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On November 19th, a CLSA research report indicated that despite facing competition in both domestic and international markets, Man Wah Holdings (01999.HK) still saw a 0.6% year-on-year increase in net profit for the first half of fiscal year 2026, with the interim dividend remaining flat. This was attributed to the groups proactive repositioning and improved operational efficiency. Although US tariffs increased, the gross profit margin in overseas markets still rose 1.1% year-on-year to 39.3% during the period, as continued efficiency improvements and lower raw material costs helped mitigate the impact of tariffs. Furthermore, Man Wahs management stated that capacity investment has peaked and that maintaining stable dividends will be a priority in the coming years. The report believes that managements commitment to shareholder returns may support market sentiment in the short term, and coupled with the expected stable revenue growth in fiscal year 2027, it may bring medium-term upside potential. Based on improved shareholder return visibility, the target price was raised from HK$5 to HK$5.58, maintaining an "Outperform" rating.On November 19th, a research report from Bank of America Securities indicated that Geely Automobile (00175.HK) saw its third-quarter revenue increase by 27% year-on-year to RMB 89.2 billion, primarily driven by a 43% year-on-year increase in deliveries and higher average selling prices. Benefiting from improved economies of scale, operational efficiency, and product mix optimization, gross margin rose 1.2% year-on-year to 16.6%. Net profit for the period increased by 59% year-on-year to RMB 3.8 billion, with cumulative net profit for the first three quarters reaching RMB 13.1 billion, accounting for 77% of the banks full-year forecast. The bank raised its sales volume forecasts for 2025 to 2027 by 2%, 1%, and 2% respectively, its total revenue forecasts by 1%, 2%, and 2%, and its earnings per share forecasts by 1%, 6%, and 5%. The target price was raised from HKD 24 to HKD 25, and the bank reiterated its "buy" rating.According to Japans Kyodo News, the governor of Niigata Prefecture will approve the restart of Tokyo Electric Power Companys Kashiwazaki-Kariwa nuclear power plant.Hong Kong-listed biotech stocks weakened during the session, with Biocytogen (02315.HK) falling nearly 5%, Kodi (02487.HK) and Xinwei Medical (06609.HK) falling more than 3.5%, and Kelun Biotech (06990.HK) falling more than 3%.Japans Ministry of Finance will auction 400 billion yen of 40-year government bonds on November 26.

Oil prices fall ahead of an OPEC+ summit

Charlie Brooks

Aug 01, 2022 10:58

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As investors prepared for this week's meeting of OPEC and other major producers to discuss supply modifications, oil prices declined on Monday morning.


At 0000 GMT, Brent oil futures declined 63 cents, or 0.6 percent , to $103.34 a barrel. U.S. West Texas Intermediate oil was trading at $97.87 per barrel, a decrease of 75 cents or 0.7%, after hitting a session low of $97.55 when trading in Asia began.


The price of both futures contracts climbed by more than $2 a barrel on Friday, as the risk appetite of investors grew. However, both Brent and WTI ended July with a second consecutive monthly decline for the first time since 2020, as rising costs and interest rates fueled concerns that a recession would restrict gasoline use.


According to ANZ analysts, gasoline use is below the five-year average for this time of year and fuel sales to British motorists are dropping. In reaction, for the first time since April, experts polled by Reuters cut their projections for the average Brent price in 2022 to $105.75 per barrel and for WTI to $101.28 per barrel.


Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, will meet on Wednesday to set September production.


Two of eight OPEC+ sources questioned by Reuters said that a slight increase for September would be discussed at the August 3 meeting, while the other six sources indicated that output will likely stay constant.


The meeting follows Vice President Joe Biden's visit to Saudi Arabia last month.


While President Biden's visit to Saudi Arabia did not result in immediate oil shipments, Helima Croft, an analyst at RBC Capital, thinks that the Kingdom will continue to gradually increase output.


In 2020, at the beginnings of the COVID-19 outbreak, OPEC+ has completely reversed the dramatic production restrictions enacted at the start of August.


Sunday, the group's new secretary general, Haitham al-Ghais, emphasized that Russia's participation in OPEC+ is important to the success of the accord, as reported by the Kuwaiti newspaper Alrai.


Baker Hughes reports that the number of oil rigs in the United States climbed by 11 in July, marking the 23rd consecutive month of rise.

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