每日港股简评

每日港股简评 年月日 大市分析 中国本月维持其贷款基准利率（LPR）不变，未达到削减定价借贷成本新市场机制的预期，令投资者略感失望。市场解释说，利率保持不变反映决策者可能认为，在央行下调存款准备金率之后，近期的措施足以在短期内帮助经济。中国疫情已逐渐平稳，国内没有新的传播病例，人们期望阻止病毒传播而采取的严格控制措施正在发挥作用。一些分析员预计，一旦冠状病毒大流行的规模和影响受到控制，反覆波动的全球股市就会安定下来，惟现时其他国家如美国或欧洲, 日增确诊人数仍高企, 此令股市短期内更为波动。财政和货币政策的应对措施将增强中长期的信心。 焦点板块 ------------------------------------------------------------------------------------------------------------ 内地银行 中资银行开始公布19财年业绩，大多数股份制银行已宣布2019年初步业绩。主要重点将落在：(1)管理层对2020年关键因素的预测；(2)针对调低贷款基准利率的净息差预测以及降低贷款价格的政策预测；(3)针对COVID-19疫情的2020年资产质量和信贷成本展望；(4)2020年贷款增长目标。业绩公布日期：3月25日（邮储银行(1658 HK)）、3月26日（中信银行(998 HK)、重庆农村商业银行(3618 HK)）、3月27日（中国银行(3988 HK )、建设银行(939 HK)、工商银行(1398 HK)、中国光大银行(6818 HK)）。 内地房地产 由于投资者忧虑19财年派息比率可能下调，内房股表现不及大市。这主要是因为万科企业 (2202 HK) 调低派息率。然而，市场预期其他开发商不会效仿。这是由于万科并无向董事会提出建议的主要股东，因此，维持派息稳定增长的动力可能较少。对于其他人而言，主要股东应是获得稳定派息的主要理由。 企业消息 ------------------------------------------------------------------------------------------------------------ 招商银行(3968 HK) 招行如同早前业绩快报所披露，去年全年纯利928亿元(人民币．下同) ，按年增约15%，派末期息每股1.2元，增加28%。期内，招行资产质素有改善，不良贷款总额按年减少13.3亿元，至522.75亿元；不良贷款率1.16%，下降0.2个百分点，实现不良贷款「双降」，不良贷款拨备覆盖率则为约426%，远高于监管要求。不过，招行预告今年净利息收益率水平将受压，指贷款市场报价利率（LPR）持续推进，预计利率将进一步下移。单计第4季度净利息收益率2.4%，按季下降16个基点。 中海物业(2669 HK) 中海物业公布，截至2019年12月31日止年度，该集团录得收入约为54.66亿港元，同比增长30.83%。股东溢利约为5.38亿港元，同比增长33.4%。每股溢利16.36港仙；派息2.8港仙。收益增加主要由于：(1)年内公司的物业管理服务收益随着在管面积上升，并包含管理费涨价等因素；及(2)非住户及住户增值服务业务量的持续增长，惟部分升幅被人民币兑港港元于过往12个月平均贬值的影响而稍有抵销。 粤丰环保(1381 HK) 粤丰公布19财年净利润为8.93亿港元（同比增长18%），基本符合市场预期。其管理层作出主要预测：(1) 资本支出将在20财年达到30亿港元，目前有11个项目正在建设。根据当前已规划的项目，管理层预计其总项目产能将增长7.7%，到20财年达到每日4.56万吨；(2)派息率在19财年增至20%，该公司预计今年将保持稳定。 香港中华煤气 (3 HK) 其股价上周五暴跌，原因是(1)2019年业绩不及预期，及(2)红利发行安排令人失望。该公司公布其19财年净利润为70亿港元（同比下降25%），低于彭博市场预期的77亿港元，这归因于房地产重估收益下降和营运盈利疲软。惯常每10股现有股份派发一股新股的红利派送今年减至每20股送一股，这也令投资者失望。 信义光能 (968 HK) 该公司目前的库存水平已从19年第四季度的7天增加到20天，但仍处于合理范围内。其本月至今的产销率约为95%。其管理层表示，COVID-19在海外扩散可能会扰乱海外需求，平均售价可能会受压。该公司计划进一步扩大产能，并期望以更低的材料成本和更佳的产品组合来支持2020年（估计）毛利率。 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.