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On February 24, UBS published a report stating that Hong Kong Telecom (06823.HK) recorded service revenue of HK$16.3 billion in the second half of last year, an increase of 1.4% over the same period last year; EBITDA was HK$7.6 billion, an increase of 2.5% over the same period last year; and net profit was HK$3.1 billion, an increase of 1.3% over the same period last year. Its service revenue was roughly the same as the banks forecast, while EBITDA and net profit were 1 to 7% lower than the banks forecast, mainly due to reduced mobile phone sales and increased income tax. The report stated that Hong Kong Telecom declared a final dividend of HK$0.4588 per share, an increase of 3.2% over the same period last year, with a dividend payout ratio of 100%, which was similar to the banks forecast, meaning that the full-year dividend yield was above 8%. After the results were announced, the banks profit forecast for Hong Kong Telecom remained roughly unchanged, and raised the target price from HK$12.5 to HK$13, maintaining a buy rating.On February 24, UBS published a report stating that PCCWs (00008.HK) revenue in the second half of last year rose 2% year-on-year to 19.9 billion yuan, and EBITDA remained flat at 7.2 billion yuan, which was lower than expected, mainly due to increased expenses for the expansion of the media business. The company announced a final dividend of 0.2848 yuan per share, similar to last year, which is equal to 95% of the full-year dividend of Hong Kong Telecom (06823.HK). The bank lowered PCCWs revenue and EBITDA forecasts from this year to 2027 by 0% to 6%, and lowered its dividend per share forecast by 1% to 5%, expecting the dividend per share to remain flat, rather than maintaining a stable pass-through ratio for Hong Kong Telecoms dividends to support the media and solutions business that may still be burning money. The bank raised the companys target price from HK$5 to HK$5.5, with a dividend yield of 7.8%, and maintained its buy rating.Hong Kong-listed electronic parts stocks fluctuated and retreated, with Q Technology (01478.HK) falling more than 4.5%, AAC Technologies (02018.HK) falling more than 3.5%, and Sunny Optical Technology (02382.HK) falling more than 3%.Hong Kong-listed tourism stocks fluctuated upward, with Ctrip Group (09961.HK) rising nearly 4%, Tongcheng Travel (00780.HK) rising more than 2.5%, and Guangdong Transport (03399.HK) following suit.The Swiss franc rose to 0.8958 against the dollar, a two-month high.

XAG/USD approaches $24.00 as USD Index declines ahead of US PCE Price Index | Silver Price Analysis

Daniel Rogers

Mar 31, 2023 11:47

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During the early Asian session, the silver price (XAG / USD) is advancing rapidly towards the $24.00 round-level resistance. The precious metal has recorded a three-day winning stretch and is anticipated to maintain its upward trajectory due to the US Dollar Index's weakness. (DXY).

 

Despite decreasing concerns about a possible U.S. banking crisis, the price of silver is on an upward trend. Previously, investors supported bullion as a secure refuge to avoid volatility caused by the failure of three mid-tier US banks.

 

Despite the likelihood of additional rate hikes by the Federal Reserve, the USD index struggles to gain ground. (Fed). As US banking fears subside, one school of thought holds that Fed chair Jerome Powell may decide to raise interest rates further. In addition, Fed Chairman Powell anticipates one more rate hike in 2023. And that a rate raise at the Fed's May meeting would allow it to maintain higher rates for an extended period of time.

 

In the meantime, S&P500 futures have added to their gains in the Asian session following a positive close on Thursday, indicating an increase in market participants' risk tolerance.

 

The Fed's preferred inflation indicator, the US core Personal Consumption Expenditures (PCE) Price Index data, will remain in the spotlight moving forward. Analysts at Credit Suisse anticipate that the monthly reading will be rounded down to 0.3%, leaving year-over-year core inflation at 4.7%. Monthly headline inflation should be comparable to core inflation, but the year-over-year measure should fall to 5.1% due to the ease base effect.


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