BUZZ-HK/China movers: Industrials, Hutch Tel, Rongsheng, Shun Tak, Hang Lung
Chinese industrials are leading gains in HK/China following forecast-beating official PMI data. The PBOC injects liquidity for the second time this week giving markets another lift. Here's what moving in HK/China beyond the indexes:
** Angang Steel : +4%, top gainer on the H-shares index. Even though China's steel sector continues to struggle, Angang has reported two successive quarters of earnings prompting some investors to take the view that the company is likely to outperform its peers.
** Hutch Tel : -9.7%, Weak results Hong Kong's saturated smartphone market keeps pressure on margins. Brokers cutting earnings forecasts.
** China Rongsheng : +8.5%, beleaguered shipbuilder gets a reprieve after its plan to raise cash via convertible bonds.
** Shun Tak Holdings : +8.7%, acquires land in Hengqin (island next to Macau that China has designated as a tourism zone). Also a proxy for Macau revenue.
** Hang Lung Property : +2%, reports higher rental income in Hong Kong but signs that malls in China are seeing slower growth.
** Li & Fung : +3.5%, another bounce following U.S. macro data but nearly 50% of lendable shares out on loan suggests stock getting squeezed as shorts cover. Street still cutting EPS estimates. (Stocks Buzz is a pilot project. Please send any feedback or suggestions to firstname.lastname@example.org) (RM: email@example.com)
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