Jinwu Financial News | The Hang Seng Index closed at 17,746 points on Monday (29th), up 95 points or 0.5%. The daily turnover was $163.417 billion. The national index rose 13 points, or 0.2%, to 6282; the technical index fell 4 points, or 0.1%, to 3713. Blue Chip AIA (01299)'s new business value hit a quarterly high of 6.1% last quarter; the first-quarter results were announced tomorrow (00005), which rose slightly by 0.9% throughout the day; domestic housing stocks continued to be hot, especially second-tier domestic housing, and Shimao (00813) surged 60.6%; Times China (01233) surged 30.7%;
The Dow closed at 38,386 points on Monday (29th), up 146 points, or 0.38%; the index rose 0.32% to 5,116 points; the NASDAQ entered 0.35% to 15,983 points; the Golden Dragon Index, which reflects the performance of Chinese concept stocks, rebounded 0.54%, and Baidu (09888) ADR increased 5.6%. European stock markets developed individually, with British stocks rising slightly by 0.09%, while French stocks and German stocks fell 0.29% and 0.24%, respectively. There is an indication that Tesla was approved in principle by the Chinese government to launch an autonomous driving system, and Tesla's stock price closed 15.3% higher. Apple and Amazon, which will announce their results this week, have increased their stock prices by 2.5% and 0.8%, respectively. Another major stock, Boeing, plans to issue bonds for financing. The stock price rose 3.8%, making it the strongest performing Dow component; Intel fell 1.6%, making it the Dow component with the biggest decline. The Asia-Pacific stock market moved individually this morning (30th). The Nikkei 225 Index now reports 38,454 points, up 825 points, or 2.19%. The South Korea Composite Index is now 2,703 points, up 15 points, or 0.5 &%. The Federal Reserve held an interest rate meeting, and investors remained cautious.
Market focus: Datang Power Generation (00991)
Datang Power Generation (991) released operating data for the first quarter of 2024. The Group's net profit was 1.33 billion yuan (RMB, same below), up 8.7 times from year to year, with earnings of 5.05 points per share, after deducting net profit of 1.33 billion yuan for non-recurring profit and loss, up 26.9 times. Revenue was $30.74 billion, up 9.6% year-on-year. Operating profit was 2.11 billion yuan, up 10.3 times. At the same time, the Group's results for the full year of 2023 turned a loss into a profit. In 2023, thanks to the sharp rise in the volume and price of the Group's electricity, the year-on-year decrease in unit fuel costs, and the Group recorded an increase in revenue. The Group's electricity sales volume in 2023 was 259.4 billion kilowatt-hours, up 5.06% year on year. Furthermore, the Group recently announced proposals to develop 9 new energy projects, with a total investment of about 5.729 billion yuan. The project reserves are sufficient, and it is expected to contribute to increased performance in the future. It is believed that the Group's 2024 performance will achieve positive growth, which is worth paying attention to.
Target price is $1.8, stop loss price is $1.40.
(The author is a licensed person of the Securities Regulatory Commission and the author does not hold the above shares)
Author: Dr. Deng Shengxing, Managing Partner, Yibo Capital Asia Limited