Futu News, March 12th, reported that the three major indices of Hong Kong stocks opened high and then fell. $Hang Seng Index (800000.HK)$ Down 0.76%, $Hang Seng TECH Index (800700.HK)$ Down 2.04%, $Hang Seng China Enterprises Index (800100.HK)$Down 0.84%.
As of the close, there were 893 rising stocks, 1182 declining stocks, and 1035 stocks remained flat.
The specific industry performance is shown in the picture below:
In terms of sectors, Network Technology stocks declined across the board, with Bilibili-W down 6.81%, XIAOMI-W down 3.43%, JD-SW down 2.12%, MEITUAN-W down 1.92%, TENCENT down 1.06%, Alibaba-W up 0.90%, KUAISHOU-W down 0.75%, and NTES-S down 0.49%.
China-Affiliated Brokerage stocks rose against the trend, with China Galaxy up 3.88%, China International Capital Corporation up 3.38%, SWHY up 2.13%, and Everbright up 0.88%.
Digital Health stocks declined, with ALI HEALTH down 6.39%, JD HEALTH down 4.63%, PA GOODDOCTOR down 3.87%, and ZA ONLINE down 1.25%.
Hong Kong Retail Stocks weakened, with PRADA down 6.74%, SAMSONITE down 5.80%, SA SA INT'L up 1.59%, CHOW SANG SANG down 1.57%, CHOW TAI FOOK up 0.88%, and LUK FOOK HOLD down 0.38%.
Golden Industrial Concept stocks rose, with CHI SILVER GP up 5.71%, TONGGUAN GOLD up 3.95%, CHINAGOLDINTL up 3.59%, ZHAOJIN MINING up 3.50%, Zijin Mining Group up 3.47%, SD GOLD up 2.20%, and PERSISTENCE RES down 1.18%.
Casinos and Gaming stocks mostly fell, with PALACE down 5.50%, WYNN MACAU down 5.37%, SANDS CHINA LTD down 4.19%, NAGACORP down 3.94%, SJM HOLDINGS down 2.42%, GALAXY ENT down 2.17%, MGM CHINA down 1.98%, and MELCO INT'L DEV down 1.44%.
Nonferrous Metals stocks rose across the board, with ZHAOJIN MINING up 3.50%, Zijin Mining Group up 3.47%, Aluminum Corporation Of China up 2.92%, CHINAHONGQIAO up 2.20%, SD GOLD up 2.20%, JIANGXI COPPER up 1.67%, CMOC Group Limited up 1.29%, and GANFENGLITHIUM down 1.12%.
In terms of individual stocks,$DOBOT (02432.HK)$Surged over 27%, the company launched its first "agile operation + straight knee walking" embodied intelligent humanoid robot.
$LEAPMOTOR (09863.HK)$Rose over 3%, hitting a record high; achieved positive Net income in the fourth quarter of last year, and the humanoid robot is in the preliminary research stage.
$SF HOLDING (06936.HK)$Increased nearly 4%, with impressive Company Business Data performance in January; the company has repurchased a total of 0.758 billion yuan in A shares.
$WL DELICIOUS (09985.HK)$Up by 6%, the increase in market access is expected to catalyze valuation enhancement, with institutions indicating sufficient growth momentum for the next three years.
$MINIEYE (02431.HK)$Up over 3%, the company has secured the smart cockpit projects from Volkswagen and Audi, and entered the Hong Kong Stock Connect on this past Monday.
$MMG (01208.HK)$Up over 6%, the company plans to significantly increase its nickel production in Brazil to over 0.15 million tons.
$ZTE (00763.HK)$ Up nearly 4%, recently released annual performance, institutions noted to accelerate the expansion of the second curve innovation business.
Top 10 transaction amounts today.
Hong Kong Stock Connect funds.
Regarding the Hong Kong Stock Connect, today's net inflow for the southbound Hong Kong Stock Connect is 26.212 billion HKD.
Institutional Views
Bank of America: Raises the target price for LEAPMOTOR to 49 HKD and increases sales forecasts for this and next year.
Bank of America published a research report indicating that $LEAPMOTOR (09863.HK)$ the earnings for the fourth quarter of 2024 exceeded expectations, primarily due to changes in the product sales mix leading to an increase in gross margin. The company's target is to achieve a gross margin of 10% to 12% by 2025. Based on the latest performance, operational guidance, and the timeline for new product launches, Bank of America has raised the sales forecasts for LEAPMOTOR by 8% and 9% for this and next year, revenue forecasts have been raised by 10%, and gross margin forecasts have been adjusted up by 0.7 and 0.4 percentage points respectively.
Bank of America expects LEAPMOTOR's net loss for this year to narrow and anticipates achieving profitability ahead of schedule in 2026, with a net income of approximately 83 million HKD. Accordingly, the target price has been raised from the original 44 HKD to 49 HKD, reiterating the 'Buy' rating.
Morgan Stanley: Slightly reduced the target price for SJM HOLDINGS to HKD 2.4, lowering the net profit forecast for this year and next.
Morgan Stanley published a research report indicating that, $SJM HOLDINGS (00880.HK)$ based on last year's fourth-quarter performance, the EBITDA forecasts for this year and next have been adjusted down by 7% and 6% respectively, to HKD 4.1 billion and HKD 4.6 billion, which means respectively an increase of 9% and 11% year-on-year. The firm also lowered the net profit forecast for this year and next by 14.6% and 13% respectively due to operating leverage. The firm expects the company’s earnings per share from 2025 to 2027 to be HKD 0.12, HKD 0.18, and HKD 0.26 respectively, and has slightly decreased the target price from HKD 2.45 to HKD 2.4, rating it as "Reduce Holdings."
UBS: Raised the target price for GREENTOWN CHINA to HKD 19, rating upgraded to "Buy."
UBS published a research report indicating that $GREENTOWN CHINA (03900.HK)$ the rating has been upgraded from "Neutral" to "Buy," and the target price raised from HKD 10 to HKD 19. UBS stated that although domestic property sales have recently seen a recovery, they expect the market will still lower its forecasts for developers. GREENTOWN CHINA recently issued a profit warning, expecting a 50% year-on-year drop in earnings, estimating a net profit margin of around 1%. The firm stated that as sales in first-tier and core second-tier cities stabilize, the group's net profit margin is expected to rise this year, and it has also raised its profit margin forecasts for this year and next by between 1 and 2 percentage points, while the profit forecast has been increased by between 5% and 28%.
Editor/danial
