HONG KONG STOCK MARKET SUMMARY Hang Seng Index H-share Index Indexes Performance 11/ 25 PER(x) Close Chg. (%) Net Chg. Day High Day Low (HK$mn) Chg.(%) Hang Seng Index 7.93 17,689.48-1.37% -245.62 17,827.81 17,613.20 Main board turnover 39,514-26.48% HSI-Finance 7.68 23,450.11-1.34% -317.62 23,643.44 23,342.11 H S I stocks 10,317-31.81% HSI-Comm & Ind 8.39 10,865.54-1.61% -177.66 10,969.33 10,840.51 HSCEI stocks 7,036-31.47% HSI-Properties 5.38 21,232.42-1.09% -233.30 21,402.17 20,940.44 Derivative warrants 7,525-19.23% HSI-Utilities 17.09 46,354.99-0.45% -209.22 46,606.21 46,037.33 Callable Bull/Bear 8,731-15.83% HSI Volatility Index - 36.10 1.01% 0.36 36.42 35.05 Short-selling 3,016-40.24% 11/ 25 PER(x) Close Chg. (%) 11/ 25 PER(x) Close Chg. (%) HS Composite Index 8.17 2,451.68-1.44% HSCI-Financials 7.64 2,530.25-1.43% Red Chip Index 9.84 3,505.32-1.42% HSCI-Services 11.23 3,188.08-1.62% HS H-share Index 7.87 9,395.91-1.78% HSCI-Telecom 11.65 1,671.62-1.02% H-share Financial Index 7.10 11,971.58-1.82% HSCI-Prop & con 4.88 2,112.77-1.50% HSCI-Utilities 14.68 5,434.41-0.56% HSCI-Energy 8.72 12,441.08-1.78% HSCI-Materials 8.08 6,482.28-1.55% HSCI-Industrial goods 9.35 1,036.57-2.37% HSCI-Consumer goods 14.92 4,213.75-1.10% HSCI-I.T. 17.16 1,988.26-3.01% HSCI-Conglomerates 4.21 1,936.19-0.94% Futures Market Close Net change Chg.(%) Day High Day Low Volume O/I HSI Futures HANG SENG Nov 11 17,645-223 -1.25% 17,828 17,568 93,133 59,840 HANG SENG Dec 11 17,631-224 -1.25% 17,808 17,554 38,548 53,772 HS CEI Futures HS C E I Nov 11 9,379-150 -1.57% 9,508 9,353 82,894 64,495 HS C E I Dec 11 9,384-150 -1.57% 9,500 9,361 53,395 89,947 HK Stocks in the U.S. In US In HK In US In HK Code Stock (HK$) (HK$) Chg. Code Stock (HK$) (HK$) Chg. 5 HSBC HOLDINGS 56.00 56.10-0.2% 857 PETROCHINA 9.40 9.39 0.2% 2888 STANCHART 155.36 153.10 1.5% 386 SINOPEC CORP 7.96 7.98-0.3% 945 MANULIFE 80.45 81.10-0.8% 883 CNOOC 13.40 13.50-0.7% 2628 CHINA LIFE 19.17 19.32-0.8% 338 SHANGHAI PECHEM 2.61 2.60 0.4% 941 CHINA MOBILE 73.99 74.00 0.0% 670 CHINA EAST AIR 2.99 3.00-0.4% 762 CHINA UNICOM 15.61 15.74-0.8% 1055 CHINA SOUTH AIR 3.75 3.75-0.1% 728 CHINA TELCOM 4.62 4.63-0.3% 902 HUANENG POWER 4.13 4.20-1.6% 1137 CITY TELECOM 4.09 4.15-1.4% 1171 YANZHOU COAL 17.33 17.40-0.4% 700 TENCENT 150.14 151.00-0.6% 2600 CHALCO 3.50 3.49 0.2% 992 LENOVO GROUP 5.03 5.04-0.2% 525 GUANGSHEN RAIL 2.73 2.73 0.0% 1
China inflation pressure is easing in mid-november Average price of food declined in mid-nov, according to the latest food price survey for the period during Nov 11-20 conducted by the National Bureau of Statistics. We expect Nov CPI to ease further, as food accounts for one-third of the CPI composition. Opportunity cost of property owners will increase as real lending interest rates are rising. We expect home buyers to delay home buying decision as inflation expectations are falling. Negative wealth effect is mounting due to the correction of home prices, causing adverse impact on the retail market in the Q4 and earlier next year. So far, deflation expectations are dim but have chance to rise next year. 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0-1.0-2.0 11/02 03/03 07/03 One-year benchmark nominal lending rate and real lending rate (%) 11/03 03/04 07/04 11/04 03/05 07/05 11/05 03/06 07/06 11/06 03/07 07/07 11/07 03/08 07/08 11/08 03/09 07/09 11/09 03/10 07/10 11/10 03/11 07/11 Nominal rate Estimated real rate Average Price of Food in 50 Cities Period: 11-20/Nov Nov 11-20 vs Nov 11-20 vs Items Specification Units Average price (Rmb) Oct 21-30 Sep 21-30 Rice Japonica Rice Kg 5.52 0.00% 1.85% Flour Strong Flour Kg 5.11 0.00% 0.39% Flour Standard Wheat Kg 4.13-0.24% 0.00% Soy Products Bean Curd Kg 3.80 0.00% 0.80% Peanut Oil Pressing Liter 24.44 0.25% 0.16% Soya Bean Oil 5L Barrel Bulk Liter 12.11-0.08% -0.08% Rape seed Oil Grade 1 in Bulk Liter 12.56 0.24% 0.16% Pork Rump Kg 29.20-4.17% -7.33% Pork Belly Meat Kg 28.53-4.20% -6.70% Beef Leg Kg 41.40 0.27% 0.95% Mutton Leg Kg 49.99 2.31% 4.80% Chickens Frozen Fresh Chicken Kg 19.04-1.24% -2.21% Chickens Breast Kg 21.10-0.85% -1.49% Ducks Frozen Fresh Duck Kg 17.14-0.29% -1.32% Eggs Fresh Eggs Kg 9.77-2.69% -8.69% Live Carps Kg 13.81-2.06% -6.50% Live Grass Carp Kg 14.30-1.99% -5.49% Hair tails Kg 25.72 0.86% -0.39% Chinese Cabbages Kg 1.82-17.65% -35.23% Rapes Kg 3.63-3.46% -28.82% Celeries Kg 3.74-12.00% -23.20% Cucumbers Kg 4.68 16.42% -2.09% Tomatoes Kg 4.75 0.85% -1.86% Kidney Beans Kg 7.14 7.69% -0.70% Potatoes Kg 2.84 1.07% -6.27% Apples Fuji Apple Kg 9.37 0.11% -1.26% Bananas Domestic Products Kg 6.70 4.04% 16.52% Pasteurized Milk Liter 8.60 0.35% 3.37% Tetra Pak Milk Liter 7.95 0.13% -2.69% Source: National Bureau of Statistics of China, ABCI Securities Average -0.56% -3.91% Median 0.00% -1.32% Analyst: Philip Chan 2
Event: The National Bureau of Statistic of China (NBSC) released residential property prices in 70 medium and large-sized cities New residential property price MoM chg May Jun Jul Aug Sep Oct City number Stable 11 14 17 30 29 20 Up 50 44 39 24 24 16 Down 9 12 14 16 17 34 Largest Gain 0.6% 0.4% 0.8% 0.4% 0.3% 0.2% Largest Loss -0.7% -0.3% -0.3% -0.5% -1.4% -4.9% Overall Chg 0.16% 0.10% 0.09% 0.02% 0.00% -0.14% Source: NBSC; ABCI The overall new residential property price in these 70 cites decreased 0.14%, the first MoM drop this year. New residential property price in 34 out of the 70 Chinese cities dropped in Oct from Sep, twice as many as in the previous month. Major 1st-tier cities Beijing, Shanghai, Guangzhou and Shenzhen posted the first MoM decline in new residential property since the government imposed home purchase restrictions. The prices in these cities had stalled for 3 consecutive months before the Oct drop. New residential property price in these 4 cities decreased 0.1%, 0.3%, 0.2% and 0.1% respectively in Oct. Comments: The downward correction of residential property market is spreading from large cities to small cities. The government s property policies are working. More cities were reported price decline together with the major 1 st -tier cites saw first drop. Price war among property developers will intensify. We expect to see more intensified price cut for developers in the next two months and the 1 st quarter next year. The highly-leveraged developers with tight cash flow, such as R&F Properties(2777) and Poly HK(119), will have strong incentive to cut price and to boost sales. Property stock prices are near two-year low of P/B. The valuation of the China property developers is near to the lower end of 2-year P/B, which is fair at current stage in our view. However, due to lack of catalyst for upward-revision, in view of sluggish demand and weak bargaining power of the developers, we remain cautious on the sector. Analyst: Vivian Li 3
Weekly Review of Consumer Staples Sector The sector tends to outperform when the market is weak. Want Want(151) and Tingyi(322) would be added to the Hang Seng Index on Dec 5 and we will see some buying interest from some Hang Seng Index Exchange-Traded Funds. Want Want and Tingyi gain 7.78% and 15.33% ytd respectively, compared with a 23.21% drop for Hang Seng index. Tsingtao Brewery outperformed the market by a 1.38% in a week but its short selling ratio reached to 52.5% high last Friday. Short-term downside risk of Tsingtao is expected to increase. Name Market cap(hkd mn) 25/11/2011 Short selling ratio 5D chg YTD chg FY 11 PE FY 12 PE RSI_14D Hangseng index 9,830,893 17689.48 na -4.34% -23.21% 7.93 9.52 36.65 Hangseng cons goods index 1,444,918 4213.75 na -3.69% -25.49% 14.89 13.18 40.18 China mengniu(2319) 47,071 26.70 12.46% 2.30% 29.61% 23.22 18.44 54.70 Tsingtao -H(168) 56,783 40.55 52.50% 1.38% -0.37% 26.12 21.74 49.17 Tingyi(322) 128,293 22.95 14.18% 6.50% 15.33% 35.47 27.26 58.73 Uni-president(220) 15,946 4.43 6.41% -4.32% 6.49% 30.95 20.46 43.69 Want want(151) 97,033 7.34 3.11% 1.66% 7.78% 32.46 25.44 55.64 China food(506) 17,037 6.10 10.41% -0.33% 22.98% 25.74 19.93 48.25 Hengan(1044) 86,644 70.50 6.06% -0.56% 5.15% 32.56 25.06 53.08 Vinda(3331) 9,469 10.10 2.53% 4.88% 17.58% 21.77 14.13 66.75 Tsingtao brewery Price/short selling ratio Source: Bloomberg, ABCI Securities Analyst: Judy Hu 4
HK stock market risks monitor Both China and HK CDS spread prices were rising, HK CDS spread price fetched to 105, near the year high in October. The trend of HK$/US$ forex rate hints outflow of fund. Systematic risk in the HK stock market is rising. HK$ /US$ (31/3/2011-28/11/2011) Hang Seng Volatility Index (31/3/2011-25/11/2011) China 5-year CDS (31/3/2011-25/11/2011) Hong Kong 5-yr CDS (31/3/2011-25/11/2011) 5
Europe debt crisis monitor (Update to 25/11) Both Markit itraxx SovX Western Europe Index and Markit itraxx Europe Senior Financials Index fetched to year high, which hints the sovereign debt and financial crisis in Europe are deepening. Purpose:Tracking the sovereign debt crisis in Europe Markit itraxx SovX Western Europe Index Purpose:Tracking financial risks of European financial institutions Markit itraxx Europe Senior Financials Index Purpose:Monitor systematic risk in Europe Euro Stoxx 50 Volitility Index Remarks: Indices indicate the default risks of sovereign debt and debts of financial institutions. Increase in index implies risk of debt crisis is rising and vice versa. Source:Bloomberg, Markit 6
SHORT SELLING ACTITIVIES (11/ 25) Price Price Code Stock (HK$) Chg Short sell ratio Notes: 168 TSINGTAO BREW-H 40.55 0.00% 53% The main short selling sectors: 83 SINO LAND CO 9.36-2.60% 51% 12 HENDERSON LAND 36.75-0.41% 51% 293 CATHAY PAC AIR 12.64-2.02% 46% 1919 CHINA COSCO HO-H 3.27-0.61% 42% 267 CITIC PACIFIC 13.16-0.75% 39% 23 BANK EAST ASIA 25.20-1.37% 39% 494 LI & FUNG LTD 13.84-4.29% 36% 388 HONG KONG EXCHNG 118.20-0.76% 34% 763 ZTE CORP-H 23.00 1.10% 32% 386 CHINA PETROLEU-H 7.98-1.60% 30% 16 SUN HUNG KAI PRO 91.30-0.81% 29% 1138 CHINA SHIPPING-H 4.31-2.93% 29% 144 CHINA MERCHANT 21.05-1.41% 27% 13 HUTCHISON WHAMPO 63.55-2.00% 27% Properties & construction - Sino land(83),henderson Land(12),Sun Hung Kai Properties(16) Export & transportation - Cathay Pacific(293), China Cosco (1919), China Shipping (1138), China Merchant (144) and Hutchison (13) Remark: Ranked by top 15 short-selling turnover to total stock turnover ratios among Hang Seng Index, Red-chip index or H-share index. Short sell ratio = Short selling transaction value of the stock/total transaction value of the stock Top 10 Percentage Gainers and Losers (Nov 25) Hang Seng Index stocks Top 10 percent gain stocks Top 10 percent loss stocks Rank Code Stock Price (HK$) Change Code Stock Price (HK$) Change 1 330 ESPRIT HLDGS 9.89 4.32% 1898 CHINA COAL ENE-H 8.63-5.27% 2 17 NEW WORLD DEV 6.43 1.90% 494 LI & FUNG LTD 13.84-4.29% 3 836 CHINA RES POWER 14.94 0.40% 700 TENCENT HOLDINGS 151-3.70% 4 2388 BOC HONG KONG HO 16.64 0.24% 1199 COSCO PAC LTD 8.47-2.87% 5 1109 CHINA RES LAND 10.32-2.82% 6 2628 CHINA LIFE INS-H 19.32-2.72% 7 83 SINO LAND CO 9.36-2.60% 8 101 HANG LUNG PROPER 22.4-2.18% 9 4 WHARF HLDG 36.5-2.14% 10 2318 PING AN INSURA-H 52-2.07% H-share Index stocks Top 10 percent gain stocks Top 10 percent loss stocks Rank Code Stock Price (HK$) Change Code Stock Price (HK$) Change 1 763 ZTE CORP-H 23.00 1.10% 1186 CHINA RAIL CN-H 4.04-7.13% 2 0753 AIR CHINA 2.36 8.26% 3323 CHINA NATL BDG-H 8.98-5.77% 3 0358 JIANGXI COPPER 6.45 5.74% 1898 CHINA COAL ENE-H 8.63-5.27% 4 0552 CHINACOMSERVICE 4.92 5.58% 1211 BYD CO LTD-H 17.82-4.50% 5 2600 CHALCO 4.08 5.43% 390 CHINA RAIL GR-H 2.21-4.33% 6 3993 CMOC 3.53 5.06% 2601 CHINA OILFIELD-H 21.80-3.11% 7 0857 PETROCHINA 6.32 4.98% 2883 GUANGZHOU AUTO-H 10.98-3.00% 8 2328 PICC P&C 4.04 4.94% 2238 CHINA SHIPPING-H 6.57-2.95% 9 1898 CHINA COAL 6.45 4.88% 1138 ZIJIN MINING-H 4.31-2.93% 10 2899 ZIJIN MINING 4.61 4.77% 2899 AGRICULTURAL-H 3.06-2.86% Red Chip Index stocks Top 10 percent gain stocks Top 10 percent loss stocks Rank Code Stock Price (HK$) Change Code Stock Price (HK$) Change 1 3377 SINO OCEAN LAND 2.93 1.74% 817 FRANSHION PROP 1.45-4.61% 2 392 CHINA AGRI-INDUS 41.50 1.22% 1313 CHINA RES CEMENT 5.67-4.06% 3 606 CHINA RES POWER 5.52 0.55% 297 SINOFERT HOLDING 2.15-3.59% 4 836 CHINA RES POWER 14.94 0.40% 270 GUANGDONG INVEST 4.66-3.12% 5 1199 COSCO PAC LTD 8.47-2.87% 6 1109 CHINA RES LAND 10.32-2.82% 7 135 KUNLUN ENERGY CO 10.04-2.33% 8 992 LENOVO GROUP LTD 5.04-2.33% 9 697 SHOUGANG INTL EN 0.46-2.13% 10 883 CNOOC LTD 13.50-1.75% 7
Interest Rates Monitor 3-month HK$ HIBOR, US$ LIBOR 3-month GBP LIBOR, EUR LIBOR Overnight, 1-month, 3-month HK$ HIBOR Overnight, 1-month, 3-month RMB SHIBOR Commodity Monitor Commodity Research Bureau Index vs US dollar Index Light Crude Oil Future vs US dollar Index Gold price vs US dollar Index 8
Appendix: H-Share and A-share Price Comparison Table (25/11) H-share H-share price A-share price premium H-share A-share Stock Price chg Price chg (discount) 2010 2011 2012 2011 Code Code Name (HK$) (%) (RMB) (%) to A-share PER PER PER P/B 939 601939 CCB 5.18-0.6% 4.73-0.4% -10.4% 6.51 6.27 5.61 1.37 1398 601398 ICBC 4.17-1.4% 4.22-1.4% -19.2% 6.32 5.81 5.24 1.39 1288 601288 ABC 3.07-2.8% 2.54-1.2% -1.2% 7.61 6.32 5.48 1.50 3988 601988 BANK OF CHINA 2.36-1.3% 2.89-0.3% -33.2% 4.48 4.45 4.12 0.80 3328 601328 BANKCOMM 4.79-2.0% 4.54-1.3% -13.7% 5.39 4.85 4.55 0.98 3968 600036 CM BANK 13.66-2.6% 11.48-0.9% -2.7% 7.76 7.01 6.54 1.66 998 601998 CITIC BANK 4.02-0.7% 4.18-0.9% -21.4% 5.13 5.10 4.92 1.01 1988 600016 MINSHENG BANK 6.03-1.1% 5.82-0.7% -15.3% 5.09 5.25 4.93 1.08 2628 601628 CHINA LIFE 19.32-2.7% 17.46-2.1% -9.5% 15.64 17.02 12.70 2.27 2318 601318 PING AN 52.00-2.1% 35.74-1.1% 19.0% 15.89 15.87 12.11 2.51 2601 601601 CPIC 21.80-3.1% 18.53-1.9% -3.8% 17.83 14.70 11.85 1.91 6030 600030 CITIC SEC 13.52-1.5% 11.09-0.5% -0.3% - 10.51 16.14-857 601857 PETROCHINA 9.39-1.5% 9.65-0.3% -20.4% 10.01 9.77 8.97 1.44 386 600028 SINOPEC CORP 7.98-1.6% 7.26-0.5% -10.1% 7.30 7.44 6.91 1.25 338 600688 SHANGHAI PECHEM 2.60-2.6% 6.94-1.0% -69.4% - 7.84 6.56 0.83 1033 600871 YIZHENG CHEM 1.75-2.2% 8.53-0.6% -83.2% 4.14 5.18 6.27 0.66 2883 601808 CHINA OILFIELD 10.98-3.0% 16.05-1.0% -44.1% 10.03 9.53 8.15 1.51 568 002490 SHANDONG MOLONG 5.00 0.0% 13.18-1.1% -69.0% 4.71 4.81 6.59 1.01 1088 601088 SHENHUA ENERGY 32.40-1.2% 25.55-0.9% 3.7% 12.67 11.57 10.22 2.60 1898 601898 CHINA COAL 8.63-5.3% 9.26-0.4% -23.8% 12.38 9.52 8.18 1.21 1171 600188 YANZHOU COAL 17.40-1.8% 26.33-0.6% -46.0% 5.95 7.54 7.11 1.76 902 600011 HUANENG POWER 4.20 0.0% 4.84-3.0% -29.0% 17.49 21.87 14.99 0.93 991 601991 DATANG POWER 2.67 3.5% 4.84-0.2% -54.9% 10.44 14.75 11.37 0.76 1071 600027 HUADIAN POWER 1.48-1.3% 3.20 0.0% -62.2% 32.45-26.30 0.50 670 600115 CHINA EAST AIR 3.00 1.7% 4.43-0.4% -44.6% 5.11 5.78 6.12 1.58 1055 600029 CHINA SOUTH AIR 3.75-1.6% 5.68-1.4% -46.0% 4.31 5.47 6.09 1.01 753 601111 AIR CHINA 5.55-0.2% 7.18 0.0% -36.8% 4.71 6.34 6.52 1.34 390 601390 CHINA RAILWAY 2.21-4.3% 2.94-1.0% -38.5% 5.75 5.85 5.24 0.57 1186 601186 CHINA RAIL CONS 4.04-7.1% 4.47-1.3% -26.1% 9.17 5.44 5.03 0.67 1766 601766 CSR 4.55-3.4% 5.11-1.4% -27.2% 12.83 12.00 10.05 2.12 525 601333 GUANGSHEN RAIL 2.73 0.7% 3.33-0.6% -33.0% 8.89 8.82 8.75 0.65 177 600377 JIANGSU EXPRESS 6.80-3.1% 5.72-1.5% -2.8% 11.06 10.79 9.86 1.64 548 600548 SHENZHENEXPRESS 3.18-0.6% 3.94-2.0% -34.0% 7.67 7.51 6.53 0.65 995 600012 ANHUIEXPRESSWAY 4.50 0.0% 4.47-0.4% -17.7% 7.06 6.85 6.22 1.02 107 601107 SICHUAN EXPRESS 2.92-3.3% 4.29-0.9% -44.3% 6.66 6.06 5.49 0.85 1065 600874 TIANJIN CAPITAL 2.00-2.0% 6.05 0.0% -73.0% 8.22 8.70 8.93 0.68 1211 002594 BYD COMPANY 17.82-4.5% 24.50-3.2% -40.5% 88.38 29.25 21.02 1.71 2333 601633 GREATWALL MOTOR 10.10 0.4% 11.14-1.4% -25.9% 6.22 6.92 5.96 2.01 2338 000338 WEICHAI POWER 33.80-3.2% 34.82-1.8% -20.6% 6.54 7.38 6.67 2.18 1157 000157 ZOOMLION 7.89-3.7% 8.71-2.1% -25.9% 5.61 6.56 5.92 1.19 187 600860 BEIREN PRINTING 1.90-0.5% 5.85-0.7% -73.4% 11.33 - - 0.86 300 600806 JIAODA HIGHTECH 2.29-0.9% 7.55 1.5% -75.2% 7.16 2.79 2.37 0.72 42 000585 NE ELECTRIC 0.79-8.1% 3.36-1.2% -80.8% 27.38 - - 1.69 1072 600875 DONGFANG ELEC 22.70 1.3% 24.81 0.6% -25.2% 11.92 11.57 10.20 3.03 2727 600627 SH ELECTRIC 3.09-0.6% 5.89-1.8% -57.1% 10.74 10.06 9.05 1.17 2208 002202 GOLDWIND 4.25-4.5% 9.49-1.7% -63.4% 3.51 11.62 11.86 0.70 350 000666 JINGWEI TEXTILE 3.91-2.5% 11.68 1.1% -72.6% 4.47 - - 0.58 168 600600 TSINGTAO BREW 40.55 0.0% 35.50-2.4% -6.6% 23.55 26.12 21.74 4.33 719 000756 SHANDONG XINHUA 2.10 4.5% 6.69-0.4% -74.3% 7.77 - - 0.46 874 600332 GUANGZHOU PHAR 6.07 0.0% 13.14 0.0% -62.2% 13.87 12.13 10.42 1.10 2607 601607 SH PHARMA 14.88-2.9% 14.00-1.1% -13.1% 17.64 16.57 15.06 2.65 9
1618 601618 MCC 1.53-1.3% 2.89-0.3% -56.7% 4.81 5.49 4.58 0.52 347 000898 ANGANG STEEL 4.44-2.0% 5.00-0.6% -27.4% - 41.25 18.42 0.49 323 600808 MAANSHAN IRON 2.08-1.9% 2.81-0.4% -39.5% 11.89 25.01 13.39 0.48 1053 601005 CHONGQING IRON 1.19-2.5% 3.34-0.9% -70.9% 73.92 48.64 22.62 0.30 2600 601600 CHALCO 3.49-0.3% 7.92-0.8% -64.0% 57.89 28.82 24.60 0.74 358 600362 JIANGXI COPPER 16.72-2.3% 25.26-0.8% -45.9% 6.48 6.33 6.12 1.25 2899 601899 ZIJIN MINING 3.06-2.9% 4.33 0.0% -42.2% 10.49 8.51 6.89 2.36 914 600585 ANHUI CONCH 23.50-1.9% 16.97 0.5% 13.2% 9.84 8.23 7.86 2.55 2009 601992 BBMG 5.42-4.7% 9.57-0.5% -53.7% 6.33 4.82 4.08 1.06 588 601588 BEIJING N STAR 1.18-1.7% 2.87-1.0% -66.4% 2.37 5.08-0.24 763 000063 ZTE 23.00 1.1% 18.45-1.1% 1.9% 19.23 19.05 15.71 2.34 553 600775 NANJING PANDA 1.41 2.2% 6.17-2.4% -81.3% 14.06 - - 0.50 317 600685 GUANGZHOU SHIP 5.52-1.4% 17.37-2.6% -74.0% 4.10 4.34 3.86 0.79 1919 601919 CHINA COSCO 3.27-0.6% 6.14-0.8% -56.4% 41.72 - - 0.63 2866 601866 CSCL 1.27-1.6% 2.88-0.7% -63.9% 5.04 - - 0.43 1138 600026 CHINA SHIP DEV 4.31-2.9% 6.87-0.6% -48.7% 8.44 10.49 8.12 0.53 2880 601880 DALIAN PORT 1.73-4.4% 2.96-0.3% -52.2% 7.36 7.40 6.61 0.51 921 000921 HISENSE KELON 1.37-0.7% 4.54-1.7% -75.3% 2.64 4.48 3.73 1.84 1108 600876 LUOYANG GLASS 1.61-1.2% 8.35-0.1% -84.2% 4.16 - - 4.05 1812 000488 CHENMING PAPER 3.25 0.6% 5.65 1.1% -53.0% 4.58 4.66 3.53 0.41 Source: Bloomberg 10
Analyst Certification I, Chan Sung-yan, Philip, being the person primarily responsible for the content of this research report, in whole or in part, hereby certify that all of the views expressed in this report accurately reflect my personal view about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. ABCI Securities Company Limited and its member companies will pursue financial interests to the companies mentioned in the report in the future. Chan Sung-yan, Philip has financial interest in Ping An H-share. I, Li Hong-ying, Vivian, being the person primarily responsible for the content of this research report, in whole or in part, hereby certify that all of the views expressed in this report accurately reflect my personal view about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. ABCI Securities Company Limited and its member companies will pursue financial interests to the companies mentioned in the report in the future. I, Lee Oi Yee, Lisa, being the person primarily responsible for the content of this research report, in whole or in part, hereby certify that all of the views expressed in this report accurately reflect my personal view about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. ABCI Securities Company Limited and its member companies will pursue financial interests to the companies mentioned in the report in the future. 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