Bank of Ningbo is engaged in taking in public savings; granting loans; handling domestic settlements; handling discount of negotiable instruments; issuance of financial bonds; acting as an agent for the issue and underwriting of government bonds; buying and selling government bonds; inter-bank funding; providing guarantees; acting as an agent for accounts receivable and payable, and insurance; provision of safety-deposit box service; commission loan operations; foreign exchange deposit, loan and remittance; undertaking foreign currency exchange; international settlement, foreign exchange dealings and borrwings and providing foreign exchange guarantees.
Ping An Bank is providing commercial banking services approved by Bank of China. Co is engaged in the offering of company loans, deposits, trade finance, company wealth management, and company intermediary services; providing personal loans, deposits, bank cards, personal wealth management services, and other personal intermediary services; local and foreign currency tradings; bond investments and other money market operations; and providing central management on non-performing assets, equity investments and nonclassifiable assets, liabilities, revenues and expenditures. As of Dec 31 2013, Co. had total assets of RMB1,891,741,000,000 and total deposits of RMB1,667,791,000,000.
CHINA CON.BK.CORPORATION (HK), a company active in the Money Center Banks industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date June 12, 2020, the closing price was HKD 6.20 and its potential was estimated at HKD 6.90.
The general evaluation of BANK OF NINGBO CO.LTD. (CN), a company active in the Money Center Banks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date June 5, 2020, the closing price was CNY 27.42 and its potential was estimated at CNY 29.11.
Despite the market rally in the first 20 days of the month, May 20 still saw a sharp decline amid rising Sino-US tensions. We expect equity markets to remain volatile in June; hence, we prefer low-beta and stick to the beneficiaries of policy support, durable themes and names with strong balance sheets. Our key picks are Ausnutria Dairy, CEG, CIFI, Kingsoft and ZTE.
Copper prices have rebounded 45% from the trough in March amid potential pandemicrelated supply disruptions while demand has started to recover. Gold has been in a steady uptrend since Mar 20 and prices are now at the highest since 2011. We expect the loose monetary policy with liquidity constantly injected into the market, coupled with a weakened US$, would continue to boost gold prices. Zijin is the key beneficiary of the copper recovery and a bullish gold market. Re-iterate BUY and raise target price to HK$5.70.
The traffic flow of Xiabuxiabu (XBXB) and Coucou has recovered to 70% and 80% of normal levels by end-Jun 20 from 40% and 60% of normal levels respectively in Mar-Apr 20. The company guided 80-100 and 40 new stores for XBXB and Coucou in 2020. It will focus on operational quality and not quantity this year. The fast development in Coucou should contribute to margin improvement in the future. Maintain BUY but cut target price to HK$10.30.
After issuing detailed clarification and holding analyst calls, we find Feihe’s response convincing. The discrepancies in capex and ad spend were fully explained. Another positive is that 1H20 profit growth has outperformed sales growth (1H20: >40% yoy) due to cost savings from less offline A&P. The company maintains its 2020 guidance and its long-term roadmap to achieve market share by 2023. Maintain BUY. Target price: HK$18.00.
GREATER CHINA Sector Automobile: Weekly: PV retail sales fell 6.5% yoy but wholesale grew 0.9% yoy in June. Maintain MARKET WEIGHT. Top picks: Weichai, Brilliance and Yongda. Re-Initiate Coverage Shimao Group Holdings (813 HK/BUY/HK$34.90/Target: HK$42.61): Spin-off of property management unit to unlock value; on track to beat target. Update China Feihe (6186 HK/BUY/HK$16.00/Target: HK$18.00): Dispelling all allegations swiftly. Xiabuxiabu Catering Management (520 HK/BUY/HK$8.40/Target: HK$10.30): Recovery on track; focusing on quality for long-term growth. Zijin Mining (2899 HK/BUY/HK$4.66/Ta...
The spin-off of property management unit, Shimao Services, is underway and will unlock value for investors and greatly enhance Shimao’s growth. We estimate Shimao Services’ post-IPO valuation could be 20% of Shimao’s market cap. We also believe Shimao is on track to beat its sales target based on its high saleable resources and the smaller-than-expected impact from the COVID-19 outbreak. We initiate coverage on Shimao with BUY and a target price of HK$42.61 based on a 28% discount to NAV.
With Sino-US tensions ratcheting up, a growing number of US-listed Chinese companies have started to explore secondary listing on HKEx to mitigate the risk of being delisted. The “homecoming” of such big names will generate higher trading volume for HKEx in the long term. Besides, the tie-up with MSCI to provide futures and options to international investors will boost derivatives trading volume and widen HKEx’s presence globally. Maintain BUY with a higher target price of HK$365.00.
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