每日港股简评 年月日 大市分析 预期中国将注入更多流动资金以应对冠状病毒带来的经济影响，推动中国及香港股市昨日上升。两地股市均受政策预期推动，因中国人民银行很可能于短期内下调贷款市场报价利率及法定存款准备金率。此外，美股持续向上亦支持投资气氛。市场焦点在于：(1)新型冠状病毒扩散的最新情况；(2)稍后的企业盈利业绩及其预测；及(3)是否公布任何宽松政策。 焦点板块 ------------------------------------------------------------------------------------------------------------ 中国电讯 于2月10日，工业和信息化部向中国电信（728 HK）、中国联通（762 HK）及中国广播电视网络发出3300至3400MHz频段的5G频率使用许可证。该三间公司将在全国范围内共同使用该频段频率用于室内覆盖。该频段是继先前的3.5GHz频段中200MHz频率后所发出，亦是中国首次将频段频率颁发予多间运营商共同使用。该措施反映监管机构支持推动「共建共享」及加快中国的5G部署进程。中国电信及中国联通将受惠于是次发牌而获得更佳的竞争地位及可能节省资本开支。 中国水泥 于农历新年后首个星期，国内水泥市场的水泥价格较上周下跌0.3%。价格下跌乃主要位于广西及福建，跌幅为每吨人民币20至30元。其他地区的价格则稳定于高位。由于出现冠状病毒爆发，国内水泥需求停滞。上周运输受到严格限制，并停止出货。一般而言，估计需求直至2月底或3月初方会恢复。根据数字水泥与水泥生产商的沟通，市场有两项共识：(1)水泥生产商将于库满后自愿暂停生产，并根据冠状病毒疫情进展延长停产；(2)于需求恢复前，生产商不会对价格作出重大调整。相关个股：中国建材（3323 HK）、华润水泥（1313 HK）、海螺水泥（914 HK）。 企业消息 ------------------------------------------------------------------------------------------------------------ 京信通信 (2342 HK) 集团发出盈利预喜，预期集团于2019年录得利润（2018年录得全年亏损)。董事会认为转亏为盈主要原因是由于2019年来自中国大陆电讯营运商的收入增加，以及成本费用控制措施的实施后有关支出有所下降。 香港电视(1137 HK) 据销售文件披露，香港电视计划配股，以每股5.15元，配售9,000万股，集资净额为4.53亿元。据悉，是次配股以先旧后新方式进行，而集资金额将用作一般营运资金及扩展电子商贸业务。以每股作价5.15元计算，较昨日收市价6.01元折让14.3%。 金界控股 (3918 HK) 该公司19年下半年的股息支付率高于预期，令股价飙升。金界控股公布的19年第四季度EBITDA及每股盈利符合市场估计，但其公布的19年下半年股息支付率达80%，意味着回报率达6.0%（以及每股股息增加57%至0.0848美元），为市场带来正面惊喜。其贵宾客量于19年第四季度保持强劲（较上季增加19%），尽管大众赌桌量因高级大众分部的波动而较上季下跌10%。估值方面，该公司目前的EV/EBITDA为9倍，市盈率为11倍及股息回报率为5%。 佐丹奴国际 (709 HK) 该公司公布，由于面临冠状病毒的威胁，须暂停中国若干城市的业务营运至2月13日，使其股价于昨日下跌约3%。在该期间，该公司于湖北省有28间佐丹奴门市暂停营业，而中国内地其他地区则有111间门市暂停营业。中国内地、香港和澳门特别行政区于农历新年期间的未经审核可比较门市销售额与去年同期相比分别下降约57%和61%。 免责声明： 倘本报告中英文版本有任何歧义，概以英文版本为准。 DISCLAIMERS This Dim Sum Daily is prepared for general circulation and for information purposes only. It is not an investment research or a research recommendation, as it does not constitute substantive research or analysis. The material contained herein is intended as a general market commentary. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources believed to be reliable. However, Kim Eng Securities (HK) Ltd, its subsidiary and affiliates (collectively, “Kim Eng (HK)”) do not independently verify such information and consequently no representation is made as to the accuracy or completeness of such information. Kim Eng (HK) does not take responsibility for any loss occasioned by reliance placed upon the contents hereof. Any statements nonfactual in nature constitute only current opinions, which are subject to change at any time without prior notice. Kim Eng (HK) or its officers, directors, analysts, or employees may, to the extent permitted by law, from time to time participate or invest in financing transaction with any company mentioned herein; may have positions in securities or commodities referred to herein, and may, as principal or agent, buy and sell such securities or commodities. An employee, analyst, officer, or a director of Kim Eng (HK) may serve as a director for companies mentioned in this email. Neither the information nor opinion expressed in this email shall constitute a solicitation to buy or sell any securities. There may be instances when fundamental, technical, and quantitative opinions may not be in concert. Kim Eng (HK) may from time to time perform investment banking or other services for, or solicit investment banking or other business from, any company mentioned in this email. This Dim Sum Daily is prepared for the use of Kim Eng (HK)’s clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party in whole or in part in any form or manner without the prior express written consent of Kim Eng (HK) and Kim Eng (HK) accepts no liability whatsoever for the actions of third parties in this respect. There are risks inherent in international investments, which may make such investments unsuitable for certain clients. These include, for example, economic, political, currency exchange rate fluctuations, and limited availability of information on international securities. Kim Eng (HK) recommends that you obtain the advice of your Financial Advisor regarding this or other investment in order to confirm to your financial resources and risk preference.