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<Research>UOB Kay Hian: Constructive View Still Held on Mkts in Medium Term; BABA/ GANFENGLITHIUM/ MINTH GROUP Added to Buy List; MEITUAN Added to Sell List
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The Chinese stock market rebounded in January, with the HSI/ MSCI China Index swelling by 6.9%/ 5% MoM each, UOB Kay Hian said. However, the overall gains were limited by the 'National Team' led by Central Huijin selling US$68 billion. The best performers in the broker's January picks with a Buy rating are WUXI BIO (02269.HK) and PLOVER BAY TECH (01523.HK), with returns of 17.7% and 16.6%, respectively. UOB Kay Hian added that, market conditions might remain volatile in February, but it maintained a constructive medium-term view. The exponential rise in gold and silver prices over the past two months has sharply corrected at the beginning of February. This could lead to forced selling of leveraged long positions, spilling over to the equity market. Therefore, the market may remain volatile in February, but, due to supportive macro policy environment, the broker still held a constructive view in the medium term. UOB Kay Hian added BABA-W (09988.HK), GANFENGLITHIUM (01772.HK) and MINTH GROUP (00425.HK) to its Buy list, and MEITUAN-W (03690.HK) to its Sell list. The broker unfortunately needed to stop cut losses on MIDEA GP (000333.SZ), PDD Holdings (PDD.US), SUNNY OPTICAL (02382.HK) and WUXI BIO (02269.HK). AASTOCKS Financial News Website: www.aastocks.com |
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