CHINA & HONG KONG Research Coverage

3 Jun 2019

BUY RATING
Price on Price P/E Ratio (x) Div Total
Bloomberg Fair Date of
No. Stocks Upside Yield Return Analyst
Code Value Report
31 May 19 (%) Hist F1* F2** F1* (%) (%)

1 3383 HK Agile Group Hldgs Ltd HKD 9.930 13.560 37 5.2 4.1 3.8 14.3 50.8 21-Mar-19 Joseph Ng

2 1038 HK CK Infrastructure Hldgs Ltd HKD 60.550 73.420 21 14.6 14.2 13.6 4.2 25.4 22-Mar-19 Joseph Ng

3 144 HK China Merchants Port HKD 13.720 19.400 41 6.2 10.8 9.5 6.0 47.4 2-Apr-19 Deborah Ong

4 1199 HK COSCO SHIPPING Ports Ltd HKD 7.620 9.790 28 9.1 8.3 7.8 4.8 33.3 29-Apr-19 Deborah Ong

5 656 HK Fosun Int'l HKD 10.120 16.000 58 5.7 5.4 5.1 4.5 62.6 28-Mar-19 Low Pei Han

6 1169 HK Haier Electronics Group HKD 19.980 26.830 34 12.9 12.5 11.4 2.3 36.6 29-Mar-19 Low Pei Han

7 1813 HK KWG Group Hldgs Ltd HKD 7.870 9.950 26 5.4 4.3 3.0 8.2 34.7 24-May-19 Joseph Ng

8 960 HK Longfor Group HKD 28.750 29.530 3 9.1 8.9 8.1 5.0 7.7 26-Mar-19 Andy Wong

9 600690 CH Qingdao Haier CNY 15.900 19.110 20 13.1 11.6 10.2 2.6 22.8 6-May-19 Low Pei Han

10 69 HK Shangri-La Asia HKD 10.000 16.160 62 23.7 18.9 17.7 2.2 63.8 22-Mar-19 Deborah Ong

11 813 HK Shimao Property HKD 22.450 30.540 36 7.5 6.0 5.1 7.7 43.8 27-Mar-19 Andy Wong

12 20 HK Wheelock & Co HKD 51.900 69.900 35 6.1 8.8 8.4 3.0 37.7 14-Mar-19 Deborah Ong

HOLD RATING
Price on Price P/E Ratio (x) Div Total
Bloomberg Fair Date of
No. Stocks Upside Yield Return Analyst
Code Value Report
31 May 19 (%) Hist F1* F2** F1* (%) (%)

1 914 HK Anhui Conch Cement HKD 45.800 48.240 5 7.2 7.9 7.7 4.2 9.5 22-Mar-19 Low Pei Han

2 600585 CH Anhui Conch Cement CNY 39.550 37.110 -6 7.0 7.7 7.5 4.3 -1.9 22-Mar-19 Low Pei Han

3 371 HK Beijing Enterprises Water HKD 4.170 4.800 15 8.7 7.6 7.6 4.8 19.9 29-Mar-19 Joseph Ng

4 3333 HK China Evergrande HKD 20.850 26.100 25 6.4 4.8 4.3 10.4 35.6 29-Mar-19 Joseph Ng

5 3311 HK China State Construction Int'l HKD 8.030 7.180 -11 9.0 7.1 6.5 2.7 -7.8 25-Mar-19 Low Pei Han

6 1093 HK CSPC Pharmaceutical Group HKD 12.640 14.810 17 21.6 17.3 13.8 1.7 18.8 22-May-19 Carmen Lee

7 000651 CH Gree Electric Appliances CNY 52.310 51.250 -2 12.0 11.7 11.2 3.8 1.8 2-May-19 Low Pei Han

8 000333 CH Midea Group CNY 49.600 55.000 11 16.1 13.9 12.3 3.2 14.0 25-Apr-19 Low Pei Han

9 6 HK Power Assets Hldgs Ltd HKD 54.200 55.330 2 15.1 15.0 14.7 5.2 7.3 22-Mar-19 Joseph Ng

10 1177 HK Sino Biopharmaceuticals HKD 7.910 8.070 2 9.7 21.9 19.5 1.0 3.0 23-May-19 Carmen Lee

11 3377 HK Sino-Ocean Group HKD 3.130 4.270 36 5.8 6.5 5.4 7.7 44.1 5-Apr-19 Joseph Ng

SELL RATING
Price on Price P/E Ratio (x) Div Total
Bloomberg Fair Date of
No. Stocks Upside Yield Return Analyst
Code
31 May 19 Value Hist F1* F2** Report
(%) F1* (%) (%)
1 2777 HK Guangzhou R&F HKD 14.840 11.490 -23 5.0 4.1 3.8 9.7 -12.9 21-Mar-19 Andy Wong

# Fair Value / Rating under review @ Offer price * F1: 1st Year OIR Forecast ** F2: 2nd Year OIR forecast Pg 1 of 3
HONG KONG Market
3 Jun 2019
HANG SENG INDEX: 50 Member Stocks
Price on Consensus Div Eqy P/E Ratio (x) P/Bk Ratio (x) Recommendation FY
Code Company Target Yield Beta Ended
31 May 19 Price # (%) F1* (x) Hist F1* F2** Hist F1* F2** Buy Hold Sell Total

1 2018 HK AAC Technologies Hldgs HKD 41.700 48.036 2.9 1.4 12 15 12 2.4 2.6 2.0 16 13 8 37 Dec 18

2 1299 HK AIA Gp HKD 73.650 89.832 1.9 1.1 43 17 15 2.9 2.1 2.3 20 3 0 23 Dec 18

3 3988 HK Bank of China HKD 3.250 4.439 6.8 1.0 5 5 4 0.5 0.5 0.5 24 5 0 29 Dec 18

4 3328 HK Bank of Communications HKD 6.140 6.770 5.8 0.9 5 5 5 0.6 0.6 0.5 9 15 4 28 Dec 18

5 2388 HK BOC HK HKD 30.100 39.329 5.2 0.9 10 9 9 1.1 1.2 1.0 12 1 0 13 Dec 18

6 939 HK China Construction Bank HKD 6.200 8.443 5.9 1.2 5 5 5 0.7 0.7 0.6 33 0 0 33 Dec 18

7 2628 HK China Life Insurance Co HKD 18.200 25.484 3.2 1.2 41 12 12 1.4 1.2 1.2 19 6 3 28 Dec 18

8 2319 HK China Mengniu Dairy Co HKD 28.650 31.594 1.0 1.0 32 25 21 3.9 3.0 3.1 29 2 2 33 Dec 18

9 941 HK China Mobile HKD 68.450 86.177 4.5 0.6 11 11 10 1.2 1.3 1.1 15 8 3 26 Dec 18

10 688 HK China Overseas Land & Invt HKD 27.200 35.424 4.0 1.2 7 7 6 1.1 0.9 0.8 26 2 0 28 Dec 18

11 386 HK China Petroleum & Chem HKD 5.220 7.343 8.6 1.0 10 9 8 0.7 0.9 0.7 20 5 0 25 Dec 18

12 1109 HK China Resources Land HKD 31.900 38.879 4.8 1.2 8 8 7 1.4 1.2 1.1 28 3 0 31 Dec 18

13 1088 HK China Shenhua Energy Co HKD 16.100 21.211 6.2 1.1 6 7 7 0.8 0.9 0.7 15 6 1 22 Dec 18

14 762 HK China Unicom HK HKD 8.270 12.255 2.4 0.9 21 17 12 - 0.9 0.7 22 5 0 27 Dec 18

15 267 HK CITIC HKD 10.640 12.587 3.9 0.8 6 6 6 0.6 0.7 0.5 1 3 1 5 Dec 18

16 1113 HK CK Asset HKD 56.700 79.167 3.7 0.9 5 8 8 0.7 0.6 0.6 11 4 0 15 Dec 18

17 1 HK CK Hutchison HKD 74.050 109.272 4.5 0.8 7 7 6 0.6 0.6 0.6 13 0 0 13 Dec 18

18 1038 HK CK Infrastructure HKD 60.550 72.655 4.3 0.6 15 13 13 1.4 0.6 1.3 11 2 0 13 Dec 18

19 2 HK CLP HKD 88.650 82.250 3.5 0.5 16 18 17 2.0 1.3 1.8 2 6 4 12 Dec 18

20 883 HK CNOOC HKD 12.780 16.364 5.3 0.9 9 9 9 1.2 1.8 1.1 19 7 0 26 Dec 18

21 2007 HK Country Garden Co HKD 10.600 14.660 6.6 1.6 6 5 4 1.6 1.2 1.0 21 4 3 28 Dec 18

22 1093 HK CSPC Pharmaceutical Gp HKD 12.640 18.034 1.7 1.1 22 18 14 4.6 1.2 3.4 33 4 0 37 Dec 18

23 27 HK Galaxy Entertainment Gp HKD 47.400 61.552 2.0 1.2 15 15 14 3.2 5.2 2.5 23 5 1 29 Dec 18

24 175 HK Geely Automobile HKD 12.860 17.310 3.0 1.6 8 8 7 2.2 2.7 1.5 27 10 3 40 Dec 18

25 101 HK Hang Lung Properties HKD 16.500 23.351 4.5 0.8 9 17 16 0.5 2.1 0.5 12 2 2 16 Dec 18

26 11 HK Hang Seng Bank HKD 196.500 202.829 4.2 0.7 15 15 14 2.4 0.5 2.1 2 6 2 10 Dec 18

27 12 HK Henderson Land Devt HKD 40.500 47.126 4.2 0.8 6 13 13 0.6 2.1 0.6 9 6 2 17 Dec 18

28 1044 HK Hengan Int'l Gp Co HKD 57.500 74.528 4.7 0.6 16 14 13 3.7 0.6 3.1 19 1 6 26 Dec 18

29 3 HK HK & China Gas Co HKD 17.320 13.789 2.0 0.5 31 33 31 4.6 3.6 4.2 2 3 8 13 Dec 18

30 388 HK HK Exchanges & Clearing HKD 249.400 298.286 3.1 1.2 33 29 26 7.8 3.4 6.8 13 6 0 19 Dec 18

31 5 HK HSBC Hldgs HKD 64.050 70.422 6.2 0.8 12 11 11 0.9 6.9 0.9 8 12 8 28 Dec 18

32 1398 HK Ind & Comm Bank of China HKD 5.600 6.808 5.4 1.1 6 6 5 0.7 1.0 0.7 29 6 0 35 Dec 18

33 823 HK Link REIT HKD 93.800 93.378 3.1 0.5 10 32 29 1.1 0.7 1.1 5 12 2 19 Mar 19

34 66 HK MTR Corp HKD 47.950 49.091 2.7 0.6 18 23 21 1.6 0.9 1.5 6 4 1 11 Dec 18

35 17 HK New World Devt Co HKD 11.560 14.746 4.4 1.0 5 13 13 0.5 1.4 0.5 11 1 1 13 Jun 18

36 857 HK PetroChina Co HKD 4.380 6.242 4.5 1.0 13 12 10 0.6 0.5 0.5 20 7 0 27 Dec 18

37 2318 HK Ping An Insurance Gp HKD 86.600 108.509 2.8 1.2 11 11 9 2.3 0.7 1.8 29 0 1 30 Dec 18

38 6 HK Power Assets HKD 54.200 57.750 5.2 0.5 15 15 15 1.4 2.0 1.3 4 6 1 11 Dec 18

39 1928 HK Sands China HKD 35.500 45.649 6.0 1.2 19 16 14 7.9 1.4 7.2 20 7 2 29 Dec 18

40 2313 HK Shenzhou Int'l Gp HKD 92.450 113.109 2.3 1.1 27 23 19 5.6 7.2 4.3 28 1 1 30 Dec 18

41 1177 HK Sino Biopharmaceutical HKD 7.910 9.156 0.9 1.2 9 27 24 2.9 4.8 2.6 26 3 1 30 Dec 18

42 83 HK Sino Land Co HKD 12.540 15.466 4.5 0.8 12 16 15 0.6 4.6 0.5 10 5 2 17 Jun 18

43 16 HK Sun Hung Kai Properties HKD 124.100 165.340 4.1 0.8 9 11 10 0.7 0.6 0.6 13 2 2 17 Jun 18

44 2382 HK Sunny Optical Technology Gp Co

HKD 66.850 99.389 1.4 1.8 26 19 15 7.2 0.6 4.1 33 12 2 47 Dec 18

45 19 HK Swire Pacific HKD 92.800 107.921 3.8 0.7 6 14 13 0.5 5.8 0.5 5 3 0 8 Dec 18

46 669 HK Techtronic Industries Co HKD 50.000 60.969 2.1 1.0 21 18 15 3.8 0.5 3.0 7 1 0 8 Dec 18

47 700 HK Tencent HKD 326.000 429.444 0.3 1.3 33 30 24 7.6 5.9 5.2 51 7 0 58 Dec 18

48 151 HK Want Want China HKD 5.590 6.589 3.0 0.8 20 18 17 4.7 3.6 3.6 11 10 4 25 Mar 18

49 288 HK WH Gp HKD 7.060 9.979 4.2 0.9 14 10 9 1.7 1.4 1.3 17 2 1 20 Dec 18

50 1997 HK Wharf Real Estate Invt Co HKD 53.550 62.939 4.2 - 9 16 15 0.7 0.7 0.7 11 4 0 15 Dec 18

Average: 3.9 15 14 13 2.2 1.9 1.8

Source: Bloomberg
# Bloomberg data definition: Consensus Target Price (fair value) is provided by the analysts covering the stock.
* F1 = 1st Year Bloomberg consensus forecast ** F2 = 2nd Year Bloomberg consensus forecast

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 3 Jun 2019

DISCLAIMER FOR RESEARCH REPORT

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RATINGS AND RECOMMENDATIONS:

- OIR’s technical comments and recommendations are short-term and trading oriented.
- OIR’s fundamental views and ratings (Buy, Hold, Sell) are medium-term calls within a 12-month investment horizon.
- As a guide, OIR’s BUY rating indicates a total expected return in excess of 10% based on the current price; a HOLD
rating indicates total expected returns within +10% and -5%; a SELL rating indicates total expected return less
than -5%.
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in excess of 30%; a HOLD rating indicates total expected returns within a +/-30% range; a SELL rating indicates total
expected returns less than -30%.

Co.Reg.no.: 198301152E

Carmen Lee
Head of Research
For OCBC Investment Research Private Limited

Published by OCBC Investment Research Private Limited

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