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Gigi Choy

Kathleen Magramo

Deb Price

Good day, traders --
Hong Kong and China markets advanced on better-than-expected earnings. Catch up on the day's action below!
And, hey, are you getting your Live Stocks Blog every morning via email? You can! Don't miss out on our coverage of Hong Kong and mainland markets each trading day! If you would like the Live Stocks Blog emailed to you each morning, click here. If you need to reach the stocks team, email deb.price@scmp.com.
-- Gigi Choy, Kathleen Magramo and Deb Price in Hong Kong 
Note: Information in this blog is on an "as is" basis and not a solicitation or offer to buy or sell any securities or otherwise; and is not investment/professional advice or services in this regard.  It is subject to our T&C.  SCMP (as defined in T&C) shall not be liable for any loss, damage and costs relating to any investments in securities or otherwise in this connection.
 

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Hong Kong, China stocks gain, as China trade data shows less-than-expected decline in exports 

A worker at the Yangluo Port in Wuhan, central China’s Hubei province on April 12, 2020. Wuhan lifted outbound travel restrictions from April 8 after almost 11 weeks of lockdown to stem the spread of COVID-19. The cargoes piled up at ports have also been shipping away since the water ports in Wuhan resumed operation. Photo: Xinhua


Business

WH Group tumbles after its Smithfield Foods closes big plant in US due to virus outbreak
BYD first-quarter profit slumps


China’s exports declined 3.5 per cent in March compared with March 2019, while imports rose 2.4 per cent. Economists had predicted a 12.8 per cent decline in exports and a 7 per cent fall in imports, according to Bloomberg.


China markets

Hang Seng Index

Coronavirus pandemic: All stories

Live

Smithfield Foods, a subsidiary of WH Group (288 HK), shut a US pork processing plant indefinitely after workers fell ill due to the coronavirus.
A Smithfield official warned that meat supply in the world’s largest economy is “perilously close to the edge,” Reuters reported.
Smithfield, the world’s biggest pork producer, was bought in 2013 by WH Group for US$4.72 billion, in the biggest acquisition by a Chinese company of a US company at the time. 
As happened in China, the virus is disrupting the meat supply chain in the US amid closures by slaughterhouses, breaking the link between the farmer and the consumer. 
The plant in Sioux Falls in the state of South Dakota is one of America’s biggest pork processing facilities, Reuters reported, handling up to 5 per cent of the country’s production.
Nearly 240 workers were infected with the virus, out of 3,700 total, according to the state’s governor, Reuters reported. 
“It is impossible to keep our grocery stores stocked if our plants are not running,” Smithfield Chief Executive Ken Sullivan was quoted by Reuters as saying in a statement on Sunday. “These facility closures will also have severe, perhaps disastrous, repercussions for many in the supply chain, first and foremost our nation’s livestock farmers.” 
-- Deb Price


ICYMI: WH Group’s Smithfield Foods closes US plant amid rash of virus infections

BYD (002594 CH), the mainland’s largest new-energy vehicle maker, forecast that its earnings for the first quarter of this year would fall 80 to 93 per cent from a year earlier owing to the Covid-19 epidemic.
The company said in a filing to the Shenzhen Stock Exchange that profits for the three months ending March 31 were likely to be valued at 50 million to 150 million yuan, compared to 749.7 million yuan in the same period last year.   -- Daniel Ren


BYD Q1 profit slumps

Battery maker Contemporary Amperex Technology Ltd (CATL) (300750 CH) plans to offer bond sales worth up to US$3 billion to support its overseas expansion.
The company that has reached a preliminary agreement to supply the US electric carmaker Tesla said part of the proceeds would be used to repay debts and replenish daily operation.
The debt offerings will be conducted on the overseas markets.
CATL is also in talks with Tesla to make batteries that contain no cobalt in cars built at its China plant.
-- Daniel Ren   


CATL to offer US$3 billion debts

* Overnight markets/ What futures foretell   
-- Overnight in US markets, the S&P 500 dropped 1 per cent, the Nasdaq rose 0.5 per cent, and the Dow Industrials slipped 1.4 per cent   -- Hong Kong futures were 0.7 per cent higher, while the FTSE China A50 futures climbed 0.8 per cent
* IPO debuts: none
* Economic statistics/Central Bank action: The customs office is scheduled to release the March data on foreign trade today. Exports probably fell 13 per cent from a year earlier and import may have dropped 7 per cent, according to the estimates of economists polled by Bloomberg.
* Corporate events: earnings, meetings, news conferences      -- Tonghua Dongbao Pharmaceutical (600867 CH) and Cnooc Energy Technology and Services (600968 CH) are due to post annual and first-quarter results respectively today.
*Later this week: The National Bureau of Statistics is scheduled to post the March data on industrial production, retail sales and fixed-asset investment on Friday.


Morning guidance

Japan’s Nikkei 225 advanced 1.2 per cent to recoup some of its 2.3 per cent loss on Monday.
Prime Minister Shinzo Abe declared a state of emergency in capital city Tokyo, Osaka and five other prefectures to try to control spread of the virus. The government has also unveiled an unprecedented near US$1 trillion package to help businesses and households stay afloat.
In South Korea, the Kospi gained 1 per cent, after declining 1.9 per cent on Monday. The tech heavy Kosdaq rose 1 per cent, after falling by 2.4 per cent the day before.
Australia and New Zealand markets reopened today. Australia’s S&P/ASX200 went up 0.4 per cent, while New Zealand’s S&P/NZX50 jumped 1.2 per cent.
Meanwhile, in Singapore, the Straits Time Index rose 1.1 per cent, after slipping 0.2 per cent on Monday.
-- Gigi Choy


Asia-Pacific markets up

The Hang Seng Index gained 0.2 per cent to 24,337.67, as trading resumed after two days of holidays.
HSBC (5 HK) rose 1.1 per cent to HK$41.45, while Standard Chartered (2888 HK) jumped 1.5 per cent to HK$44.
Index heavyweight Tencent (700 HK) gained 1.3 per cent to HK$396.40. E-commerce giant Alibaba (9988 HK), which owns the South China Morning Post, jumped 2 per cent to HK$195.60.
  Also of note, Chinese pork producer WH Group (288 HK) plunged 7.8 per cent to HK$7.21. The company, which owns Smithfield Foods, shut one of America's largest pork processing facilities until further notice after employees contracted the coronavirus. The plant in Sioux Falls, South Dakota handles up to 5 per cent of the US' pork production.
Meanwhile, Shenzhen-based electric car maker BYD (1211 HK) gained 1.6 per cent to HK$41.15. The company forecast that its earnings for the first quarter of this year would fall 80 to 93 per cent from a year earlier due to the coronavirus pandemic.
  -- Gigi Choy


Hong Kong up at open; WH Group plunges

The Shanghai Composite Index rose 0.4 per cent to 2,794.80 at the open.
The CSI 300 gauge on large-caps listed in Shanghai and Shenzhen gained 0.7 per cent to 3,777.83 and the tech-focused ChiNext advanced 0.7  per cent to 1,937.29.
Kweichow Moutai (600519 CH), the world’s most valuable liquor company, climbed 1.2 per cent to 1,176 yuan.
Apple AirPod assembler Luxshare Precision Industry (002475 CH) advanced 1.4 per cent to 39.68 yuan.
Ping An Insurance (601318 CH)  added 0.8 per cent to 70.68 yuan.
Jiangsu Hengrui Medicine (600276 CH) advanced 1.1 per cent to 97.72 yuan. It manufactures a range of treatments, from fighting tumors to infections.
China International Travel Service (601888 CH) gained 0.7 per cent to 78.43 yuan, as some analysts expect a rebound in Chinese domestic travel.
-- Kathleen Magramo


China markets advance at the open; Kweichow Moutai gains

Shares of cancer drug developer Beigene (6160 HK) surged as much as 6.2 per cent after it said its "anti-PD-1" antibody drug tislelizumab received Beijing's marketing approval to treat patients with advanced or metastatic cancer of the urinary system.
Phase three clinical trial evaluating the drug's efficacy when used in combination with chemotherapy as a first-line treatment of patients with non-squamous non-small cell lung cancer also met its primary objectives, it added in a filing this morning to Hong Kong's bourse.
The trial demonstrated a statistically significant improvement in progression-free survival compared to chemotherapy alone.
Tislelizumab was already approved last December for treating classical Hodgkin's lymphoma patients who did not respond to or relapsed after using other treatments. Beigene traded 5.5 per cent higher at HK$89.15 at 9:55a.m.
-- Eric Ng


Beigene soars as it announces Beijing approval on drug treatment

China’s March exports fell 3.5 per cent year-on-year in yuan terms, much better than an estimated 12.8 per cent plunge expected by economists polled by Bloomberg.
China’s better-than-expected trade data indicates that its economy is resuming production faster than projected.
Coronavirus lockdowns remain in place in many of China's trading partners. So it remains to be seen how weaker global demand will affect China's trade figures in the future.
Chinese benchmarks continue to show gains, without any noticeable reaction yet to the numbers.
The Shanghai Composite Index is ahead 0.4 per cent at 2,800.54. The CSI 300 gauge on large-caps listed in Shanghai and Shenzhen gained 0.8 per cent to 3783.81 and the  tech-focused ChiNext advanced 1.5  per cent to 1953.94.
Read full story here on the trade data.
-- Kathleen Magramo


China trade data much better than expected in March despite virus turmoil

In Hong Kong, the biggest turnover stocks are Tencent (700 HK), which jumped 0.9 per cent to HK$394.80, AIA (1299 HK), which rose 0.6 per cent to HK$72.05, Alibaba (9988 HK), which surged 2.8 per cent to HK$197, and Meituan Dianping (3690 HK), which fell 1.7 per cent to HK$95.65.
The top Hang Seng Index gainers are property developers CK Asset (1113 HK), which jumped 2.4 per cent to HK$47.60, Sino Land (83 HK), which rose 1.6 per cent to HK$10.20, and Country Garden (2007 HK), which went up 1.6 per cent to HK$9.75.
Meanwhile, the biggest losers are WH Group (288 HK), which tumbled 4.3 per cent to HK$7.48, CNOOC (883 HK), which fell 3.7 per cent to HK$8.59, and Sunny Optical (2382 HK), which dropped 3.6 per cent to HK$108.50.
-- Gigi Choy


Hong Kong: Biggest turnover stocks; blue chip gainers and losers

China energy stocks mostly fell as oil prices continued to climb following a historic deal among the world’s biggest producers to cut output by 9.7 million barrels a day starting in May.
CNOOC (883 HK),  China’s dominant offshore oil and natural gas producer, turned down 2.9 per cent to HK$8.66.
Sinopec (386 HK), the country’s biggest oil refinery, rose 0.2 per cent to HK$4.02 while its A-shares (600028 CH)  fell 0.4 per cent to 4.49 yuan.
PetroChina (857 HK), the nation's largest oil and gas producer, dropped 2.7 per cent to HK$2.90 and its A-shares (601857 CH) shed 0.2 per cent to 4.57 yuan.
The Organisation of the Petroleum Exporting Countries and its allies, known as OPEC+,  reached a deal to curb output during the weekend despite doubts on whether the cuts will be enough to offset the sapped energy demand as the Covid-19 pandemic hits economies.
Saudi Arabia’s energy minister said on Monday that the kingdom is ready to trim supply further if needed when OPEC+ meets again in June.
Meanwhile, US President Donald Trump tweeted that the cuts agreed by the coalition would near 20 million barrels per day.
International benchmark Brent crude futures were up 1.2 per cent on Monday morning in Asia. US West Texas Intermediate (WTI) crude futures climbed 0.4 per cent and were priced around US$23 a barrel.
 
Having been involved in the negotiations, to put it mildly, the number that OPEC+ is looking to cut is 20 Million Barrels a day, not the 10 Million that is generally being reported. If anything near this happens, and the World gets back to business from the Covid 19.....
  — Donald J. Trump (@realDonaldTrump) April 13, 2020
-- Kathleen Magramo


Chinese oil stocks mostly fall following OPEC+ production cut

Chinese pork producer WH Group (288 HK) is down 3.2 per cent, narrowing early losses to HK$7.56.
The company, which owns Smithfield Foods, shut one of America's largest pork processing facilities indefinitely after more than 300 employees contracted the coronavirus.
The plant in Sioux Falls, South Dakota handles up to 5 per cent of the US' pork production.
Kenneth Sullivan, Smithfield's president and CEO, warned that the closure of protein plants in the US has pushed the country's meat supply "perilously close to the edge".
-- Gigi Choy


WH Group trims early losses

The Shanghai Composite Index was up  0.7 per cent to 2,801.95 at the break.
The CSI 300 gauge on large-caps listed in Shanghai and Shenzhen gained 0.9 per cent to 3,786.81 and the tech-focused ChiNext jumped 1.8 per cent to 1,957.90.
Liquor distiller Kweichow Moutai (600519 CH) climbed 1.4 per cent to 1,177.98 yuan.
Apple AirPod assembler Luxshare Precision Industry (002475 CH) rose 1.9 per cent to 39.99 yuan.
Ping An Insurance (601318 CH)  gained 0.7  per cent to 70.60 yuan.
Jiangsu Hengrui Medicine (600276 CH) advanced 1.1 per cent to 97.71 yuan.
Meanwhile, China International Travel Service (601888 CH) was down 0.2 per cent to 78.30 yuan.
-- Kathleen Magramo


Kweichow Moutai, Luxshare gain in early session

New economy stocks are mixed, including Maoyan Entertainment (1896 HK), which fell 2.1 per cent to HK$9.52, and Ali Health (241 HK), which jumped 5.8 per cent to HK$15.96.
  Ping An Good Doctor (1833 HK) shot up 6 per cent to HK$91.05.
Chinese smartphone and home appliance maker Xiaomi (1810 HK) slid 1.4 per cent to HK$10.
  NetDragon Websoft (777 HK), a Chinese online gaming company offering online learning products, advanced 3 per cent to HK$20.80.
  Meanwhile, Kingsoft (3888 HK), a software company with cloud and business management services, slipped 0.2 per cent to HK$24.45.
  -- Gigi Choy


Hong Kong’s new economy stocks mixed, Ping An Good Doctor outperforms

The Hang Seng Index jumped 0.7 per cent to 24,457.83.
HSBC (5 HK) rose 1.5 per cent to HK$41.60, while Standard Chartered (2888 HK) gained 2.5 per cent to HK$44.45.
Index heavyweight Tencent (700 HK) rose 1 per cent to HK$395.20.
Meanwhile, Alibaba (9988 HK) jumped 2.8 per cent to HK$197.
Also of note, the world's largest pork producer WH Group (288 HK) dropped 2.9 per cent, narrowing its loss to HK$7.59. This came after its Smithfield Foods closed one of its US plants after an outbreak of the coronavirus. 
Meanwhile, Ping An Good Doctor (1833 HK) shot up 5.8 per cent to HK$90.80.
-- Gigi Choy


Hong Kong widens gain at midday break

WH Group (288 HK) is in very much in focus today after its Smithfield Foods shut a plant in the US over a coronavirus outbreak among its workers.
Here is what the Smithfield Food president and CEO had to say:
“The closure of this facility, combined with a growing list of other protein plants that have shuttered across our industry, is pushing our country perilously close to the edge in terms of our meat supply. It is impossible to keep our grocery stores stocked if our plants are not running. These facility closures will also have severe, perhaps disastrous, repercussions for many in the supply chain, first and foremost our nation’s livestock farmers,” Kenneth Sullivan, Smithfield's president and CEO said in a statement.
“Unfortunately, COVID-19 cases are now ubiquitous across our country. The virus is afflicting communities everywhere. The agriculture and food sectors have not been immune. Numerous plants across the country have COVID-19 positive employees," he added.
WH Group had a hard tumble at the start of trading today. Now it is down 2.2 per cent.
  -- Gigi Choy


More WH Group news -- here’s what the Smithfield Foods chief said about disruptions

Shipments of Apple iPhone in China jumped 19 per cent  in March from a year ago to 2.5 million units, according to calculations from Bloomberg based on monthly data from government think tank China Academy of Information and Communications Technology. 
Apple supply chain in China rose 1.7 per cent, according to a gauge tracking 53 Apple-related stocks by Xuangubao.
Luxshare Precision Industry (002475 CH) gained 1.7 per cent to 39.90 yuan and GoerTek (002241 CH) rose 1.2 per cent to 17.26 yuan.
They both make Apple AirPods.
Shenzhen Desay Battery (000049 CH) advanced 1.1 per cent to 35.61 yuan.
Touchscreen manufacturer Shenzhen Laibao Hi-Tech (002106 CH) hit the daily upside limit,  jumping nearly 10 per cent to 9.59 yuan.
 Apple reopened all of its retail stores in China in March after they were shut for a month due to coronavirus lockdowns.
-- Kathleen Magramo


iPhone shipments to China rebounded in March, Bloomberg estimates

Ali Health (241 HK) surged 7.7 per cent while Ping An Good Doctor (1833 HK) shot up 6.5 per cent, amid positive sentiment spilling over into companies that got a boost from China’s lockdowns.
-- Deb Price 


Ping An Good Doctor, Ali Health among new economy stocks surging

Daiwa Capital Markets reiterated Alibaba (9988 HK) as a “buy” with a target price at HK$260.
Alibaba was trading up 3.2 per cent to HK$197.80.
Daiwa’s analysts are more positive on Alibaba’s core commerce EBITA [earnings before interest, taxes, and amortisation] as online retail and logistics in China improved in March,  but they expect the recovery pace of local services and the export-related segment to be slow for the rest of the year.
They forecast Alibaba’s revenue to grow by 17 per cent year on year to 109.2 billion yuan in 4Q FY20.
“While digital, media and entertainment (DME) saw higher paying subscriber growth during the Covid-19 outbreak, they carry lower average revenue per user (ARPU) and we see higher number of shows leading to higher cost,” Daiwa’s analysts said in a fresh note.
Meanwhile, the wide adoption of Alibaba’s workplace app Dingtalk could result in higher costs which would negatively impact the overall EBITA margin, they said.
-- Kathleen Magramo


Daiwa Capital Markets reiterates ‘buy’ on Alibaba

China has approved two Covid-19 experimental vaccines for clinical trials, state media Xinhua reported today .
The vaccines are being developed by Nasdaq-listed Sinovac Biotech's unit in Beijing, along with the Wuhan Institute of Biological Products, an affiliate of state-owned China National Pharmaceutical Group, also known as Sinopharm (1099 HK).
Sinopharm jumped 3.8 per cent to HK$20.05.
-- Kathleen Magramo 


China approves two Covid-19 vaccines for clinical trials

Japan’s Nikkei 225 jumped 3.1 per cent on Tuesday, after retreating 2.3 per cent on Monday.
Prime Minister Shinzo Abe has declared a state of emergency in capital city Tokyo, Osaka and five other prefectures to try to control the spread of the virus. The government has also unveiled an unprecedented near-US$1 trillion package to help businesses and households stay afloat.
In South Korea, the Kospi gained 1.7 per cent, after declining 1.9 per cent on Monday. The tech-heavy Kosdaq rose 2.3 per cent, after falling by 2.4 per cent the day before.
Australia’s S&P/ASX200 gained 1.9 per cent, while New Zealand’s S&P/NZX50 went up 2 per cent.
Meanwhile, in Singapore, the Straits Time Index gained 2.5 per cent, after slipping 0.2 per cent on Monday.
-- Gigi Choy 


Japan’s Nikkei 225 jumps as Asia stocks rally

Shares of Macau casino operators are mixed. The world's biggest gambling hub has seen its gambling visitors sharply decline due to tightened travel restrictions to the city.
Galaxy Entertainment (27 HK) rose 0.2 per cent to HK$48.10, while Sands China (1928 HK) fell 0.8 per cent to HK$30.20.
MGM China (2282 HK) gained 0.8 per cent to HK$8.95.
  Melco International (200 HK) dropped 1.2 per cent to HK$12.74. Wynn Macau (1128 HK) rose 0.8 per cent to HK$12.96. Meanwhile, SJM Holdings (880HK) gained 1.1 per cent to HK$7.56.
  -- Gigi Choy


SJM Holdings, Sands China among casino stocks advancing

The Shanghai Composite Index rose 1.6 per cent to 2,827.28 at the close.
The CSI 300 gauge on large-caps listed in Shanghai and Shenzhen advanced 1.9 per cent to 3,825.70 and the tech-focused ChiNext jumped 3.2 per cent to 1,985.43.
Liquor distiller Kweichow Moutai (600519 CH) climbed nearly 2 per cent to 1,185.10 yuan. Apple AirPod assembler Luxshare Precision Industry (002475 CH) shot up 5.2 per cent to 41.28 yuan.
Ping An Insurance (601318 CH)  gained 1.3 per cent to 71.02 yuan.
Jiangsu Hengrui Medicine (600276 CH) advanced 1.9 per cent to 98.49 yuan. China International Travel Service (601888 CH) was up 1.2 per cent to 79.39 yuan.
According to gauges tracked by EastMoney, Internet providers climbed 5.1 per cent and the transmission and distribution electronics sector rose 2.8 per cent.
-- Kathleen Magramo


Jiangsu Hengrui Medicine, Kweichow Moutai among day’s winners in China

Hong Kong's benchmark closed up 0.6 per cent to 24,435.40.
HSBC (5 HK) rose 1.1 per cent to HK$41.45, while Standard Chartered (2888 HK) fell 2 per cent to HK$42.50.
  Index heavyweight Tencent (700 HK) went up 0.9 per cent to HK$395, while Alibaba (9988 HK), which owns the South China Morning Post, gained 2.8 cent to HK$197.
Among new economy stocks, outperformers were Ali Health (241 HK), which surged 6.8 per cent to HK$16.10, and Ping An Good Doctor, which shot up 5.1 per cent to HK$90.25.
Also of note, the world's largest pork producer WH Group (288 HK) slid 0.8 per cent to HK$7.76. It plunged more than 7 per cent in early trading, after its US subsidiary Smithfield Foods closed a US plant due to an outbreak of infections among its workers.
Meanwhile, Chinese electric car maker BYD (1211 HK) gained 3.3 per cent to HK$41.85. Investors apparently see good things ahead for the mainland’s largest new-energy vehicle maker, despite its forecast that its earnings for the first quarter of this year would fall 80 to 93 per cent from a year earlier owing to the Covid-19 epidemic.
-- Gigi Choy


Hang Seng Index advances; Ali Health and Ping An Good Doctor outperform

The Hong Kong market rallied mostly because of the better-than-expected trade data out of mainland China, which boosted “red chips,” or state-owned Chinese companies that are incorporated outside of mainland and listed in Hong Kong, said Louis Tse, managing director at VC asset management.
The positive sentiment spread to other Hong Kong stocks, he said.
The Hang Seng Index is reaching its 50-day moving average at 25,300, which will be the benchmark’s near-term resistance level, he said.
He likes China Construction Bank (939 HK) which slipped  0.5 per cent to HK$6.24 while its A-shares (601939 CH) rose 0.6 per cent to 6.36 yuan.
The coronavirus pandemic led to a jump in demand for online healthcare services, which have seen Ali Health (241 HK) and Ping An Good Doctor (1833 HK) surge.
AliHealth surged 6.8 per cent to HK$16.10. It has surged 79 per cent this year. 
Ping An Good Doctor (1833 HK) jumped 5.2 per cent to HK$90.25. Its share price has grown nearly 60 per cent  this year. 
“As the market capitalisation of these stocks get bigger, some institutional investors may want to issue warrants,” Tse said. Warrants are a type of security which gives an investor the right to "buy" or "sell" a stock at a set price within an expiry date to lock in gains.
“[Despite the pandemic], China still has a large population that needs to use online healthcare service,” Tse said, “It’s like an evergreen, which will keep growing and growing because of the high demand from China’s huge population.”
However, Tse warned online health-care stocks still have to improve their profitability and fundamentals despite having strong backing from their parent companies.
-- Kathleen Magramo


Hong Kong, China stocks gain, as China trade data shows less-than-expected decline in exports

WH Group tumbles after its Smithfield Foods closes big plant in US due to virus outbreak BYD first-quarter profit slumps

WH Group tumbles after its Smithfield Foods closes big plant in US due to virus outbreak

BYD first-quarter profit slumps