Most counters on the list detracted. It has been a bad May as well for the index.
But we have to go back to fundamentals on the list and assess them. Especially quite a number of counters have released results / updates in the past month.
Powermatic Data - Satisfactory Results
TC Auto - Sales down by around 15% but that is expected as the covid lockdown in China has occured. Does not look that bad based on 1st 3 months but i think april/may might be worse based on more lockdown news seen in areas such as Guangdong, Shenzhen. As mentioned previously, kicking the can down the road again before a recovery will occur but the PE is low for the company compared to peers in hkex.
KSH - I need some time to read in depth the result. But i have no particular concerns on a minor glance through
UMS - Looks ok
Propnex- Revenue Growth still strong with housing market prices still increasing. Some measures have been put in such as no escape from ABSD with 35% tax on residential property transfer into a living trust.
However, with inflation being the theme, i do not think a huge downturn in price is coming. Similarly, with the population being very cash rich (SSB was close to 3 times oversubscribed with each person getting only a maximum of 15k in the most recent issue.) Demand is unlikely to be weak as well.
LHN- Mixed results, most segments recorded decline in revenue and profits. This time around, a good chunk of profits coming from fair value gain in residential segment which is their co-living concept.
Have to monitor the core profits especially the residential segment.
Uni Asia - The 1Q updates gave little away but i believe the fundamentals are still intact. Perhaps some might not have been happy with their dividend policy etc but that is to each of their own.
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