Futu News, June 11th, The three major stock indexes of the Hong Kong stock market rose slightly in the afternoon, and the decline narrowed. As of the close, the Hang Seng Index fell by 1.04%, the Innovation Index fell by 0.45%, and the Country Index fell by 0.9%.
At the close, 589 stocks rose, 1424 stocks fell, and 1007 stocks remained unchanged.
The specific industry performance is as follows:
In terms of sectors, technology and internet stocks fell across the board. Baidu fell nearly 2%, while Kuaishou, Alibaba, Tencent, and NetEase all fell. Meituan rose more than 4% and performed well.
Port and shipping stocks maintained a sharp decline throughout the day, with Cosco Shipping Holdings and Cosco Ship Engy both falling sharply by nearly 13%.
Gold stocks saw a significant decline, with Zhaojin Mining falling more than 10%, SD Gold down more than 8%, and Zijin Mining falling nearly 5%.
Nonferrous metal stocks were down, with China Hongqiao falling more than 6%, and Aluminum Corporation of China and Cmoc Group Limited both falling more than 5%.
Water affairs stocks experienced a sharp correction, with BJ Ent Water falling more than 9%.
In addition, high-speed rail infrastructure stocks, wind power stocks, traditional Chinese medicine stocks, coal industry concept stocks, gas stocks, and other performances were sluggish.
In terms of individual stocks,$MEITUAN-W (03690.HK)$The stock surged more than 4%, with better-than-expected first-quarter results and high-quality growth of core local businesses.
$SMIC (00981.HK)$Recorded six consecutive increases with a 1.41% rise.
$SMOORE INTL (06969.HK)$The stock rose more than 2%, and Haitong Securities was first upgraded to an "outperforming the market" rating due to its continuous technological research and development.
Today's top 10 Hong Kong stock turnover
Hong Kong Stock Connect Fund
As for southbound trading, the net inflow of Hong Kong stocks (southbound) was HKD 10.2 billion today.
Institutional perspective
JPMorgan: maintains a "outperform the market" rating for Meituan-W, and raises the target price to HKD 137.8
JPMorgan released a research report stating that, considering the better-than-expected first-quarter results and high UE of the takeaway business, it raised its earnings forecast for 2024-2026 by 29%/18%/9%, respectively. Based on the core business profit assumption based on a 2024 P/E ratio of 18 times, the target price was raised by 5% to HKD 137.8 yuan, and the "outperform the market" rating was maintained. According to the report, looking ahead to the second quarter of 2024, due to double-digit growth in meal takeaway orders, 35% growth in in-store, hotel, and tourism total transaction volume (ISHT GTV), and higher order acceptance rates, JPMorgan predicts that Meituan's core local business revenue will increase by 16% annually.$MEITUAN-W (03690.HK)$CICC: Maintains the "outperform the industry" rating of SITC, and raises the target price by 51.9% to HKD 24.3
The "outperform the industry" rating is based on the consideration of the rise in shipping prices in Southeast Asian markets. It has raised its earnings forecast for 2024 by 33.4% to USD 674 million and for 2025 by 13.3% to USD 502 million. Considering that the market has increased its risk appetite for the shipping sector, the target price has been raised by 51.9% to HKD 24.3. The company's balance sheet is healthy, and its cash flow is sufficient. If the company pays dividends at the promised minimum level of 70% in 2024, the corresponding dividend yield will be 6.3%.
CICC released a research report, maintaining a "outperform" rating on NIO (09866.HK), with a target price of HKD62. As of May, the company has delivered 20,544 vehicles, and its battery swapping system received a strategic investment of CNY1.5 billion from Wuhan Guangchuang Fund. The investment will be used to increase research and development of relevant technologies, as well as the layout and development of charging and swapping infrastructure. $SITC (01308.HK)$UBS: Gives BOC Aviation an "buy" rating, and raises target price to HKD 76.7
UBS released a research report stating that, considering
Buy rating of BOC Aviation with a target price raised to HKD 76.7$BOC AVIATION (02588.HK)$Rated 'buy', there is a lot of potential for dividends to increase in the short term, and the group's dividend payout is believed to be underestimated. The target price has been raised from HKD 74 to HKD 76.7. Since December 2022, the performance has lagged behind MSCI AC World by more than 30%. The bank believes that the company's stock price has already factored in factors, such as a US 10-year Treasury Notes yield exceeding 5% in the next five years. The market may overlook the possibility of impairment rollback and potential dividend increases. In the long run, the group still has room to expand its fleet and profits, and the tight supply of aircraft worldwide may also be a favorable factor.
Edited by Emily and Alan