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Mortgagenewshomeloans Tag Wp Mortgage News Home Loans Investment Daily Note 新鸿基

Mortgagenewshomeloans Tag Wp Mortgage News Home Loans

K. Services Purchasing Managers Index rose to 57.1 in March, much better than the expected 52.5. U.S. ISM Non-Manufacturing Index unexpectedly dropped to 57.3 in March, worse than the expected 59.8.
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Country US UK AU AU AU CH HK JN JN SZ SZ UK UK UK UK EC EC US CA
Event Minutes of FOMC Meeting BRC Shop Price Index (YoY) AiG Performance of Construction Index Home Loans Investment Lending China HSBC Services PMI Purchasing Managers Index Coincident Index Leading Index CPI (MoM) CPI (YoY) Industrial Production (MoM) Industrial Production (YoY) Manufacturing Production (MoM) Manufacturing Production (YoY) GDP s.a. (QoQ) GDP s.a. (YoY) MBA Mortgage Applications Ivey Purchasing Managers Index s.a.
Period MAR MAR FEB FEB MAR MAR FEB FEB MAR MAR FEB FEB FEB FEB 4Q 4Q APR MAR
Survey ------106.4 104.2 0.20% 0.60% 0.40% 4.30% 0.50% 5.80% 0.30% 2.00% ---
Prior 2.70% 44.6 -4.50% -6.80% 51.9 53.7 105.9 101.5 0.40% 0.50% 0.50% 4.40% 1.00% 6.80% 0.30% 2.00% -7.50% 70.8
Sources: Bloomberg and Sun Hung Kai Financial
Sun Hung Kai Financial
4
Investment Daily Note 6 April 2011
Economic Calendar Wednesday, 6 April Fed’s Lockhart to speak in Georgia Sources: Bloomberg and Sun Hung Kai Financial
Thursday, 7 April Fed’s Lacker to speak in Virginia
Global central bank policy rates since October 2009 Trough 2009 rate (%) Sep Oct Nov Dec 8.00 1.75 2010 Mar 5.00 4.00 2.25 Apr 9.50 5.25 4.25 May 4.50 2.00 2.50 Jun 10.25 5.75 0.50 1.38 2.75 Jul 10.75 2.25 0.75 2.75 3.00 Sep 6.00 1.00 1.50 Oct 5.56 Nov 9.00 6.25 4.75 2.50 Dec 5.81 1.63 2011 Jan 11.25 6.50 2.75 8.00 Feb 11.00 6.06 6.75 Mar 12.00 11.75 6.75 3.00 1.75 2.50 Apr 6.31 0.0-0.1 Total bps hike +/+500 +300 +200 +175 +100 +100 +75 +75 +75 +50 +25 +25 0 0 0 0 0 0 -10
Vietnam Refinance 7.00 Rate Brazil Selic Target 8.75 Rate India Reserve 4.75 Repo Australia Official 3.00 3.25 3.50 3.75 Cash Rate South Korea Base 2.00 Rate China 1Y Best 5.31 Lending Rate Canada Bank 0.25 Rate Norway Sight 1.25 1.50 Deposit Rate Malaysia Overnight 2.00 Rate Taiwan Discount 1.25 Rate Russia Refinancing 7.75 Rate Indonesia Discount 6.50 Rate New Zealand 2.50 Official Cash Rate U.S. Fed Funds 0.0-0.2 Rate 5 SNB Libor Target 0.25 Rate U.K. Repo 0.50 Rate Euro-zone Main 1.00 Refinancing Rate Hong Kong Prime 5.00 Rate Japan Overnight 0.10 Call Rate Sources: Bloomberg and Sun Hung Kai Financial
Kenix Lai / Michael Kwan
Sun Hung Kai Financial
5
Investment Daily Note 6 April 2011
MARKET DATA Previous Day’s Main Gainers and Losers Stock code Gainers HKEx China Ship Development FIH Li & Fung China Resources Land Losers ZTE CR cement China Rail Cons Anhui Conch China Comm Cons 388.HK 1138.HK 2038.HK 494.HK 1109.HK Price (HK$) 180.900 9.300 4.760 41.700 15.540 1D chg. (%) 5.3 5.1 4.4 4.4 4.3 1W chg. (%) 9.6 5.9 (1.7) 11.1 13.9 1M chg. (%) 6.7 6.3 (13.8) (8.5) 21.8 Ytd chg. (%) 2.6 (10.2) (12.3) (7.5) 9.4 Turnover (HK$m) 4,462.3 124.9 69.6 461.0 526.0 FY1 P/E (X) 31.9 12.9 N/A 28.6 15.1 FY2 P/E (X) 27.1 10.0 51.0 22.8 12.1
763.HK 1313.HK 1186.HK 914.HK 1800.HK
35.000 7.500 7.560 47.200 7.280
(4.4) (2.5) (2.1) (1.3) (1.2)
(0.8) 3.7 (7.7) 8.4 (1.6)
(0.7) 13.3 (11.6) 15.0 23.2
13.3 27.1 (19.2) 29.5 7.1
320.5 152.0 154.9 384.4 239.7
22.2 13.9 8.6 15.8 8.4
17.8 11.1 7.3 12.6 7.6
Note: Top gainers and losers from HSI, HSCEI and HSCCI.
HSCI Volume Filter Company Intime Mengniu Dairy HK&S Hotels HKEx Chinese Estates Chow Sang Sang CPMC Holdings Mongolia Energy Glorious Property Phoenix Satellite Television Stock code 1833.HK 2319.HK 45.HK 388.HK 127.HK 116.HK 906.HK 276.HK 845.HK 2008.HK Price (HK$) 10.880 22.000 13.920 180.900 14.120 18.540 5.350 1.880 2.350 3.430 1D chg. (%) 3.8 9.5 (0.6) 5.3 1.6 3.1 6.6 21.3 4.0 6.5 Avg. vol. (m shares) 3.4 5.7 0.7 6.4 0.4 1.0 1.8 27.5 15.1 3.1 Prev. vol. (m shares) 16.8 26.9 2.7 25.0 1.6 3.6 6.5 98.2 51.8 10.5 % increase 393.2 375.1 313.3 289.9 285.8 268.6 268.2 257.3 242.3 239.4 FY1 P/E (X) 23.7 19.9 30.9 31.9 13.8 15.7 15.8 N/A 5.9 27.4 FY2 P/E (X) 18.6 16.1 28.8 27.1 N/A 14.3 11.8 N/A 5.0 22.1
* Volume filter applies to Hang Seng Composite Index constituents only ** Average volume is for the previous 30 trading days
Treasury Yields / Interest Rates Latest (%) U.S. 2-year Treasury yield U.S. 10-year Treasury yield U.S. 30-year Treasury yield HK 1-month HIBOR HK 3-month HIBOR SH 1-month SHIBOR SH 3-month SHIBOR 0.8058 3.4794 4.5084 0.2100 0.2600 3.5600 4.1800 5D chg. (bps) 2.42 4.45 0.64 (0.04) 0.00 (30.00) (7.00) 30D chg. (bps) 12.51 (1.06) (8.79) 4.07 2.07 (79.00) (47.00) Ytd chg. (bps) 21.24 18.59 17.43 (2.00) (1.93) (274.00) (45.00) yoy chg. (bps) (33.02) (47.11) (32.40) 11.18 11.11 182.00 224.00
Exchange Rates USD/HKD EUR/USD GBP/USD USD/JPY AUD/USD NZD/USD USD/CAD USD Index Latest 7.7908 1.3824 1.6310 81.9700 1.0139 0.7420 0.9747 76.8430 5D % chg. 0.1 (2.2) 1.5 (1.1) (1.8) (2.7) 0.4 1.0 30D % chg. 0.0 (1.0) 0.7 (0.3) 0.2 0.7 0.1 0.6 Ytd % chg. 0.2 3.3 4.5 1.0 (0.9) (4.9) (2.4) (2.8) yoy % chg. 0.3 3.2 6.8 (12.6) 9.2 5.0 (2.7) (5.6)
Energy and Raw Material Prices Gold (USD/oz.) Silver (USD/oz.) Aluminum (USD/t) Copper (USD/t) Hot roll steel (USD/t) Cotton (USD/lb.) CRB Index Brent (USD/barrel) WTI (USD/barrel) Latest 1,432.3 34.7 2,641.0 9,390.0 712.5 200.2 363.1 113.6 99.6 5D % chg. 0.7 (7.3) (0.3) (2.0) 0.0 3.3 2.6 (1.3) (4.9) 30D % chg. 0.1 (2.5) 1.6 (5.1) (2.7) (5.7) 0.1 (1.4) (4.6) Ytd % chg. 0.8 12.3 6.9 (2.2) 12.2 43.2 9.1 21.6 9.0 yoy % chg. 26.3 93.6 11.7 17.5 13.1 150.5 30.4 33.6 14.7
Sources: Bloomberg and Sun Hung Kai Financial
Sun Hung Kai Financial
6
Investment Daily Note 6 April 2011
Companies Listed on both the A-share and H-share Markets A-share premium to H-share (%) 346.0 297.1 294.6 269.6 218.8 202.9 202.6 195.2 190.5 185.1 160.5 159.2 152.6 152.4 149.5 147.4 137.2 127.1 121.6 121.3 120.5 77.7 73.2 68.3 64.4 61.5 58.0 48.1 47.3 47.2 46.2 42.5 A-share premium to H-share (%) 41.2 38.8 38.2 28.6 25.6 24.5 23.6 23.5 22.4 20.2 18.1 16.6 10.6 7.9 7.2 3.3 1.6 1.5 (3.2) (5.0) (6.7) (9.6) (11.9) (12.7) (15.3) (18.9) (19.5) (19.9) (20.1) (21.0) (26.2) (28.2)
Company Nanjing Panda Yizheng Chem Luoyang Glass Northeast Electric Shandong Xinhua Shanghai Petrochem Tianjin Capital Beiren Printing Kunming Machine CSA Huadian Power Shandong Molon Jingwei Textile CEA Datang Power Chongqing Iron Guangzhou Phar Guangzhou Ship SH Electric Beijing N Star Hisense Kelon CHALCO Air China Jiangxi Copper CSCL BBMG Corp Sichuan Expressway Yanzhou Coal China Oilfield China COSCO Zijin Mining Chenming Paper
H share code 553 1033 1108 42 719 338 1065 187 300 1055 1071 568 350 670 991 1053 874 317 2727 588 921 2600 753 358 2866 2009 107 1171 2883 1919 2899 1812
Price (HK$) 2.190 3.140 2.370 1.530 2.900 3.550 2.770 3.160 5.100 3.360 1.620 10.020 6.340 2.940 2.870 1.960 9.700 16.140 4.210 1.950 4.280 7.620 7.570 27.250 3.260 11.880 4.990 29.600 18.000 8.150 6.260 6.720
A share code 600775 600871 600876 000585 000756 600688 600874 600860 600806 600029 600027 002490 000666 600115 601991 601005 600332 600685 601727 601588 000921 601600 601111 600362 601866 601992 601107 600188 601808 601919 601899 000488
Price (RMB) 8.240 10.520 7.890 4.770 7.800 9.070 7.070 7.870 12.500 8.080 3.560 21.910 13.510 6.260 6.040 4.090 19.410 30.920 7.870 3.640 7.960 11.420 11.060 38.690 4.520 16.190 6.650 36.970 22.370 10.120 7.720 8.080
Company Huaneng Power MCC Guangshen Railway Sinopec SZ Expressway Weichai Power China Ship Dev China Coal Dongfang Electric CITIC Bank PetroChina Anhui Expressway China Railway China Rail Cons Maanshan Iron CSR ZTE Anhui Conch Tsingtao Brew China Shenhua Minsheng Banking Bank of China Angang Steel Jiangsu Expressway China Life CM Bank BoComm Pacific Insurance ICBC CCB Agricultural Bank Ping An
H share code 902 1618 525 386 548 2338 1138 1898 1072 998 857 995 390 1186 323 1766 763 914 168 1088 1988 3988 347 177 2628 3968 3328 2601 1398 939 1288 2318
Price (HK$) 4.650 3.450 3.070 7.890 5.180 51.350 9.300 10.600 26.950 5.650 12.040 6.270 4.800 7.560 4.180 8.250 35.000 47.200 38.250 36.950 7.380 4.420 10.760 9.220 29.850 20.950 8.560 33.800 6.680 7.520 4.480 84.550
A share code 600011 601618 601333 600028 600548 000338 600026 601898 600875 601998 601857 600012 601390 601186 600808 601766 000063 600585 600600 601088 600016 601988 000898 600377 601628 600036 601328 601601 601398 601939 601288 601318
Price (RMB) 5.540 4.040 3.580 8.560 5.490 53.940 9.700 11.040 27.820 5.730 12.000 6.170 4.480 6.880 3.780 7.190 29.990 40.400 31.230 29.620 5.810 3.370 8.000 6.790 21.330 14.330 5.810 22.830 4.500 5.010 2.790 51.230
Sources: Bloomberg and Sun Hung Kai Financial
Sun Hung Kai Financial
7
Investment Daily Note 6 April 2011
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42/F, The Lee Gardens, 33 Hysan Avenue, Causeway Bay, Hong Kong (852) 3920 2888 (852) 3920 2789 her/their associates have no financial interests in relation to listed corporation(s) covered in this report. Relevant Relationships: The research analyst(s) who prepared oMortgagenewshomeloans Tag Wp Mortgage News Home Loans Investment Daily Note 新鸿基u Mortgage News Home Loans Mortgage News Home Loans Mortgage Loan dMortgagenewshomeloans Tag Wp Mortgage News Home Loans Investment Daily Note 新鸿基b r Mortgage News Home Loans