Investment Review 2017-08-06
The Hang Seng index has been rising in the past seven month. That is amazing, having said that, rule is mean to be broken. My guess is : there is still room for Hang Seng index.
The portfolio, with a lot of infra-structure stocks and cyclical stocks, appears to have very low, if not negative, co-relation with Hang Seng index. As a result, a couple of Hang Seng future contract were bought to manage the portfolio risk. A portfolio with high return and low co-relation with the bench mark, that is more than I bargain for.
Regarding to the competition, I was in top 5 in term of return and rank number two in term of Sharpe Ratio. It is looking good and I expect to do better in August.
Market News:
港股目前處於業績期，長和（００００１）昨日（３日）收市後放榜，惟表現遜於市場預期
；同系長實地產（０１１１３）則按年升１４％，好過預期。長實急升帶動港股向上之動力，正
好被長和急跌所從抵銷，港股全日變得窄幅上落。接下來，大價股港交所（００３８８）、中移
動（００９４１）、騰訊分別將於本月９日、１０日及１６日公布中期業績，投資者宜持觀望態
度。
中金最新預期騰訊次季收入按年升５５％至５５５億元人民幣，按季則漲１２％，較市場平
均預期高出５﹒７％。惟該股一個月內（以７月４日始計起），已累升近１１％，若果業績公布
再勝預期，可望帶動股價再升。除了業績因素外，早前有報道指該股參與中國聯通混改方案最快
於８月中旬公布，惟其消息曾逾７個月前已傳出，若其方案仍未落實，騰訊再向上突破的動力或
受影響。
恆指今日似能企穩２７５００水平，資金趁低買入頗為積極，只要企業業績向好的勢頭延續
，港股短期可望再挑戰２８０００。若果月中騰訊放榜帶來好消息，港股可以再度尋頂。
Strategy:
The US dollar has dropped more than 10% in the past six months, the spread of AH stocks is widen. Guess it is a good time to have look to those AH stocks. The portfolio will hold on small infra-structure stocks such as 1618 and 3339, and consumer stocks such as 175, 27 and 700.
Holding Period Return: 34.7%
Weekly ActionsSell :
- 1157 for profit taking
Buy :
- 27 : The recovery of Macau business appears to be better than expected
- 175 : The industry index shows improvement of car sales.
- 700 : Time to diversify for risk management
Core-Holdings
The portfolio, with a lot of infra-structure stocks and cyclical stocks, appears to have very low, if not negative, co-relation with Hang Seng index. As a result, a couple of Hang Seng future contract were bought to manage the portfolio risk. A portfolio with high return and low co-relation with the bench mark, that is more than I bargain for.
Regarding to the competition, I was in top 5 in term of return and rank number two in term of Sharpe Ratio. It is looking good and I expect to do better in August.
Market News:
港股目前處於業績期，長和（００００１）昨日（３日）收市後放榜，惟表現遜於市場預期
；同系長實地產（０１１１３）則按年升１４％，好過預期。長實急升帶動港股向上之動力，正
好被長和急跌所從抵銷，港股全日變得窄幅上落。接下來，大價股港交所（００３８８）、中移
動（００９４１）、騰訊分別將於本月９日、１０日及１６日公布中期業績，投資者宜持觀望態
度。
中金最新預期騰訊次季收入按年升５５％至５５５億元人民幣，按季則漲１２％，較市場平
均預期高出５﹒７％。惟該股一個月內（以７月４日始計起），已累升近１１％，若果業績公布
再勝預期，可望帶動股價再升。除了業績因素外，早前有報道指該股參與中國聯通混改方案最快
於８月中旬公布，惟其消息曾逾７個月前已傳出，若其方案仍未落實，騰訊再向上突破的動力或
受影響。
恆指今日似能企穩２７５００水平，資金趁低買入頗為積極，只要企業業績向好的勢頭延續
，港股短期可望再挑戰２８０００。若果月中騰訊放榜帶來好消息，港股可以再度尋頂。
Strategy:
The US dollar has dropped more than 10% in the past six months, the spread of AH stocks is widen. Guess it is a good time to have look to those AH stocks. The portfolio will hold on small infra-structure stocks such as 1618 and 3339, and consumer stocks such as 175, 27 and 700.
Holding Period Return: 34.7%
Weekly ActionsSell :
- 1157 for profit taking
Buy :
- 27 : The recovery of Macau business appears to be better than expected
- 175 : The industry index shows improvement of car sales.
- 700 : Time to diversify for risk management
- “One-belt One-Road” related stocks, such as 1157, 3339, 1618
- China Consumer related stocks, such as 175 & 2333.
- China Financial related stocks, such as 3988 Bank of China.
- Technology Stocks, such as 0700 Tencent, 1478, 0522
- AH stocks : 1618 中國中冶 2238 廣汽集團 0358 江西銅業股份 991 大唐發電
- “One-belt One-Road” 15%
- 2338 濰柴動力
- 3339 中國龍工
- 1157 中聯重科
- Automobile 1%
2333 長城汽車 (back to 7.5%)- 0175 吉利汽車
- 2238 廣汽集團
- Paper 15%
- 2269 玖龍紙業 (Net profit 3.6% -> 10.0%)
2314 理文造紙- 1812 晨鳴紙業 PE 8.3
- Real Estate 15%
- 3333 中國恒大
- 2007 碧桂園
- Financial
- 0939 建設銀行 (5%)
- Technology 10%
- 0700 Tencent (5%)
- 2018 瑞聲科技
- Shipping
- 2343 太平洋航運 (5%)
- 1919 中遠海控
- 0323 馬鞍山鋼鐵股份 (5%)
- 1313 華潤水泥控股 (5%)
- Consumer
- 0027 銀河娛樂 7.5%
- 1929 周大福
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