Spinee wrote a post · Apr 18, 2023 09:13

CITIC Securities Expects 2Q to Be Best Quarter for H-shrs; Eyes on 4 Key Storylines in Apr Incl. SOE Reform

Hong Kong equities' performance was further hampered by headwinds emerged between the end of Chinese New Year and late March, including strengthening expectations for monetary tightening in overseas countries and concerns over the liquidity risks of European and US banking systems, CITIC Securities illustrated in a report.

The broker believed 2Q23 will be the best quarter for Hong Kong stocks throughout the entire year. In April, the broker recommended investors to focus on four key storylines: growth sectors benefiting from the expectations for improved liquidity conditions; mobility industry chain benefitting from holiday seasons and travel peak seasons; Property-completion sectors benefitting from the sustained recovery of real estate industry chain; and sequential valuation ramp-up facilitated by SOE reform.

The broker outlined its strategic picks among H-shares for April as follows:

$CHINA SOUTH AIR(01055.HK)$, $HKEX(00388.HK)$ , $LI AUTO-W(02015.HK)$ , $MEITUAN-W(03690.HK)$ , $TENCENT(00700.HK)$ , $BABA-SW(09988.HK)$ , $AIA(01299.HK)$ .

Additionally, CITIC Securities listed several stocks that were projected to benefit from the SOE reform investment theme, namely $CHINA RES GAS(01193.HK)$ , $CHINA UNICOM(00762.HK)$ , $CHINA MOBILE(00941.HK)$ , $HUANENG POWER(00902.HK)$ , $CHINA RES POWER(00836.HK)$ .

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