In today’s briefing:
- HK CEO & Director Dealings (15 Mar 2024): Sino Land, Hysan, FE Consortium, Champion REIT, Dongyue
- EQD | Hang Seng (HSI): How Far Can It Rally Now?
- [Kanzhun Ltd. (BZ US, BUY, TP US$22) Rating Change]: Market Share Gain Ahead of Purported Recovery
- Migao Group IPO – Last Listing Didn’t Do Well, This One Might Struggle Too
HK CEO & Director Dealings (15 Mar 2024): Sino Land, Hysan, FE Consortium, Champion REIT, Dongyue
- The data in this insight is collated from the “shareholding disclosure” link on the HKEx website.
- Often there is a corresponding HKEx announcement on the increase – or decrease – in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.
- The key stocks mentioned in this regular insight are Sino Land (83 HK), Hysan (14 HK), Far East Consortium (35 HK), Dongyue (189 HK) & Great Eagle Holdings (41 HK)/Champion REIT (2778 HK).
EQD | Hang Seng (HSI): How Far Can It Rally Now?
- The Hang Seng Index is rallying and could co higher this week but it seems there isn’t much room to go really higher.
- A good target to cover your LONG holdings would be 17500, for this coming week and/or the following week.
- A pullback this coming week is also possible, so it’s not sure the index can rally more from here, or at least not without some correction first.
[Kanzhun Ltd. (BZ US, BUY, TP US$22) Rating Change]: Market Share Gain Ahead of Purported Recovery
- BZ reported 4Q23 revenue in-line/2.6% vs. our estimate/consensus, non-GAAP NI beat our estimate/consensus by 3.5%/21.9%, mainly attributable to effective cost control measures.
- We think the competitive advantages over peers grand BZ privilege to enjoy the early sign of hiring demand recovery, whereas overall China job market remains lackluster in early 2024.
- We upgrade the stock from SELL to BUY and rise TP by US$7.5 to US$22/ADS.
Migao Group IPO – Last Listing Didn’t Do Well, This One Might Struggle Too
- Migao Group Holdings (9879 HK) is looking to raise up to US$124m in its Hong Kong IPO.
- Migao Group (Migao) is a vertically-integrated national potash fertilizer company in China.
- In this note, we look at the firm’s past performance and share our thoughts on valuation.
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