The Fed resumed raising interest rates by 0.25% in July(click image to enlarge)and under the premise that the U.S. job market is still stable and inflation is slowing down, the market expects the federal funds rate to remain at 5.25 to 5.5% until the first quarter of next year.(click image to enlarge)。
Interview with Liu Xianda of Citigroup on the three big mountains of Hong Kong stocks and opportunities【next page】
(Please click on the picture to enlarge)
In addition, major central banks such as Europe and the United Kingdom still have the possibility of continuing to raise interest rates(click image to enlarge)In the short to medium term, only the Bank of Japan and the People’s Bank of China have a greater chance of maintaining interest rates at a relatively low level. In addition to paying attention to dividend stocks with a predicted dividend yield of more than 6%, readers should not ignore their ability to grow dividends per share.
Further reading:Bank Fixed Deposit Vs Stock Investment Data Reference for Nearly 100 Years
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August 10:
[01:00]Our newspaper’s column “Talking about the strength of Chinese stocks” commented on the popular dividend stock China Telecom （00728）
,analyzeSee:[next page]
August 9:
[19:30]Before the outbreak of the new crown epidemic and the industry’s debt crisis, mainland real estate stocks were one of the dividend stocks.But the blue-chip mainland property stocks Country Garden （02007）
Recently, two offshore bond coupons have not been paid due, involving US$22.5 million. UBS has published a research report on this and believes that due to Country Garden’s operating cash outflow and the large scale of bonds that are about to expire, among them, the maturity period will be from September to December. The bond amount is expected to reach 20 billion yuan, and its liquidity level is full of challenges. It reiterates its “sell” investment rating and target price of 1.2 yuan.
UBS predicts that the mainland property market is currently weak, and Country Garden’s monthly operating cash outflow from May to July this year will exceed 10 billion yuan. Compared…
[13:00]People’s livelihood is more relevant than blue-chip REIT Link （00823）
Rich REIT （00778）
Citigroup issued the latest report to maintain its investment rating as “buy”, but the target price was lowered from 7.5 yuan to 7.2 yuan.
Citigroup believes that Fortune’s investment portfolio is resilient and is expected to benefit from the recovery of the local retail industry. However, the company’s profit this year may be dragged down by an increase in interest expenses, and it is unlikely to be offset by moderate growth in retail revenue. However, Citi still expects…
[01:00]Lin Ruifen, a well-known columnist in our newspaper, commented on the popular dividend stock HSBC （00005）
,analyzeSee:[next page]
August 8th:
Further reading:Low-price push for new projects in Yau Tong brings difficulties to Kai Tak project
[13:00]The monetary policies of major central banks such as the United States, Europe, Japan, and the United Kingdom affect the attractiveness of dividend stocks. ICBC (Asia)’s outlook on the U.S. economy and the Federal Reserve’s September interest rate meeting,See:[next page]
[12:15]The latest research report published by JP Morgan Chase, HSBC Holdings （00005）
Its investment rating was upgraded from “neutral” to “overweight”, and its target price was raised from 66 yuan to 80 yuan, because of its improved shareholder return, and its adjusted dividend yield reached 12%, which is comparable to the 10-year Compared with short-term bond yields in the United States, the spread is 840 basis points.
In addition, JPMorgan with…
Further reading:Interest rate hike is actually a good time to invest in US real estate?
【01:00】Our newspaper’s column “Income Earnings” commented on Hong Kong Telecom, one of the most popular dividend stocks in Hong Kong （06823）
,analyzeFor details, see:【next page】
August 7th:
[21:30]According to the latest research report published by Jefferies, Cheung Kong Group （01113）
In the first half of this year, the basic profit excluding revaluation income fell 34% year-on-year to about 7.6 billion yuan, reaching about 44% of the bank’s full-year forecast; It fell nearly 60%, and its performance was weaker than expected.
Jefferies said that although Cheung Kong continues to focus on returns as its development strategy and has a relatively strong balance sheet, its property sales revenue is worse than the market and the bank’s expectations, and the income from investment properties is also mediocre. At the same time… …
[16:15]Traditional dividend stock PCCW （00008）
The interim comprehensive income and EBITDA announced after the market closed last Thursday increased by 1% and 2% year-on-year respectively. HSBC Global Research released the latest report, which is mainly due to the （06823）
The performance is stable, but the target price of PCCW is lowered from 4.6 yuan to 4 yuan, and its investment rating is downgraded from “buy” to “hold”.
HSBC Environmental Research continued to point out that PCCW monthly active users (MAU) and OTT business paying users increased year-on-year, but fell half-yearly, while the overall media EBITDA increased by 156% year-on-year, mainly due to the effective cost control of VIU TV business, which offset TV ad revenue fell, but…
Further reading:Birth day of the flat-explosive pro-sea station leading the new project?
[12:15]Local real estate and rental stocks, as well as physical properties, are the source of fixed interest income in the investment portfolio of many Hong Kong people, while foreign countries have some related derivative products to simplify the investment process, analysisFor details, see:【next page】
[06:15]Liu Xianda, managing director of Citibank Research and China stock strategist, commented on the strategy of dividend stocks, analysisFor details, see:【next page】
[01:00]The traditional blue-chip MTR, which is almost half a utility stock and half a real estate stock, will announce its interim results for this year on Thursday (August 10). Business income is expected to recover with the return to normal. However, the stock price has dropped significantly recently due to the lack of mid-term results and the expectation of revenue from property sales.(click image to enlarge)。
However, in the long run, the MTR business can regain its growth path. In addition, the closing price last Friday was 34.8 yuan, compared to the average target price and valuation restoration of securities companies.(click image to enlarge), both have room for improvement. For more on MTR analysis,For details, see:【business prospects】【Valuation analysis】
August 6:
[15:00]Traditional dividend stocks HK Electric （02638）
Net profit in the first half of this year rose 9.8% year-on-year to 980 million yuan, and the interim distribution per share stapled unit was flat at 15.94 cents year-on-year. Morgan Stanley recently published a research report stating that the financial cost of HK Electric has increased by 62% from nearly 400 million yuan in the middle of 2022 to more than 640 million yuan in the middle of this year. Considering the trend of HIBOR and its net debt scale of 51 billion yuan, the interest cost It should have risen sharply, but the company was able to control the increase in costs during the period by locking in a hedging strategy with a fixed interest rate of 72% to 74%.
In addition, Hongkong Electric has submitted the 2024 to 2028 development plan to the government. Morgan Stanley estimates that under its profit management agreement (SOC) in the next five years, its capital expenditure will reach 25.5 billion yuan, which is the same as the original plan of 26.6 billion yuan. Among them, it is expected that HK Electric will re-build in the future……
August 4th:
【14:15】Cheung Kong Group （01113）
The results in the first half of the year were generally in line with expectations, but the dividend was flat. In the latest research report released by Citigroup, although the target price of Cheung Kong has been lowered from 49 yuan to 47.1 yuan, it maintains its investment rating as “neutral”. expected to rise steadily.
Citigroup continued to point out that in the environment of persistently high interest rates, it has a negative view on the prospects of Hong Kong residential and office buildings, but believes that Cheung Kong’s recurring income mix is diversified and its balance sheet is strong…
For more analysis on the prospects of the local real estate industry,See:[next page]
(Please click on the picture to enlarge)
(Please click on the picture to enlarge)
Further reading:Prices of new properties in urban areas are driving down property prices
[01:00]Our newspaper column “Talking about the strength of Chinese stocks” commented on China Overseas, a state-owned real estate stock （00688）
,analyzeSee:[next page]
【00:15】Our newspaper’s column “Income Earnings” commented on AIA, a blue-chip stock that is one of the most popular dividend stocks in Hong Kong （01299）
,analyzeFor details, see:【next page】
August 3:
[19:45]Fitch Ratings, an international rating agency, downgraded the US credit rating from “AAA” to “AA+” on August 1, US time, impacting the global stock, foreign exchange, and bond markets.In this regard, the analysis of Kristina Hooper, Chief Market Strategist of Invesco GlobalSee:[next page]
[15:00]Standard Chartered Group （02888）
The second-quarter performance beat market expectations, and Morgan Stanley recently released a report stating that Standard Chartered’s quarterly results were stable, and its performance guidance was raised, and the stock repurchase plan exceeded expectations. It is believed that Standard Chartered’s stock price will outperform its peers within 15 days. 70% to 80%.
Morgan Stanley raised the target price of Standard Chartered from 79.7 yuan…
Further reading:The real estate crisis broke out in Hong Kong for the rich to reshuffle their properties?
[13:00]Blue Chip Global Utilities Stock Cheung Kong Infrastructure （01038）
After the market closed yesterday, it was announced that the net profit in the first half of this year fell by 3.9% year-on-year to 4.24 billion yuan, and the latest research report released by Citigroup pointed out that the interim net profit of Changjian was lower than expected. Lowered its net profit forecast from 2023 to 2025…
For more detailed analysis, subscribers can log in to continue browsing.
For more on the “Dividend Stock Tracker” for the first week of August,See:[next page]
Reporter: Xiao Yuelin
Views of blue-chip related brokerages,For details, please refer to:[Internal Insurance Sector][Blue Chip Hong Kong Public Utilities Stocks][blue chip rental stock】【Nagawa】【HSBC Holdings】【Lenovo Group】【Cheung Kong Infrastructure】【Sands China】
Further reading:The year of the tiger is fulfilled everywhere, so what about the year of the rabbit
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Written by: Xiao Yuelin Money Times
Column Title: Dividend Stock Tracker
2023-08-10 04:41:35
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