每日港股简评

MarketOverview Yesterday,HongKongstocksslumpedastheturmoilsurroundingCreditSuisseandbankfailuresincludingSiliconValleyBank(SVB)infectedmarketsinAsia-Pacific.InvestorsarewaitingfortheFederalReserveresultsnextweekamidconflictingbetsontherateoutlook.Banksandinsurersledlosses.MarketbelievestheliquidityissueforCreditSuisseorSVBmaynothavemuchdirectadverseimpacttoHongKongorChinesebanks.Yet,itdoesaffecttheinvestmentsentiment.TheHangSengIndextumbled335ptsto19,203ptswithadailyturnoverofHKD111.3b.Yesterday,ECBannounceda50bpsinterestratehiketoleaveitskeydepositrateat3%anddroppeditsforwardguidanceinthewakeofrecentbankingsectorturmoil.Accordingtoig.com,theHangSengIndexisexpectedtoopenc.150ptshigherthismorningtoc.19,350pts. SectorNews ------------------------------------------------------------------------------------------------------------ HongKongProperty-RecoveryIsonTrack HongKongpropertydevelopers,includingWharfREIC(1997HK),SHKP(16HK),NWD(17HK),arepositivetowardsHongKongretailsalesoutlookduringtheirpost-resultsconferencecall.Evensomeexpectretailsalesisabletoreturntopre-Covidlevelthisyearonthebackoftourismandconsumptionconfidencerecovery.Ofwhich,Wharfexpectsretailrentalreversiontobepositivethisyear,esp.ontheluxuryconsumption.OurpeckingorderforHongKongpropertyremainas:HongKonglandlord(retail)>residential>office.Meanwhile,WharfREICisoneofourtoppicksamongHongKongpropertyplayers. Relatedplayers: HysanDev(14HK,ConsensusTP:HKD30.25,Buys:76.9%,Not-Rated)SHKPPT(16HK,ConsensusTP:HKD125.68,Buys:70.6%,Not-Rated)WharfREIC(1997HK,ConsensusTP:HKD48.98,Buys:48.98%,Not-Rated) ChinaAirline-StrongDemandforPassengerGrowth ThreeH-listedChineseairlinecompaniesreleasedtheirFeboperatingdata,showingpassengerdemandgrowthmomentumtocontinue.AirChina(753HK)Febrevenuepassengerkilometers(RPK)andavailableseatkilometers(ASK)grewby67%and48%,respectively,reaching59%and68%ofpre-Covidlevels.Ofwhich,RPKandASKfordomesticrouteshasalreadyrecoveredto92%and106%ofpre-Covidlevels;ChinaEastAirFebRPKandASKrecoveredto60%and70%ofpre-Covidlevels,again,itsdomesticRPKandASKreturnedto88%and102%ofpre-Covidlevels;ChinaSouthAir(1055HK)werewithsimilaroperatingdatawithRPKandASKincreasedby44%and27%YoYin2M23,reaching70%and78%ofpre-Covidlevels,ofwhichdomesticRPKandASKrecoveredto96%and106%. Relatedstocks: AirChina(753HK,ConsensusTP:HKD7.15,Buys:60.0%,Not-Rated)ChinaEastAir(670HK,ConsensusTP:HKD3.68,Buys:70.0%,Not-Rated) ChinaSouthAir(1055HK,ConsensusTP:HKD5.47,Buys:66.7%,Not-Rated) ChinaOnline-SteadyGrowthin2M23 AccordingtotheNationalBureauofStatistics(NBS),Chinaonlineretailsalesrose6.2%YoYtoRMB2trillionin2M23,withonlinegoodsretailsales(physicalgoods)growthof5.3%YoY.Amongphysicalgoods,food&beveragewasup5.3%YoY,apparelwasup4%YoYandconsumableswasup5.7%YoY.Onlineretailsalesaccountedfor22.7%ofChina'soverallretailsalesupby5.3%. Relatedplayers: Alibaba-SW(9988HK,ConsensusTP:HKD143.18,Buys:100.0%,Not-Rated)JD-SW(9618HK,ConsensusTP:HKD276.23,Buys:92.5%,Not-Rated) CompanyNews ------------------------------------------------------------------------------------------------------------ AIA(1299HK,ConsensusTP:HKD105.06,Buys:97.5%,Not-Rated) AIAsharebrokebelowits250-daySMAlinesinceDec2022.Thedeclinewascausedbymarket'sconcernonanycontagionriskinthebroaderfinancialsystem.Technically,theAIApricehasindeedconsolidatinglowerafterformedanewlowerlowstructureyesterday.AstheRSIandMACDlinescontinuetodriftlower,weopinetherisingsellingpressuresettodragthepricelower –seekingtotesttheimmediatesupportlevelatHKD73.0-75.0. DISCLAIMERS ThisDimSumDailyispreparedforgeneralcirculationandforinformationpurposesonly.Itisnotaninvestmentresearchoraresearchrecommendation,asitdoesnotconstitutesubstantiveresearchoranalysis.Thematerialcontainedhereinisintendedasageneralmarketcommentary.Informationcontainedhereinisbasedondataobtainedfromrecognizedstatisticalservices,issuerreportsorcommunications,orothersourcesbelievedtobereliable.However,MIBSecurities(HK)Ltd,itssubsidiaryandaffiliates(collectively,“MIB(HK)”)donotindependentlyverifysuchinformationandconsequentlynorepresentationismadeastotheaccuracyorcompletenessofsuchinformation.MIB(HK)doesnottakeresponsibilityforanylossoccasionedbyrelianceplaceduponthecontentshereof.Anystatementsnonfactualinnatureconstituteonlycurrentopinions,whicharesubjecttochangeatanytimewithoutpriornotice.MIB(HK)oritsofficers,directors,analysts,oremployeesmay,totheextentpermittedbylaw,fromtimetotimeparticipateorinvestinfinancingtransactionwithanycompanymentionedherein;mayhavepositionsinsecuritiesorcommoditiesreferredtoherein,andmay,asprincipaloragent,buyandsellsuchsecuritiesorcommodities.Anemployee,analyst,officer,oradirectorofMIB(HK)mayserveasadirectorforcompaniesmentionedinthisemail.Neithertheinformationnoropinionexpressedinthisemailshallconstituteasolicitationtobuyorsellanysecurities.Theremaybeinstanceswhenfundamental,technical,andquantitativeopinionsmaynotbeinconcert.MIB(HK)mayfromtimetotimeperforminvestmentbankingorotherservicesfor,orsolicitinvestmentbankingorotherbusinessfrom,anycompanymen