Futu News reported on May 6 that the three major indices of Hong Kong stocks closed slightly higher. The Hang Seng Index rose slightly by 0.55% to achieve ten consecutive gains; the Hang Seng Index rose 0.92% to 4007.78 points.
By the close, Hong Kong stocks had risen 1,138, down 890, and closed at 982.
The specific industry performance is as follows:
On the sector side, most large technology stocks rose; Ideal Auto rose more than 6%; Weibo rose more than 5%; Shangtang rose 5%; NetEase rose more than 2%; Tencent rose nearly 2%; and JD, Meituan, Baidu, and Alibaba all had gains.
Domestic housing and property stocks fell collectively, with Shimao Group falling more than 9%, Sunac China falling more than 7%, and China's overseas development and Vanke enterprises falling more than 4%.
PV stocks surged, Xinyi Glass surged more than 11%, and GCL Technology rose nearly 8%.
Apple concept stocks rose collectively; Fuzhikang Group rose more than 8%, Gaowei Electronics rose more than 6%, and BYD Electronics rose nearly 4%.
Graphite concept stocks soared, new materials for olenite electric cars soared by nearly 78%, and graphite in China soared by nearly 32%.
In terms of individual stocks,$LI AUTO-W (02015.HK)$It rose more than 6%, for the 6th day in a row, and the cumulative number of orders placed during the L6 first sales period has exceeded 41,000 units.
$GOGOX (02246.HK)$It soared for the third day in a row, rising nearly 156% on the 3rd.
$XINYI GLASS (00868.HK)$It surged more than 11%. The Zheshang Securities Research Report pointed out that prices in the photovoltaic industry chain remained low, and the inflection point in demand was arriving at an accelerated pace.
Today's top 10 Hong Kong stock turnover
Hong Kong Stock Connect Capital
On the Hong Kong Stock Connect side, today's net inflow of Hong Kong Stock Connect (southbound) was HK$5,086 billion.
Agency Perspectives
Damo: Lowering Sinopec's target price to HK$5 and lowering the profit forecast for the 2024-26 fiscal year
According to a research report published by Morgan Stanley, considering Sinopec's performance in the first quarter of fiscal year 2024, it was decided to reduce its net profit forecast for the 2024-2026 fiscal year by 4%, 7%, and 6%, respectively. It is mainly based on the bank's reduction in profit before interest and tax (EBIT) from Sinopec's exploration and production business to take into account the year-on-year decline in natural gas prices; and reducing EBIT in the refining sector to reflect the impact of high crude oil prices. Damo lowered Sinopec's target price from HK$5.21 to HK$5, giving it an “increase” rating.
Goldman Sachs: Slightly raise Standard Chartered's target price to HK$87 and increase earnings estimates per share for the 2024-27 fiscal year
According to a report published by Goldman Sachs, Standard Chartered's profit before tax for the first quarter beat expectations. Revenue increased 5%, costs fell 3%, pre-provision operating profit (pPOP) increased 18%, and provision remained basically flat. A minor negative factor was that the capital situation was lower than expected, mainly because risk-weighted asset (RWA) inflation was higher than expected. The company's management is confident that RWA will be controlled at first-quarter levels for the rest of the year. The bank raised Standard Chartered's target price slightly from HK$86 to HK$87, maintaining a “buy” rating. At the same time, taking into account the increase in performance in the first quarter, earnings forecasts per share for the 2024-2027 fiscal year were raised by 3%, 1%, and 2%, respectively.
CICC: Maintains MGM China's target price of HK$18.8 and “outperforms the industry” rating
According to a research report published by CICC, MGM China's net revenue for the first fiscal quarter rose 71% year-on-year to HK$8.258 billion, recovering to 143% in the same period in 2019; adjusted EBITDA was $2.05 billion, up 77% year-on-year, returning to 155% in the same period in 2019, exceeding market expectations of HK$2,372 billion. Considering that the company's growth was better than expected, the bank raised the Group's 2024 adjusted EBITDA forecast by 3% to HK$8.502 billion, while also increasing the 2025 adjusted EBITDA forecast by 1% to HK$9.809 billion. The bank renewed the Group's target price of HK$18.8 and “outperforming the industry” rating.
edit/emily