Thoughts for the week ahead
The week ahead will see US President Biden unveil a multi-trillion-dollar plan to upgrade US infrastructure, another step in his stimulus plan for the US economy and +VE for the global economy. We get Payrolls data on Friday which will be closely watched.
Investors will also be watching the impact on Western retail firms that upset China by stating that they are not buying materials from Xinjiangon human rights concerns. China domestic demand has been a key driver globally so it is an important market but so are the issues. It will be interesting to see if Chinese brands are boycotted by western buyers.
China’s escalation of military action against Taiwan could be an indication that President Xi is coming under pressure domestically as international relations deteriorate against an increasing number of countries. That could prompt him to take more action against Taiwan to improve his standing as the party’s hundredth birthday approaches.
The Suez Canal situation will be monitored closely as it impact shipping costs, oil and has global trade implications.
WHO report of covid origins also due with the US and China making comments ahead of its release.
End of month/quarter likely to take on greater significance as mutual funds are expected to carry out a rebalance their equity/bond weightings and position their portfolio’s for the year ahead. It will be interesting to see if equities see a significant reweighing after the recent surge in Yields. The Big issue is that for the past 30 years holding bonds as insurance has actually paid you positive return now it is costing you money. Also worth noting that equities outside of the US have not yet seen a significant re-weighting so that might also happen this week as a part of the much larger moves.
Japanese end of corporate year too which means that on April they are likely to resume their treasury buying, which has been scaled back going into the year end.
DOW +1.39%, NDX +1.24%, S&P +1.66% (new high), Russel 2K +1.76% Markets close at highs thanks to a rally in the last hour. Dow and S&P opened higher and until the last hour traded sideways. NDX opened flat and traded around flat until around 2pm when it sold down to test 12,900 level but then rallied back to close at the day high. Recently beaten up stocks saw bargain hunting, Banks, Energy and Materials saw good interest in the final minutes of trading.
Biden announced the aim of having 200m covid doses distributed within his first 100days in office, so far 100 have been administered.
Financial +VE as Fed says they can resume buybacks and raise dividends.
Inflation fears eased as the Core Personal Consumption Expenditure (Core PCE) index was inline with estimates.
The United States has invited the leaders of China and Russia to participate in a global summit on climate change April 22-23, U.S. President Joe Biden said on Friday.
President Biden said he suggested to British PM Johnson in a phone call on Friday that democratic countries should have an infrastructure plan to rival China’s Belt and Road initiative.
BowX Acquisition +20% (a SPAC) rallied on news it was merging with WeWork, the office provider. The transaction valued WeWork at an initial enterprise value of about $9bn.
LBrands +3.7% after lifting its Q1 guidance driven by “unusual shifts in consumer spending patterns”.
Nio -4.8% on news its suspended production in China due to chip shortages.
Banks JPMorgan Chase +1.7%, Citigroup +1.8%, Wells Fargo +1.2%, Amex +1%
Work from home names: Facebook +1.5%, Apple +0.5%, Amazon +0.2%, Netflix +1%, Disney -0.5%, Zoom Video +1.6%, Alphabet -0.4% and Microsoft +1.8%,
Tech NXP Semi +4%, Nvidia +2.4%, Micron +4.6%, AMD +1.6%, Skyworks +5.8%
Re-opening stocks Boeing -0.9%, Caterpillar +2.3%, Simon Property +1%, Kohl’s +3%, Nordstrom +3.4%, Gap +2.7%, United Airlines +1.4%, Carnival +0.8%, Wynn Resorts -0.5%, Chevron +2.3%, Exxon Mobil +2.7%,
Lock down names Campbell Soup +3% General Mills +2.4%, JM Smucker +1.4%
Personal Income Feb -7.1% MoM vs +10.1% Mar revised (F/cast was -8%)
Personal Spending Feb 1% MoM vs +3.4% Mar revised (F/cast was -0.7%)
Goods Trade Balance Adv Feb $-86.72b vs-84.58b Jan (F/cast was -83b)
Wholesale Inventories Adv Feb +0.5% vs +1.4% Jan revised (F/cast was +0.8%)
PCE Price Index Feb +0.2% MoM vs +0.3% Jan (F/cast was +0.4%)
PCE Price Index Feb +1.6% YoY vs +1.4% Jan revised (F/cast was +1.7%)
Core PCE Price Index Feb +0.1% MoM vs +0.2% Jan revised (F/cast was +0.2%)
Core PCE Price Index Feb +1.4% YoY vs +1.5% Jan revised (F/cast was +1.4%)
Michigan Data Final
Current Conditions Mar 93 vs 86.2 Feb (F/cast was 91.5)
Consumer Expectations Mar 79.7 vs 70.7 Feb (F/cast was 77.5)
5year Inflation Expectations Mar 2.8% vs 2.7% Feb (F/cast was 2.7%) Consumer Sentiment Mar 84.9 vs 76.8 Feb (F/cast was 83)
Inflation Expectations Mar 3.1% vs 3.3% Feb (F/cast was 3.1%)
Baker Hughes Oil Rig Count 324 vs 318 prior
Baker Hughes Total Rig Count 427 vs 411 prior
USD was slightly stronger vs Yen & Euro. Bitcoin +5.3% @ 54,796.85, VIX -4.8% @18.9,
US T10 @ 1.674% concerns after the treasury struggled to sell $62bn worth of seven-year securities on Thursday
OIL Brent +4.2%, WTI +4.1%
Gold +0.38%, Silver +0.25%, Copper +2.55%, Platinum +3.2%, Palladium +2.47%
AHEAD Dallas Fed Manufacturing Index
DAX +0.87%, CAC +0.61%, FTSE +0.99% Markets opened higher and largely traded sideways. Oil, shipping and supply chains in focus due the the blocked Suez Canal which could take up to two weeks to clear. German Ifo data beat estimates +VE for sentiment. All sectors closed +VE with mining stocks leading. Concerns remain about the third wave of covid in German after it reported 21,573 new cases on Friday.
Oxford Instruments +11.6% after forecasting that its revenue would be “marginally ahead” of last year. For its fiscal 2020 year, adjusted operating profit would be between £55m to £57m, driven by “good order growth, particularly across Asia . . . with the strongest growth across semiconductor applications”.
Renishaw +3.9% on an upbeat trading update.
Ifo Business Climate Mar 96.6 vs 92.7 Feb revised (F/cast was 94)
Ifo Expectations Mar 100.4 vs 95.0 Feb (F/cast was 95.9)
Ifo Current Conditions Mar 93 vs 90.6 Feb (F/cast was 91.5)
Retail Sales Feb +2.1% MoM vs -8.2% Jan (F/cast was +2.5%)
Retail Sales Feb -3.7% YoY vs -5.9% Jan (F/cast was -3.8%)
Retail Sales Ex Fuel Feb +2.4% MoM vs -8.7% Jan revised (F/cast was +5.1%)
Retail Sales Ex Fuel Feb -1.1% vs -3.7% Jan revised (F/cast was -2%)
Car Production Feb -14% YoY vs -27.3% Jan (F/cast was -34%)
EUROZONE No data due
GERMANY No data due
FRANCE No data due
UK Nationwide Housing Prices, BoE Consumer Credit, Mortgage Lending, Mortgage Approvals, Net Lending to Individuals
Expect Nikkei to open higher following the rally in the US and easing US inflation fears.
Data due BoJ Summary of Opinions
Tokyo reported 376 new covid cases, which has been gradually rising with many people flocking to see the cherry blossoms the Tokyo governor has warned people to "avoid cherry blossom viewing parties" to prevent a resurgence of the disease.
Prime Minister Yoshihide Suga has indicated he does not see a need to dissolve the House of Representatives any time soon, effectively dismissing speculation that a general election might be held in May or June. Slight +VE for sentiment.
Japan’s cabinet approved on Friday a bill that will tighten oversight of land deals and land use near military facilities and border islands, reflecting Tokyo’s concern about overseas security risks.
Nissan Motor Co Ltd canceled all production at its assembly plants at Smyrna, Tennessee, and Canton, Mississippi, for April 1 and 5, the Japanese automobile manufacturer said on Friday. Production at its Aguascalientes Plant 1 in Mexico is also canceled on the same days, Nissan said. The company said production is expected to resume at its Smyrna and Canton facilities on April 6. -VE
Takeda Pharmaceutical Co says it has started regulatory submissions to Europe's health regulator for its dengue vaccine candidate, which is being developed for individuals aged four to 60. The drugmaker said in a statement that the European Medicines Agency would conduct an assessment of the vaccine, TAK-003, under a procedure that also allows it to assess and give opinions on medicines that are intended for use in countries outside the European Union.
Muji and Uniqlo Friday became the latest to be embroiled in an escalating controversy over cotton sourced from China’s Xinjiang region. Ryohin Keikaku Co, the operator of the Muji chain, saw its shares tumble after it issued a statement saying it was “deeply concerned” about reports of human rights abuses in the area, while several Chinese celebrities abruptly cut ties with Uniqlo, the clothing brand owned by Fast Retailing Co.
Expect markets to open higher following the US and with US inflation concerns easing.
No data due
KDCA reported 505 new cases as of Friday midnight, the highest number in 35 days, amid a steady stream of cluster infections at workplaces, public facilities and religious gatherings.
South Korea said on Friday it will extend its coronavirus distancing rules, which include an outside dining curfew and ban on gatherings of five or more people, for two weeks as its daily new cases hit a one-month high. The government decides whether to ease or tighten distancing curbs every two weeks, and the current rules have been in place since mid-February.
A South Korean independent panel created to review prosecution probes has decided to recommend that prosecutors cease investigating Samsung Electronics vice chairman Jay Y. Lee over an allegation of unlawful use of a prescription sedative, a prosecution official said on Friday Slight +VE
Celltrion’s COVID-19 treatment can be considered for patients at high risk of severe illness, said the Europe’s drug regulator on Friday but added that the monoclonal antibody’s benefits were not entirely clear so far. The treatment, regdanvimab, may lower hospitalisation rates, the European Medicines Agency (EMA) said, adding that its advice was based on the conclusion of an initial review. +VEThe group also saw a generation shift in its leadership as the founder and honorary chairman stepped down from his official posts and his two sons obtained seats in key affiliates’ boardrooms, following a decision made at shareholders meetings Friday.
Suez Canal block +VE for Shippers (HMM was +16% Friday) but Importers -VE as they expect delays and price rises which could have a wider impact on S Korean companies.
Samsung SDS President and CEO Hwang Sung-woo urged the company to realign itself into a cloud-based business platform that focuses on logistics and security services. “It is now time for Samsung SDS to transform into a true cloud company. Let us concentrate all strengths on cloud, logistics and security,” Hwang said Friday in an email sent out to staff and executives. +VE
Cho Won-tae, CEO of the nation’s flag carrier Korean Air and its holding Hanjin Group, has been reappointed to lead the company, despite the country’s pension fund operator’s disapproval in doing so. Shareholders in attendance at the meeting on Friday, or those who had submitted a proxy statement in advance, represented 56.91 percent in terms of shares. Nearly 83 percent of the shareholders with voting rights voted in favor of Cho, the company said.
SK Innovation said it cannot accept rival LG Energy Solution’s demands for damage compensation it suffered after its battery technologies were stolen, dragging on an already drawn-out settlement dispute involving the two battery makers. The corresponding remark came during the company’s annual shareholders meeting on Friday and also in the wake of LGES’ vow on the previous day that it will fight to receive reasonable compensation from SK. -VE
Doosan Heavy Industries & Construction Co. said Friday it has completed the construction of its second plant for wind power generators in the country. The plant in Changwon, 398 kilometers southeast of Seoul, will assemble and test 5.5-megawatt wind power generators, Doosan Heavy said. +VE
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Friday it has clinched a 637 billion-won ($562 million) order from Wan Han Lines to build five container carriers. It is to start delivering the 13,200-twenty foot equivalent unit (TEU) vessels in the first half of 2023, Korea Shipbuilding said in a regulatory filing.
Samsung Heavy Industries Co. said Friday it has obtained a 2.8 trillion-won ($2.5 billion) order from a Panamanian company to build 20 container carriers. Under the deal, Samsung Heavy Industries will deliver the 15,000-TEU vessels, on which energy saving devices will be mounted, by June 2025, the shipbuilder said in a regulatory filing.
South Korea’s major banking groups expressed a willingness to review various ways to increase their dividend payouts -- including interim dividends – amid government restrictions that have placed a cap on earnings distribution (at 20%), in shareholders meetings held through Friday.
Expect market to open higher following the late rally for US stocks
No data due
The government’s business climate monitor last month was “red” for the first time in a decade, as the economy is heating up due to strong demand for tech and non-tech products, as well as a low comparison base last year. The monitor gained 3 points to 40, the highest in 32 years. Officials shrugged off bubble and inflation concerns, saying the “red” signal came on the back of solid economic fundamentals. “Robust exports, private investment and consumer spending accounted for the boom that had nothing to do with bubbles or drastic inflation,” National Development Council (NDC) Deputy Minister Kao Shien-quey told a media briefing. +VE but could lead to Govt tightening in the 2H if it continues.
Taiwan reports largest ever incursion by Chinese air force with 20 warplanes entered Taiwan’s air defence identification zone soon after the island sealed a new coastguard deal with the US. Taiwan’s air force has deployed missiles to ‘monitor’ the incursion, its defence ministry said. A dramatic escalation -VE for sentiment and will raise concerns that President Xi may be seeking to be more aggressive in order to boost his domestic image in the face of China becoming increasingly isolated internationally.
Three current and former members of Taiwan’s central bank board are calling for an overhaul of its currency policy, saying that efforts to tamp down on the New Taiwan dollar’s appreciation are increasingly having a negative effect on the economy.The Central Epidemic Command Center (CECC) yesterday reported one new imported case of COVID-19, bringing the total number of cases in Taiwan to 1,013.
The new case is a migrant worker from the Philippines in his 30s who arrived in Taiwan on Feb. 28 with proof of a negative COVID-19 test issued within three days of his flight
.The US House of Representatives’ Committee on Foreign Affairs on Thursday approved a bipartisan bill that seeks to mandate US assistance to Taiwan in its bid to regain observer status in the WHO. The bill, introduced by Democratic Representative Brad Sherman and Republican Representative Young Kim on Feb. 18, won unanimous support in an oral voting session.
Compal Electronics Inc yesterday forecast year-on-year double-digit percentage growth for its laptop computer shipments, thanks to strong demand. Compal president Martin Wong told an investors’ conference that he predicted double-digit percentage growth year-on-year “without too many difficulties.” Even with uncertainty over component shortages, Compal’s PC and non-PC businesses should grow by double-digit percentage points this year, with overall growth of 20 to 25 percent, Wong said.
Housing and construction loans rose to their highest levels at the end of last month at NT$8.1 trillion (US$283.2 billion) and NT$2.83 trillion respectively, but their rate of increase slowed after the central bank tightened credit controls, the Financial Supervisory Commission (FSC) said on Thursday. Slight -VE for Banks
Expect market to open high following the US rebound but international relations remain tense and concerns over the PBoC looking to reign in debt remain.
No data due
Out Saturday Industrial Profits (YTD) for companies above a designated scale were Rmb1.11401tn +1.79x YoY. The were +4.1% Jan (F/cast was +4.7%)
The White House on Friday criticized China for profiting from human rights abuses and said it was watching the issue of forced labor closely after U.S. and other international companies came under attack from Chinese consumers for committing not to use cotton from China’s Xinjiang region. “The international community, in our view, should oppose China’s weaponizing of private companies’ dependence on its markets to stifle free expression and inhibit ethical business practices,” White House spokeswoman Jen Psaki told reporters.
UK Foreign Secretary Dominic Raab said “If Beijing want to credibly rebut claims of human rights abuses in Xinjiang, it should allow the UN High Commissioner for Human Rights full access to verify the truth.”
Chinese Foreign Minister Wang Yi arrived in Iran on Friday for a visit that Iranian state media said would see the signing of a 25-year cooperation agreement between the two countries, which are both under U.S sanctions.
In U.S. dollars, China's current account surplus amounted to USD123.8 billion in the fourth quarter of 2020, announced State Administration for Foreign Exchange
China's Ministry of Commerce (MOC) announced the decision to impose anti-dumping duty on wine made in and imported from Australia beginning Sunday (28 March) for five years, with the consent by the Customs Tariff Commission of the State Council.
Widely watched airfares in China are recovering to pre-pandemic levels as domestic tourists lead a patchy air travel recovery, scattering crumbs of hope to a shattered global travel sector. Now, with temporary testing and quarantine restrictions once again lifted, average prices for an economy seat during the April 3-5 Qingming festival, or tomb-sweeping holiday, have rebounded to 96% of 2019 levels, according to data from Ctrip. Economy-class airfares for trips over the Labour Day holiday in early May have risen 11% compared with 2019 levels. +VE Airlines
ByteDance, which has taken on established players across a wide range of online products and services, has identified education as a strategic new business. China’s K-12 off-campus education market is forecast to reach US$112 billion this year, almost double last year which was adversely impacted by the coronavirus +VE
Chinese officials briefed diplomats on Friday on the ongoing research into the origin of Covid-19, ahead of the expected release of a long-awaited report from the World Health Organization. The briefing appeared to be an attempt by China to get out its view on the report, which has become enmeshed in a diplomatic row. The US and others have raised questions about Chinese influence and the independence of the findings, and China has accused critics of politicising a scientific study.
ADR’s +288pts at 28,624 with a broad bounce in stocks but expect Xiaomi (1810) to see weakness as GreatWall Motor denies talks about EV's
No data due but Friday after market
Residential units to be completed this year will drop by about 13 percent to 18,230, the Rating and Valuation Department predicted. The department said in its Hong Kong Property Review 2021 that vacancies at 2020 year-end increased to 4.3 percent of the total stock, equivalent to 52,370 units. The number of vacant units was also the largest over the past five years. The report said property prices fell 0.5% YoY
Short Selling Friday 14.3% vs 13.4% Thursday
Top Shorts Bud Apac (1876) 52%, Ping An (2318) 44%, AAC Tech (2018) 40%, Sands China (1928) 38%, HSBC (5) 38%, Mengniu Dairy (2319) 36%, China Life (2628) 35%, BankComm (3328) 33%, Country Garden (2007) 32%, Ali Health (241) 30%, Anta (2020) 28%, Henderson Land (12) 27%,
BILIBILI-SW (09626.HK), to be listed Monday, opened at $753.5 in gray market, down 6.7% against the listing price of $808. It closed at $755 in the gray market, down 6.6% or $53 against the listing price of $808, PhillipMart data showed. Excluding handling fee, the book loss is $1,060 per board lot size of 20 shares.
EARNINGS remain busy into the end of month; due include
Saturday Chaowei Power (951)
Sunday Anton Oil Field Services (3337),
Monday First Tractor (38), Crocodile Garments (122), BYD Int (285), PAX Tech (327), Jiangxi Copper (358), China Tontine Wines (389), Bank of Jinzhou (416), Midland IC&I (459), Dongfeng Motor (489), Guangshen Rail (525), China Comm Services Corp (552), China Conch Venture (586), China Ovrseas Land (688), Hopefluent Group (733), Dynasty Fine Wines (828), LianHua Supermarket (980), C Banner (1028), Mainland Headwear (1100), China Res Land (1109), China Rail Construction (1186), BDY Co (1211), Guangzhou Rural Commercial Bank (1551), Postal Savings Bank of China (1658), GF Securities (1776), West China Cement (2233), Tongda Hong Tai Holdings (2363), Cosco Shippng Dev (2866), Beijing Capital Land (2868), Qinhuangdao Port (3369), Fuyao Glass Industry (3606), Aoyuan Healthy Life (3662), GCL-Poly Energy (3800), China Aoyuan (3883), China Galaxy Securities (6881)
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).
Wednesday 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)
GREATWALL MOTOR (02333.HK) made clarification after press articles claimed XIAOMI-W (01810.HK) is negotiating with the Company to use the Company's factories to produce electric vehicles. Upon verification, it was found that the above press articles were untrue. Also, the Company has not negotiated with XIAOMI-W on the matters in the above press articles. -VE for Xiaomi which rallied Friday.
An HK Association of Banks spokesperson predicted asset prices in the capital market to remain volatile, in wake of uncertainties in the macro economy. The association expected the local economy to pick up growth momentum in 2H21.
EVERG VEHICLE (00708.HK) announced the signing of the subscription agreements with six investors respectively. The Company has received HK$21 billion from relevant investors and has issued (or will issue) new shares to each of them.
Centa-City Leading Index (CCL) last printed at 180.93, up 1.31% weekly to a 34-week high. The uptick was the sharpest in the past 34 weeks, driving the index up aloft 180 for the first time since August 2020. Centaline is expected second-hand home deals to stay vibrant as backed by users, seeing property prices to keep shooting up. CCL is set to attempt 190, likely hitting the goal before or after mid-2021.
GAC GROUP (02238.HK)'s Secretary of the Board of Directors Sui Li said it is unlikely for massive price war in the auto market, although it may experience brief price cut wave. While the company forecast the auto market scale to resume to 2019's level this year, the competition shifting to inventory from stock-increase will intensify, and the "good outcompetes bad" process will expedite, with pandemic adding fuel to fire, the Secretary opined. As a result, the auto market is severely differentiated, especially among self-developed brands. She also said graphene-based super fast charging batteries and silicon anode batteries are expected to be installed on AION V and AION LX respectively within this year, adding further announcement will be made according to the project progress.
After Market Results
GOLDWIND (02208.HK) announced annual result ended December 2020. The net profit amounted to RMB2.964 billion, up 34.1% yearly. EPS was RMB0.67. The board of Directors proposed to distribute cash dividends of RMB2.5 per each 10 shares.
CCB (00939.HK) unveiled the annual results 2020. The net profit climbed 1.6% yearly to RMB271.05 billion, in line with brokers' forecast. EPS was RMB1.06. The board of directors recommended a cash dividend for 2020 of RMB0.326 per share. Net interest income increased by 7.2% yearly, and net fee and commission income rose by 3.3%. Operating income increased by 5.3% over the prior year to RMB714.224 billion.
CNBM (03323.HK) announced annual result ended December 2020. The net profit amounted to RMB12.553 billion, up 14.4% yearly. EPS was RMB1.488. A final dividend of RMB0.47 was declared against a dividend of RMB0.35 in the corresponding period of the previous year.
GENSCRIPT BIO (01548.HK) announced annual result ended December 2020. The loss widened to US$205 million from US$96.912 million in the corresponding period of the previous year. LPS was US10.78 cents. No dividend was declared.
DATANG POWER (00991.HK) announced annual result ended December 2020. The operating revenue rose 0.2% year on year to RMB95.614 billion. The net profit amounted to RMB2.989 billion, up 203.2%. EPS was RMB9.89 cents. The Directors recommended to declare the final dividends of RMB0.091 per share.
E-HOUSE ENT (02048.HK) announced annual result ended December 2020. The net profit amounted to RMB304 million, down 64.6% yearly. EPS was RMB21.11 cents. The Board recommended payment of a final dividend of RMB5.22 cents per share for the year ended 31 December 2020 (2019: RMB15.48 cents).
CEB BANK (06818.HK) announced annual result ended December 2020. The net profit amounted to RMB37.824 billion, up 1.26% yearly. EPS was RMB0.68. A final dividend of RMB0.21 was declared.
MINTH GROUP (00425.HK) announced annual result ended December 2020. The net profit amounted to RMB1.396 billion, down 17.4% yearly. EPS was RMB1.213. A final dividend of HK$0.572 was declared.
FIH (02038.HK) announced annual result ended December 2020. The loss widened to US$174 million from US$12.293 million in the corresponding period of the previous year. LPS was US2.13 cents. No dividend was declared.
SHANGRI-LA ASIA (00069.HK) announced annual result ended December 2020. The profit swung into loss of US$460 million. LPS was US12.89 cents. No dividend was declared.
ICBC (01398.HK) announced the result for the year ended 31 December 2020. Net profit burgeoned 1.2% yearly to RMB315.906 billion, above RMB289.412-315.768 billion in brokers' forecast as compiled by our reporters. EPS equaled RMB0.86.It maintained a sturdy asset quality overall, with decline in overdue loans and special-mentioned loans, said its management in a conference call. While the NPL size amplified last year given faster disposal, the lender had made ample provisions under the economic environment. On another note, ICBC will boost the loan balance for micro and small enterprises by 200% to RMB100 billion.
CHINA RES GAS (01193.HK) announced annual results ended December 2020. Net profit amounted to HK$5.151 billion, up 2.1% yearly. EPS equaled HK$2.31. Final DPS
was HK78 cents, as compared with HK72 cents in the previous year. Full-year DPS was HK93 cents.
MEITUAN-W (03690.HK) announced results for the year ended December 31, 2020. Net profit was RMB4.708 billion, up 110.3% yearly. EPS equaled RMB0.81. No dividend was declared. During the year, non-IFRS adjusted EBITDA slipped 34.7% to RMB4.738 billion; adjusted net profit sagged 33% to RMB3.121 billion, in-line.It mentioned in its results report that it believed community e-commerce is one of such big opportunities, and it will allocate sufficient resources to accelerate its development in 2021 while continuously improving its operating efficiency. Increasing investments in new initiatives may continue to cause significant negative impacts on the company's overall financial results, and it may continue to record operating losses in the next few quarters as it ramps up its community e-commerce business.
BANKCOMM (03328.HK) announced results for the year ended 31 December 2020. Net operating income was RMB246.724 billion, up almost 6% yearly. Net profit amounted to RMB78.274 billion, up 1.3%. EPS equaled RMB0.99. Final. DPS was 31.7 fen (inclusive of tax), as compared with 31.5 fen in the previous year.President Liu Jun, in appearance at the results conference, viewed that the PBOC's establishment of a centralized management system for real estate loans of banking financial institutions did not impose much impact on the bank. Meanwhile, the bank will implement control measures of regulatory authority, observing principle of "houses are for living, not for speculating", looking ahead. Vice President Yin Jiuyong estimated that the asset quality of 2021 will improve steadily, hoping the provision coverage ratio to remain basically stable at the end of the year.