G20 meeting agreed to maintain expansionary monetary and fiscal policies to help economies survive the coronavirus impacts and committed to a more multilateral approach in response to both coronavirus and economic crises. Janet Yellen told G20 finance ministers that Washington will drop a contentious part of its proposal for reform of global digital taxation rules that had been the main stumbling block to an agreement.
Last week markets realised that low interest rates and subdued inflation are not permanent. That triggered a wave of appraisal of existing asset holding and investment structures that have been designed on the premise that low interest rates and subdued inflation would be here for a significant time.
Now change is being contemplated in a new environment as few have experience of rising inflation, last really seen in the 1980’s and at that time the world was a very different place; business without the internet, automation and the cloud. Lives without social media. Expect more volatility as investors map out the potential way forward.
Top Glove was -22% on February as investors switch from protection plays to recovery plays. That could be significant for China because its export recovery has been driven but PPE and Electronics. A lot of companies managed to repurpose production lines for PPE and have benefitted but now face a less certain future and it may take time for traditional exports to catch up.
That will mean this week's meetings of the National People’s Congress and Chinese People’s Political Consultative Conference will be closely watched as to how China sees its future over the next five years.
Markets closed Monday; S Korea and Taiwan
Ahead Earnings winding down but still some majors (including Zoom Target, Kohl’s, Nordstrom, Costco and BJ’s Warehouse) along with Fed speakers who are expected to try and sooth inflation fears.
US data includes PMI, ISM data, ADP, Factory Orders, Payrolls and Trade Balance are the key ones.
In Asia; China PMI’s, Korean; Trade, Retail Sales, Manufacturing & Industrial production data, Inflation and GDP growth. Japan employment and Capital spending
In Europe lots PMI and Inflation data. Also German and French Retail Sales and Factory out put
DOW -1.5%, NDX +0.56%, S&P -0.46%, Russel 2K +0.04% Dow opened flat, sold down and then traded sideways but never managed to break into the green and sold down into the close. NDX opened higher, initial dipped into the red but bounced back and traded sideways in the green but like the other markets sold down into the close. S&P traded sideways around Thursdays closing level all day. Markets saw generally choppy trading; a reflection of the uncertainty in the markets.
Data was mixed PCE Index (liked by the Fed) was inline, Personal Spending was higher than forecast +VE Retail although the sector saw early weakness and closed mixed. Wholesale Inventories also rising; a sign of confidence in the recovery and possibly of want to keep ahead of inflation.
Sentiment encouraged by news the House was set to approve Biden’s stimulus package bolstering recovery hopes. Fed expected to continue to try and talk down inflation concerns but investors are increasingly worried; for many its a great unknown since its been in decline since 1990; there are few people around who experienced the rising inflation of the 1960’s and 70’s or even the bout in the late 1980’s but that was not driven by huge stimulus.
The reality is that no one has been here before, we didn’t have the tech we have today of the structure of the market we have today; which I think why investors are suddenly worried.
Meantime stocks expected to benefit from re-opening as vaccinations are rolled out continue to see interest; with purchases being funded by selling stocks that have rallied in the last month or so.
Banks JPMorgan Chase -2.7%, Citigroup -2.3%, Wells Fargo -3.7%, AMEX -1.3%
Work from home names: Facebook +1.2%, Apple +0.2%, Amazon +1.2%, Netflix -1.4%, Disney -1.9%, Zoom Video +2.4%, Alphabet +0.3% and Microsoft +1.5%,
Tech NXP Semi +2.3%, Nvidia +3.1%, Micron +3.9%, AMD +2.5%, Skyworks +1%
Re-opening stocks Boeing -2.1%, Caterpillar -2.7%, Simon Property -1.7%, Kohl’s +1.5%, Nordstrom -1.4%, Gap -1.1% , United Airlines +1.7%, Carnival +5%, Wynn Resorts +2.4%, Chevron -2.3%, Exxon Mobil -2.5%,
Lock down names Campbell Soup -0.4% General Mills +1.5%, JM Smucker -2.6%
Personal Income Jan +10% MoM vs +0.6% Dec (F/cast was +8.5%) Personal Spending Jan +2.4% MoM vs -0.4% Dec revised (F/cast was +1.9%)
PCE Price Index Jan +0.3% MoM vs +0.4% Dec (F/cast was +0.5%)
PCE Price Index Jan +1.5% YoY vs +1.3% Dec (F/cast was +1.5%) Wholesale Inventories adv Jan +1.3% MoM vs +0.5% Dec revised (F/cast was +0.2%)
Goods Trade Balance adv Jan $-83.74b vs -83.19b Dec revised (F/cast was -83b)
Core PCE Price Index Jan +1.5% YoY vs +1.4% Dec revised (F/cast was +1.7%)
Core PCE Price Index Jan +0.3% MoM vs +0.3% Dec (F/cast was +0.4%) Chicago PMI Feb 59.5 vs 63.8 Jan (F/cast was 58)
Michigan Data Final
Consumer Sentiment Feb 76.8 vs 79 Jan (F/cast was 76.2)
Consumer Expectations Feb 70.7 vs 74 Jan (F/cast was 69.8)
Current Conditions Feb 86.2 vs 86.7 Jan (F/cast was 86.2)
5 year Inflation Expectations Feb 2.7% vs 2.7% Jan (F/cast was 2.7%)
Inflation Expectations Feb 3.3% vs 3% Jan (F/cast was 3.3%)
Baker Hughes Oil Rigs Count 309 vs 305 prior
Baker Hughes Total Rigs Count 402 vs 397 prior
USD was stronger vs Yen & Euro. Bitcoin -2.6% @ 47,657.31, VIX -3.3% @ 27.95, US T10 @ 1.407% but off the recent highs
OIL Brent -1.12%, WTI -3.2% the collapse in bond prices prompted a rise in the USD and the expectation of more supply coming to the market.
Gold -2.4%, Silver -3.6%, Copper -3.9% Platinum -3.1%, Palladium -4.6%; Gold now at a 8 month low, on a stronger USD and rising Treasury yields.
AHEAD Manufacturing PMI, Construction Spending, ISM Manufacturing data (PMI, New Orders, Prices & Employment)
Earnings : Zoom Video, MBIA, Ambac Financial, Hilton Grand Vacations, Inovio Pharma, Perrigo, Boingo Wireless, Tegna
DAX -0.67%, CAC -1.4%, FTSE -2.53% Markets opened lower sharply lower with all sectors in the red, following Asia on inflation fears. Then rallied back. The FTSE & CAC then trended lower for the rest of the day; whilst the DAX traded sideways. Basic resources lead the declines with most sectors in the red.
Earnings out from IAG which rallied; despite suffered a full-year operating loss of 7.4 billion euros ($9 billion), its largest in history, as the Covid-19 pandemic grounded aircraft around the world for a substantial portion of 2020.
BoE’s Haldane warned that inflation may become more difficult to tame and require more assertive action.
Earnings out from LafargeHolcim -2.5% day low, BASF -0.6% but off initial lows, Deutsche Telekom +0.4% thanks to a late rally, Suez +0.5% on news the bid by Veolia was rejected.
Engie -4.1% just off the day low. Reported a €1.5bn loss in 2020 after an €2.9bn impairment on Belgian nuclear assets owing to “technical and regulatory constraints”.
Proximus -11.4% after forecasting lower core profit in 2021.
Teleperformance +6.9% as JPMorgan raised its target price after strong earnings Thursday
Import Prices Jan -1.2% YoY vs -3.4% Dec (F/cast was -2.6%)
Import Prices Jan +1.9% MoM vs +0.6% Dec (F/cast was +0.5%)
GDP Growth Rate Final Q4 -1.4% QoQ vs +18.7% Q3 (F/cast was -1.3%)
Inflation Rate Prelim Feb +0.4% YoY vs +0.6% Jan (F/cast was +0.5%)
Inflation Rate Prelim Feb -0.1% MoM vs +0.2% Jan (F/cast was -0.1%)
Household Consumption Jan -4.6% vs +22.4% Dec revised (F/cast was -4.6%)
PPI Jan +1.2% vs +1.1% Dec revised
Unemployment Benefit claims Jan -33.1k vs +0.5k Dec (F/cast was +27k)
Jobseekers Total Jan 3.5537m vs 3.5868m Dec (F/cast was 3.6138m)
Car Production Jan -27.3% vs -2.3% (F/cast was -18%)
EUROZONE Manufacturing PMI
GERMANY Manufacturing PMI, Inflation Rate
FRANCE Manufacturing PMI, New Car Registrations
UK Nationwide Housing Prices, Manufacturing PMI, Mortgage Lending, BoE Consumer Credit, Mortgage Approvals, Net Lending to Individuals
Expect Nikkei higher with Tech leading the rebound after the largest drop in four years on Friday. Yen closed Friday 106.58. Traders were speculating that the BoJ would stop into the market to manage the yield on the 10 year JGB in order to support Topix. At this stage I think that unlikely; preferring the wait and see mode after the market’s recent run-up.
Feb Manufacturing PMI (Jan was 49.8 and F/cast is 50.6)
Out After Market Friday
Construction Data Jan -14.1% YoY vs -1.3% Dec (F/cast was -0.6%)
Government said on Friday it would end a state of emergency in six prefectures at the end of this month, a week earlier than scheduled, as new coronavirus cases decline. +VE for sentiment and businesses
Takeda Pharmaceutical said on Friday it agreed to sell four diabetes products in Japan to Teijin Pharma Ltd for 133 billion yen ($1.25 billion) subject to regulator approval. Comes as the company continues to reduce debt and refocus the business Slight +VE
Nissan said on Friday it has reached a breakthrough in achieving a 50% thermal efficiency with its in-development e-Power hybrid technology, which could lead to a further reduction of carbon dioxide emissions. This new thermal efficiency level would improve fuel consumption by 25% over the 40% thermal efficiency level in the upcoming e-Power engine, the company said. +VE
Toyota Motor Corp. said Friday it will put on sale in the spring its hydrogen-powered fuel cell system, which could be used by train and ship operators as well as power companies. Toyota has made the fuel cell system, which it developed for the Mirai vehicle, easier for other firms to use, amid growing awareness about greener technologies. The system uses electricity generated through a chemical reaction between hydrogen and oxygen, and does not emit carbon dioxide. +VE
J-Power said on Friday it plans to cut CO2 emissions by 40% by 2030 by shutting old coal-fired power plants and upgrading some existing plants with advanced technology such as gasification. +VE
Itochu Corp. said Friday that it has formed a partnership with the Japanese unit of French industrial gas giant Air Liquide to develop liquefied hydrogen production and distribution systems. Itochu will also collaborate with subsidiary Itochu Enex Co. to build hydrogen plants and hydrogen stations, mainly in the Chukyo region of central Japan.
MatsumotoKiyoshi Holdings and Cocokara Fine Inc said on Friday they agreed to fully merge, after forming an alliance last year to cope with fierce price competition and rising labour costs. Under the latest agreement, each share in Cocokara Fine will be exchanged for 1.7 in MatsumotoKiyoshi. Cocokara Fine shares are due to be delisted on Sept. 29, they said in a joint statement. +VE
Honda Motor Co says its HondaJet became the best-selling small business aircraft in the world for the fourth straight year in 2020 thanks to its high performance, spacious cabin and fuel economy. The Japanese automaker said its aircraft-manufacturing unit delivered a total of 31 small passenger jets last year, Slight +VE
The number of coronavirus pandemic-induced corporate bankruptcies in Japan reached a monthly record of 126 in February, with the restaurant and apparel industries hardest hit, a survey by a credit research company showed Friday. The cumulative number of such bankruptcies since the start of the novel coronavirus outbreak in the country in February last year stood at 1,108, Tokyo Shoko Research said. -VE
Myanmar police briefly detained a Japanese freelance journalist at a protest in the commercial capital of Yangon on Friday, one of his colleagues said, the first detention of a foreign reporter since a military coup on Feb. 1.
Market closed March 1 for Independence Movement Holiday.
Friday saw the biggest sell off in 6 months with heavy selling by Foreigners. The week ahead is likely to continue to see choppy trading as inflation concerns remain but I would expect bargain hunting when the markets reopens.
Data due Feb Trade Data Balance of Trade Jan wa $3.96b F/cast is $4.3b, Exports Jan was +11.4% YoY Consensus is 9.5%Imports Jan was +3.1% YoY Consensus is 12.3%
KDCP reported 415 infections of the new coronavirus for Friday. It also South said 18,489 people received their first doses of AstraZeneca PLC’s vaccine by midnight on Friday as it launched an ambitious COVID-19 inoculation campaign, and will begin using Pfizer/BioNTech vaccines on Saturday. +VE for sentiment
Hyundai Motor has so far avoided a chip shortage that has plagued global automakers, largely maintaining its stockpile of chips last year and even accelerating purchases towards the end, three people with knowledge of the matter said. +VE
Hyundai Motor Co.'s IONIQ 5 all-electric model is receiving strong responses in the domestic market, with its first-day preorders exceeding 23,000 units, the country's top automaker said Friday. +VE
Kia Corp rose as much as 8.1% on Friday after a South Korean online news site said there was still potential for the automaker to form a partnership with Apple Inc. Online site Chosun Biz said on Friday that Apple and Kia had signed a MOU last year and had agreed to pursue cooperation in eight sectors, including electric vehicles. It said negotiations on electric vehicles had not been completely cancelled. Slight +VE
South Korea's 5G subscriptions jumped by over one million for the first time last month to reach nearly 13 million users, data showed Friday. The country's 5G subscriptions reached 12.87 million as of end-January, up 1.02 million from the previous month, according to the data from the Ministry of Science and ICT.
Hanwha Group said Friday that Chairman Kim Seung-youn will come back to management as an unregistered representative of three Hanwha units, after ending his ban for breach of trust Samsung Electronics Co. was the world's fourth-largest spender on research and development (R&D) activities in 2019, a report showed Friday, trailing behind US and Chinese tech titans. Alphabet was top followed by Microsoft and Huawei. In the top 1000, 25 were S Korean including LG Electronics (55th), SK hynix (64th) and Hyundai Motor (67th).
South Korea has warned of a worsening humanitarian crisis and food shortages unfolding in North Korea as leader Kim Jong Un grapples with the fallout from the coronavirus pandemic. It is seeking more international support.
Market closed for Peace Memorial Day
Market re-opens Tuesday I would expect to see the market re-open higher on Tuesday on good company data and bargain hunting in Tech.
Data out after market Friday
Current Account Q4 $27.33bn vs 26.65b Q3 (F/cast was 22.5b)
M2 Money Supply Jan +8.84% vs 8.45% Dec (F/cast was 7.9%)
Business sentiment among local manufacturers last month climbed for the ninth straight month to 106.42, the highest since October 2007, as restocking demand ahead of the Lunar New Year holiday ramped up their business, a survey by the Taiwan Institute of Economic Research showed +VE
Taiwan Semiconductor Manufacturing Co was on Thursday set to sell local currency bonds, as it prepared for a spending blitz amid a global chip shortage. The world’s largest contract chipmaker planned to price about NT$16 billion (US$565.25 million) of notes in three parts in an auction, though the actual issuance size might change. The manufacturer would have to contend with a recent rise in rates globally that has sent many corporate bond yields up from record lows in the past few weeks. +VE
Nanya Technology board of directors yesterday approved a proposal to boost capital expenditure for this year to NT$15.6 billion (US$551.12 million), mainly to fund the initial production of next-generation 10-nanometer (nm) class technology. The capital spending exceeded its original estimate of NT$15 billion and represented a sharp increase from last year’s NT$8.5 billion.It told investors last month that 60 to 70 percent of the funds would be used to buy manufacturing equipment to support the pilot run of its first 10nm-class technology at the end of this year. +VE
Quanta Computer is to invest NT$910 million (US$32.15 million) to expand capacity in Thailand through its subsidiary QMB Co, the company said in a regulatory filing yesterday. The investment is part of Quanta’s NT$2 billion Thai expansion plans, which it announced in a regulatory filing in November last year. QMB was established in 2019 as a part of Quanta’s efforts to exit China amid a US-China trade dispute. +VE
China Steel Corp,Friday announced plans to distribute a cash dividend of NT$0.30 per common share based on last year’s earnings of NT$0.50 per share, as the COVID-19 pandemic reduced demand and cut into profits. The Kaohsiung-based company also plans to pay a cash dividend of NT$1.4 per preferred share, up from NT$0.5 last year. The company was hit hard in the first half of last year by the global pandemic, which drove down steel demand and prices. It reported a net loss of NT$2.26 billion (US$79.84 million) in the first quarter. However, its fortunes turned around in the second half of last year and it ended the year in positive territory. With steel demand from the automotive, home appliances and machinery industries surging and raw material costs rising, China Steel has raised its domestic price quotes every month since September last year The company also announced the formation of a carbon reduction group as a part of its environmental, social and governance, or ESG, efforts, it said in a statement. +VE
Expect market to open higher rebounding from Friday’s sell off but with some caution ahead of the ’two sessions’ annual political meeting of the National People’s Congress and Chinese People’s Political Consultative Conference, to set out the latest 5 year plan. Tech and regulation expected to be high on the agenda.
Official Feb Manufacturing PMI Jan was 51.3 F/cast is 51
Non Manufacturing PMI Jan was 52.4 F/cast is 52
Caixin Feb Manufacturing PMI Jan was 51.5 (F/cast is 51.2)
United Nations human rights chief Michelle Bachelet said on Friday that China is restricting basic civil and political freedoms in the name of national security and COVID-19 measures, adding to a wave of criticism of the country’s rights record. -VE
China has failed to meet research spending goal but aims to double efforts in applied research, science minister says. It will put semiconductors (incl integrated circuits, software and advanced chips ) – amongst its R&D priorities, Wang Zhigang says. The Government will present full version of its new five-year development plan at annual legislative session next week. He also said that China did not want a technology decoupling from the US but will look to develop its own. See Friday’s FT article on TSMC for a summary of the difficulties it faces 'Geopolitical supremacy will depend on computer chips’ summarised in my FT piece yesterday. There is also a report in the SCMP 'US charges Hong Kong-based businessman Winsman Ng with stealing trade secrets from GE’. Involves the theft of semiconductor technology in order to set up a competing company on the mainland, indictment says. It reveals the extent to which China is behind the curve and in desperate need to assistance to advance its Semiconductor sector. -VE
India and China have agreed to set up a hotline between their foreign ministers as the two nuclear-armed neighbours look to reduce tensions along a disputed Himalayan border where their troops have been locked in confrontation since last summer. +VE
Ant Group is in talks with other shareholders in its new consumer finance unit to bolster the firm’s capital as the fintech giant prepares to fold in its lucrative micro-lending businesses, people familiar with the matter said. It would need additional capital of 30 billion yuan ($4.6 billion) to meet regulatory requirements, said one of the people who has direct knowledge of the plans. Ant plans to bring most of its micro-lending businesses into the unit (roughly 1 trillion yuan ($155 billion) in outstanding loans) a move which will allow it to maintain operations nationwide and expand more easily, said two sources. +VE
China’s Huawei plans to make electric vehicles under its own brand and could launch some models this year, four sources said, as the world’s largest telecommunications equipment maker, battered by U.S. sanctions, explores a strategic shift. It is reportedly in talks with state-owned Changan Automobile and other automakers to use their car plants to make its electric vehicles (EVs), according to two of the people familiar with the matter. It has also had talks with Beijing-backed BAIC Group’s BluePark New Energy Technology to manufacture its EVs. A Huawei spokesman denied the company plans to design EVs or produce Huawei branded vehicles. “Huawei is not a car manufacturer. However through ICT (information and communications technology), we aim to be a digital car-oriented and new-added components provider, enabling car OEMs (original equipment manufacturers) to build better vehicles.”.
Demand for milk imports continues to increase in China. The average consumer in China drank five times as much milk last year than in 2012, with both exporters and Chinese dairy companies benefiting from the demand. But as liquid milk sales from New Zealand, the European Union and Australia boomed last year, the demand for infant milk formula continued to slowly decline. Shows a change in the Chinese diet and a move to health conscious products +VE Yili and Mengniu.
ADR’s +18pts at 28,998 likely to open higher but expect initial margin call selling after Friday’s 1,094pt plunge. ADR’s showed weakness in HSBC, Petro’s, BABA and BoC with other E Commerce and Financial names in the green.
No data due
Rumoured there were 33 new COVID-19 cases in Hong Kong today; (vs 24 Friday)
The first batch of Fosun-BioNTech vaccines have arrived in Hong Kong this morning.
The 585,000 shots will be open for online reservation next week.
Health officials today also announced that any untraceable case will have their close contacts in the previous seven days before their onset of symptoms put under quarantine for 14 days.
SHORT SELLING Friday 11.2% vs 13.6% Thursday
Top Shorts: Hengan (1044) 37%, AAC Tech (2018) 28%, Bud Apac (1876) 27%, Ping An (2318) 25%.
Hang Seng Indexes Company announced the results of its quarterly review Friday. All changes will take effect on 15 March 2021.
The total number of Hang Seng Index constituents will increase from 52 to 55. ALI HEALTH (00241.HK), LONGFOR GROUP (00960.HK) and HAIDILAO (06862.HK) will be included in the index.
The total number of Hang Seng China Enterprises Index constituents will be reset to 50 from current 52, adding CG SERVICES (06098.HK) and NONGFU SPRING (09633.HK) -5.200 (-9.171%) while removing CONCH VENTURE (00586.HK), PETROCHINA (00857.HK), HENGAN INT'L (01044.HK) and CHINA RES GAS (01193.HK)
The total number of Hang Seng TECH Index constituents will be reset to 30 from current 32, adding HAIER SMARTHOME (06690.HK) and GDS-SW (09698.HK) while ousting Q TECH (01478.HK), MAOYAN ENT (01896.HK), XD INC (02400.HK) and YIXIN (02858.HK).
Town Planning Board has given green light to CK ASSET (01113.HK)'s application to redevelop its Horizon Hotels & Suites in Ma On Shan for residency purposes, which will provide 758 flats. +VE
The Hong Kong Monetary Authority (HKMA) announced that the number of mortgage applications in January 2021 +15.1% MoM to 13,112. Mortgage loans approved in January 2021 decreased by 1.7 per cent compared with December 2020 to HK$37.8 billion.The mortgage delinquency ratio was unchanged at 0.04 percent and the rescheduled loan ratio also remained unchanged at nearly zero percent. +VE Developers
The New York Stock Exchange announced delisting procedures of CNOOC (00883.HK) to comply with the executive order signed last November by former President Donald Trump. Trading in CNOOC ADSsc will be suspended from 9 March.
SSY GROUP (02005.HK) announced that the profit for the year ended 31 December 2020 is expected to record a drop ranging from 40% to 50% as compared with that of the year ended 31 December 2019. Such expected drop was mainly because (i) under the impact of the COVID-19 novel coronavirus epidemic beginning in early 2020, there was a significant reduction of human traffic in hospitals which affected the sales (in particular during the first half of year 2020) of the Group’s products including intravenous infusion solutions; and (ii) while there was a one-off gain resulted from disposal of assets held for sale of HK$131 million in year 2019, there was no such gain in year 2020.
GANFENG LITHIUM (01772.HK) disclosed the preliminary financial data. Net profit achieved to RMB985 million for the year of 2020, representing a year-on-year increase of 175.2%. Basic EPS equaled RMB0.76.
Huawei Deputy Chairwoman and CFO Sabrina Meng Wanzhou filed an application at the High Court of Hong Kong, requesting for HSBC's disclosure of documents concerning her extradition case. Meng was detained by a Canadian court at Washington's request over claims that she had in 2013 misled HSBC about Huawei's deals with Iran, court papers showed.
NEW WORLD DEV (00017.HK) Executive Vice-chairman and CEO Adrian Cheng, at the online results conference, said The Pavilia Farm III atop Tai Wai MTR Station will be unrolled in the coming months, involving over 890 flats. In Cheng's forecast, the small-and-medium housing prices may rise 5% this year, as users still want to buy their homes given temporary epidemic impact on the market. He also believed the worst for the company had been over, seeing flattish underlying earnings and revenue surge of around 10% in the latest set of results. He assumed the growth momentum will carry on in the future. NWD's swift response and rebound implied the company's a step ahead peers under an adverse cycle, he added. The overall economy of Hong Kong was projected to grow green shoots in 2H21, he said. With the $5,000 e-consumption vouchers to be rained to eligible Hong Kong people, Cheng believed the market to brighten in 2H21, and even record a double-digit rebound.
HUTCHTEL HK (00215.HK) announced annual result ended December 2020. The net profit amounted to HK$361 million, down 15.9% annually. EPS was HK7.49 cents. A final DPS of HK5.21 cents was declared, against HK3.75 cents in the corresponding period of the previous year. Combined with the interim DPS, the full year DPS will be 12% more than that in 2019 and amount to HK7.49 cents.
NWS HOLDINGS (00659.HK) announced interim results ended December 2020. Net profit amounted to HK$612 million, down 59.6% yearly. EPS equaled HK$0.16. Adjusted EBITDA was HK$3.039 billion, down 3.5%. Interim DPS was HK$0.29, flattish yearly.
NEW WORLD DEV (00017.HK) announced the interim results for the six months ended 31 December 2020. Net profit dipped 0.4% yearly to HK$1.013 billion, with an EPS of HK$0.4. Interim DPS equaled HK56 cents, flattish year-on-year. Underlying profit was HK$3.719 billion, down by 5% annually.
CCL last printed at 176.58, up 0.27% weekly.
CCL Mass inched up 0.81% weekly to 179.84.
CCL (small-to-medium flats) gained 0.63% weekly to 177.31.
The three major indices hit their seven-week highs altogether, said the research department of Centaline Property. This reflected the market conditions for the week before Spring Festival, with an ongoing home price uptrend. Over the past four weeks, CCL +0.88%, CCL Mass +1.27% and CCL (small-to-medium flats) +1.22%.