reports
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 capitalis...
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...
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 begu...
​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 incr...
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 r...
鼎丰集团控股有é™å…¬å¸ï¼ˆ6878.HK）投资æ„è§
​AMCä¸‡æµ·å»ºè®®ä»¥ç›®æ ‡ä»·æ¸¯å¸1.4元买入鼎丰集团控股有é™å…¬å¸ï¼ˆ6878.HK）的股票。该公å¸æ˜¯ä¸ºç¦å»ºçš„ä¸å°ä¼ä¸šæœåŠ¡çš„最大的éžä¼ 统金èžæ供商之一。å‡å€Ÿå…¶ä¸Žå½“地市场的è”系和ç»éªŒï¼Œæˆ‘们相信该公å¸çš„管ç†å±‚将有能力利用当地ç»æµŽä»¥ç¦å»ºæˆä¸ºæµ·ä¸Šä¸ç»¸ä¹‹è·¯çš„é‡è¦ç»„æˆéƒ¨åˆ†è€Œç¹è£çš„过程ä¸èŽ·ç›Šã€‚ 该公å¸è¿‘期股价的下跌为长期股票投资者的投资æ供了进一æ¥çš„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 a...
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 furthe...
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 ...
China’s 13th Five-Year Plan – Carving out a transformative and amb...
​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 prioriti...
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 ineff...
买入推è èä¹°å…¥çš„ç›®æ ‡ä»·ï¼š8.50港元
​AMC万海æ出了对SJM（澳门åšå½©ï¼‰æŽ§è‚¡æœ‰é™å…¬å¸ï¼ˆ880.HK）的è´ä¹°ï¼Œç›®æ ‡ä»·ä¸º8.50港å¸ã€‚澳门的åšå½©ä¸šæ£å‘ˆä¸Šå‡è¶‹åŠ¿ã€‚对高é¢è´µå®¾åšå½©çŽ©å®¶çš„ä¾èµ–性å˜å¾—越æ¥è¶Šå°‘，更有玩家多元化的趋势。该产业æ£åœ¨æ供更å¥åº·æœ‰ç›Šçš„旅游活动，旨在å¸å¼•ä¼‘闲娱ä¹åŠå®¶åºæ—…游为主的游客。ç»è¿‡ä¸€æ®µæ—¶é—´çš„低谷，该产业æ£åœ¨æ¢å¤å…¶ç¾Žå¥½çš„光景。SJM一直在该产业和åŠå¤§å¤šçš„股票市场ä¸è¡¨çŽ°ä¸ä½³ï¼Œå› 为å...
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 re...
è”想集团有é™å…¬å¸ï¼ˆ992.HK）- æ出è´ä¹°æŽ¨è
​AMC万海æ出对è”想集团有é™å…¬å¸ï¼ˆ992.HKï¼‰çš„ä¹°å…¥ï¼Œç›®æ ‡ä»·æ ¼ä¸ºæ¸¯å¸5.8元。我们认为该公å¸çš„业务转型åŠå¼€å‘新增长业务方é¢éƒ½åœ¨æ£ç¡®çš„轨é“上è¿ä½œåŠæŽ¨è¿›ã€‚å…¬å¸ç»§ç»åœ¨ç§»åŠ¨ä¸šåŠ¡åŠä¼ä¸šä¸šåŠ¡ä¸èŽ·å¾—æ高，åŒæ—¶ä¹Ÿä¿æŒå…¶åœ¨PC业务市场上的优势。公å¸çš„转型将由PC业务æä¾›åšå®žçš„基础继ç»æ”¯æŒå…¬å¸ç§»åŠ¨å’Œä¼ä¸šä¸šåŠ¡çš„å‘展，促使它们都能å¯æŒç»å¢žé•¿å¹¶å‘展æˆæ–°çš„高增长利润版å—。公å¸ç...
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 ...
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 cla...
ä¸å›½-2017å¹´å‰æ™¯å±•æœ› 专题注释
​预计ä¸å›½ç»æµŽå°†åœ¨2017å¹´æŒç»é€æ¥æ”¾ç¼“。其ç»æµŽæ£åœ¨ç¼“慢地é‡æ•´å¹³è¡¡ä¸ï¼Œå› 为继ç»å‘ç€æ›´å¯æŒç»çš„消费驱动增长模å¼å‘展而将越æ¥è¶Šä¸ä¾èµ–于贸易。在é¿å…硬ç€é™†é™·é˜±ç»§ç»çš„åŒæ—¶ï¼Œæ”¿åºœä¹Ÿåœ¨å›½å®¶ç»æµŽç»“构转型的过程ä¸å®žè¡Œäº†å¹³è¡¡ä¸¾æŽªã€‚政府的财政刺激在很大程度上稳定了ç»æµŽï¼ŒåŒæ—¶å°†é€šè´§è†¨èƒ€æŽ§åˆ¶åœ¨å¯æŽ§èŒƒå›´ä¹‹å†…。由低通货膨胀和收益增长å弹带动的宽æ¾è´§å¸æ”¿ç–有望为资本å...
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 positio...
百富環çƒç§‘技有é™å…¬å¸
​AMC 万海继ç»çœ‹å¥½ç™¾å¯Œç’°çƒç§‘技有é™å…¬å¸(327.HK) 的上涨势头，未æ¥12ä¸ªæœˆçš„ç›®æ ‡ä»·æ ¼æ˜¯HKD 7.08。自从我们上次的报告å‘布以æ¥ï¼Œè¯¥äº§ä¸šå’Œå…¬å¸éƒ½å¾—到了å°åº¦æ•°å—化推动的强劲顺势的支æŒã€‚该公å¸å·²ç»é‡‡å–战略举措，以抢å 这个潜在的巨大机é‡ã€‚å…¬å¸è¿˜ç»§ç»ä¿æŒè¶…过其当地竞争对手的技术优势，这使它å³ä½¿åœ¨ä¸å›½å¸‚场放缓的情况下ä»èƒ½æ›´å¥½åœ°å·©å›ºå…¶å¸‚场定ä½ã€‚我们认为由于市场没...
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 manag...
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