billion, up 15.9% yearly. EPS was 361.5 fen. A final dividend of HK90 cents per share and a special dividend of HK20 cents per share were declared.
HKTV (01137.HK) annual results ended December 2020. Turnover rose 103.5% year on year to HK$2.878 billion. Profit was HK$184 million, as compared with HK$290 million of loss in a year ago. EPS was HK$0.2. No dividend was declared. It also announced a proposed change of the company name from “Hong Kong Television Network Limited” to “Hong Kong Technology Venture Company Limited.”