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Opportunities ahead of Singles Day (11.11)

AMC Wanhai Securities  is pleased to present our new report in our research series, AM Insights. This 15 page thematic note covers  "​Opportunities ahead of Singles Day (11.11) ". Please find attached.   "We performed an extensive screening on the companies listed in Hong Kong exchange to understand which companies can offer short-term trading opportunities ahead of Singles Day. We primarily played upon the daily trading volumes and closing prices of Midcap FMCG stocks, whose market capitalisation range between USD 500 million and USD 2 billion, listed on Hong Kong Stock Exchange. Key sectors...

Global Digitalisation – Marching towards cashless society

Cashless economy, a newly coined term, refers to the economy in which all transactions are done using plastic money, digital devices and over the Internet. Paper money is accepted as legal tender since over 300 years now. Cash has been the main mode of payment for low-value transactions involving food and personal care supplies, gifts and general merchandise since long, particularly in developing countries. Other factors contributing to the persistence of cash in developing markets are anonymity, absence of advanced payment infrastructure and limited or no financial inclusion.Several countries...

Ben Graham's intelligent investing in Asia

AMC Wanhai Securities is pleased to present our new report in our research series, AM Insights. This 17 page thematic note covers "Ben Graham's investment Principles in the Hong Kong Equity Market". In this note we did an extensive study of the companies listed in Hong Kong to see which companies fulfil the Ben Graham's criteria and were liquid enough for investment...

Chinese rail stocks: Summer transport period in China has already begun

​With the onset of July, peak summer transport period in China has already begun; along with the season has come expectations of another record-high number of passenger trips by train.The 62 day period between July 1 and August 31, traditionally sees peak traffic as they correspond to summer vacation in educational institutes enabling students to travel or return home. According to China Railway Corporation, 598.0m passenger trips are expected to be made by train during this period, 49.7m increase over last year. To cope with the increased traffic, railway authorities have put a new transport ...

Ahoy! Here comes the Chinese Global Investor

​This report reaffirms our bullish view on the global impact of China’s growth story. It carries forward the theme of China’s growing clout which we highlighted in our previous report (Ahoy! Here comes the Chinese global tourist) and is the next instalment in the series. It impresses upon the reader the growing importance of Chinese outbound investment to the recipient countries and further underscores the changing economic profile of the targeted investments as China seeks to regain its rightful place among world economies.Spurred by supportive regulations, unprecedented infrastructure push i...

鼎丰集团控股有限公司(6878.HK)投资意见

​AMC万海建议以目标价港币1.4元买入鼎丰集团控股有限公司(6878.HK)的股票。该公司是为福建的中小企业服务的最大的非传统金融提供商之一。凭借其与当地市场的联系和经验,我们相信该公司的管理层将有能力利用当地经济以福建成为海上丝绸之路的重要组成部分而繁荣的过程中获益。 该公司近期股价的下跌为长期股票投资者的投资提供了进一步的增长的动力。

A Lesson in Recovery Asian market volatility since 1988

​On 25th August 2016, AMC Wanhai released our report “A Lesson in Recovery Asian market volatility since 1988” in which we advised our clients to invest in Asian equities in general and Hang Seng Index (HSI) listed companies in particular. In the report we stated of belief that the downturn the market was undergoing during the aforesaid period presented a good buying opportunity.This was a call based on our calculated view and deep market understanding of Asian and Hong Kong markets. Our analysis was based on positive subterranean macro-economic trends and leading indicators which had not yet ...

Going against the prevailing market sentiment

​On 21st March 2017, AMC Wanhai, going against the prevailing market sentiment, initiated ‘Buy’ recommendation on SJM Holdings Ltd (880.HK) with target price of HKD 8.50. Since then, the company’s share price has seen a strong up-move, gaining 23.37% to reach its current price of HKD 7.94 in less than three months; in comparison, Hang Seng has increased by 6.2% during the same periodMacau’s gaming sector is on a strong upward trajectory. The fundamental strength of the sector is further buttressed by the stupendous May GGR growth of 23.7%, considerably higher than market expectations of 16.5% ...

Differ Group Holding Co Ltd (6878.HK)

​AMC Wanhai initiates with Buy on Differ Group Holding Co Ltd (6878.HK) with a target price of HKD 1.4.The company is one of the largest non-traditional financing provider serving SMEs in Fujian. With its connect to the local market and experience, we believe, the company’s management is well equipped to take advantage from the boom in local economy which will accrue from Fujian becoming a key part of the Maritime Silk Road. The company’s recent share price fall provides further incentive to investors with long term time horizon to invest in the stock.

China’s 13th Five-Year Plan – Carving out a transformative and ambitious path towards prosperity

​In March 2016, China adopted its 13th Five-Year Plan (FYP) which outlines the country’s goals, principles and targets for its development through to 2020, as it seeks to become ‘a moderately prosperous society’.The plan has stated that the five guiding themes of future government’s policies will be:​ Innovation Coordination Green Openness Inclusive/SharingIn the report we have focused on sectors which, in our view, will be the principle beneficiaries of the new government priorities. The aforementioned sectors are:​ Advanced manufacturing: Innovation will be the primary driving force of China...

CHANGING THE WAY OF DOING BUSINESS: BLOCKCHAIN

​The history of the human race is littered with transformational and disruptive technologies that appeared at the right time and solved the complex problems in simple yet elegant ways. The most recent of such technologies is the internet which has radically altered the finance sector and brought about unprecedented efficiency gains and new business opportunities. Yet, despite advancements, middle and back-office financial functions remain mostly antiquated, and stuck in the same slow and inefficient processes. Firms still have to grapple with overly complex procedures involving multiple counte...

买入推荐 荐买入的目标价:8.50港元

​AMC万海提出了对SJM(澳门博彩)控股有限公司(880.HK)的购买,目标价为8.50港币。澳门的博彩业正呈上升趋势。对高额贵宾博彩玩家的依赖性变得越来越少,更有玩家多元化的趋势。该产业正在提供更健康有益的旅游活动,旨在吸引休闲娱乐及家庭旅游为主的游客。经过一段时间的低谷,该产业正在恢复其美好的光景。SJM一直在该产业和及大多的股票市场中表现不佳,因为它与较新的度假村之间的竞争趋于焦灼。然而,这是过度的悲观了。该公司仍然在澳门博彩市场上具有强劲的业务份额。此外,VIP贵宾博彩业务量的复苏将有利于该公司的盈利,因为作为该公司最大的盈利部分,其底线再如何也是来自VIP贵宾这个细分市场。与此同时,更能证明我们论证的是该公司现在的交易价格与同业相比,其的估值是大打折扣的。适度的估值将限制潜在的下跌空间,同时为未来的上涨提供了坚实的基础。在我们看来,其股价已经下跌到了最低点,而且旗下上葡京酒店成功开业的这个上涨因素可能仍未被考虑在内。我们对公司有积极看法是基于其在行业基本面上改善的可能及目前市场对其价值的低估。我们认为该公司目前股票风险回报的潜力对长期投资者来说具有吸引力。

Initiate "Buy" on SJM (880.HK)

​AMC Wanhai initiates with Buy on SJM Holdings Ltd (880.HK) with a target price of HKD 8.50. Macau’s gaming sector is on an upward trajectory. It’s becoming more broad-based and less dependent on VIP gamblers. The sector is offering more wholesome tourism as it seeks to attract the recreational tourists and families. After a period of pain, the good times are back for the sector. SJM has been underperforming the sector and broader stock market, as it struggles to compete with newer resorts. However, the pessimism is overdone. The company still has a strong presence in the Macau gaming market. ...

联想集团有限公司(992.HK)- 提出购买推荐

​AMC万海提出对联想集团有限公司(992.HK)的买入,目标价格为港币5.8元。我们认为该公司的业务转型及开发新增长业务方面都在正确的轨道上运作及推进。公司继续在移动业务及企业业务中获得提高,同时也保持其在PC业务市场上的优势。公司的转型将由PC业务提供坚实的基础继续支持公司移动和企业业务的发展,促使它们都能可持续增长并发展成新的高增长利润版块。公司的股价在过去一年中已经修正了27%以上。我们认为负面消息对其的影响已经在价位上得到了显现,之后下跌的风险将会是有限的。我们对该公司看法积极是基于其基本面的改善及合理的估值。我们认为公司会有更好的前景,并相信它有望在即将到来的相当长的一段时间里领跑整个市场。

Initiate BUY: Lenovo Group Limited (992.HK)

​AMC Wanhai initiates with Buy on Lenovo Group Limited (992.HK) with a target price of HKD 5.8.We are optimistic that the company is on the right track as it transforms its business and develops new growth drivers. The company continues to gain traction in the mobile and enterprise businesses, while maintaining its market superiority in the PC industry. The changes in the company will be enabled by solid bedrock provided by its PC business which will continue to support the company’s mobile and enterprise businesses, enabling them to grow sustainably and develop into new high growth profit seg...

Ahoy! Here comes the Chinese global tourist

​As China continues to grow, it will transition from the middle income country bracket to high income bracket. The explosive growth of China’s economy will lead to sweeping economic changes and social transformation in the country.An increasing amount of Chinese will travel overseas, as they endeavour to discover new places, explore different cultures and seek new adventures. The burgeoning Chinese travelling class is driven by two major forces – the significant expansion of the middle class and increasing affordability of international travel. This democratisation of travel has led to a profo...

中国-2017年前景展望 专题注释

​预计中国经济将在2017年持续逐步放缓。其经济正在缓慢地重整平衡中,因为继续向着更可持续的消费驱动增长模式发展而将越来越不依赖于贸易。在避免硬着陆陷阱继续的同时,政府也在国家经济结构转型的过程中实行了平衡举措。政府的财政刺激在很大程度上稳定了经济,同时将通货膨胀控制在可控范围之内。由低通货膨胀和收益增长反弹带动的宽松货币政策有望为资本市场提供急需的增长。我们提供了五个行业的前景展望,它们被认为会对市场复苏至关重要并可能见证最多发展变化。行业是:​ 银行业: 面对高额债务和不良贷款上升,该行业在政府支持的支撑下,可能会进行系统清理从而加强行业的基本面,为2018年的强劲复苏奠定基础。 保险业: 在未来一年中,向非人寿产品的转变预计将继续,健康保险市场也将继续保持其稳定的增长。根据目前的评估,我们认为该行业的价值被低估了,应该会将其列入最基本投资者的买入名单中。房地产:中国的决策者已采取措施,通过强化购买限制、提高抵押贷款首付比率和缩紧开发商的融资来冷却已失控的房价。这些措施已冷却了楼市,并稳定了楼价。这些政策措施导致投机投资及新投资的减少。这也减少了供应需求的差距,并使存滞的房产下降到了更易于管理的水平。在2017年,市场预计将继续保持低迷。石油、天然气和消耗性燃料: 石油和天然气价格预计将在2017年继续反弹。这将为受各种问题困扰的中国石油行业提供一些喘息的空间。然而,独立炼油厂...

Pax Global Technology Ltd (327.HK) - Company Update Note

​Demonetisation and digital push in India is a potential game changerAMC Wanhai continues to be positive on Pax Global Technology Ltd (327.HK) with a 12-month target price of HKD 7.08. Since our last report the industry and company have been supported by strong tailwind in form of digitalisation push by India. The company has taken strategic moves to encash this potentially huge opportunity. It also continues to retain its technological edge over their local rival which makes it better positioned to weather any slowdown in Chinese market.In our view, the market has not factored in the potentia...

百富環球科技有限公司

​AMC 万海继续看好百富環球科技有限公司(327.HK) 的上涨势头,未来12个月的目标价格是HKD 7.08。自从我们上次的报告发布以来,该产业和公司都得到了印度数字化推动的强劲顺势的支持。该公司已经采取战略举措,以抢占这个潜在的巨大机遇。公司还继续保持超过其当地竞争对手的技术优势,这使它即使在中国市场放缓的情况下仍能更好地巩固其市场定位。我们认为由于市场没有将中国西部邻国在数字化上的推动这个潜在上涨因素考虑在内,因此股票价值被低估了。我们预计股价将在目前的水平上会有大幅的上涨。

CHINA- 2017 OUTLOOK

​The Chinese economy is expected to continue its gradual slowdown in 2017. The economy is slowly rebalancing and becoming less trade dependent as it continues its progress towards more sustainable consumption driven growth model.The Government’s balancing act of engineering a structural shift in the country’s economy, while avoiding the pitfalls of a hard landing continues. The government’s fiscal stimulus has stabilised the economy to a large extent whilst keeping inflation within manageable limit.Accommodative monetary policy enabled by low inflation and rebound in earnings growth is expecte...

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