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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.

Gold Price Prediction: XAU/USD is poised to break below $1,950 as the USD Index reaches a new weekly high

Alina Haynes

Apr 03, 2023 14:13

After a massive sell-off during the Asian session, the gold price (XAU / USD) is hovering close to $1,950. The price of gold is expected to continue to decline as concerns of a resurgence in U.S. inflation are rekindled by higher crude prices following the decision of OPEC+ to reduce production. The Producer Price Index will increase as a result of factory proprietors increasing the prices of products and services at factory gates in response to higher oil prices. (PPI). Eventually, inflationary pressures in the United States would increase significantly.

 

The US Dollar Index has been invigorated by the environment of rising inflation expectations. (DXY). Investors believe that the Federal Reserve (Fed) will have no choice but to raise interest rates, which has caused the USD Index to reclaim its weekly high above 103.00. In May, Fed Chair Jerome Powell may announce an additional 25 basis point (bps) rate increase, which will drive interest rates above 5%.

 

The abatement of US banking worries is another factor that has a significant impact on the gold price. Investors have digested the short-term hysteria caused by the failure of three mid-sized banks, and they anticipate no further casualties in the near future.

 

The inability of S&P500 futures to recover losses from the morning session is due to the likelihood that higher oil prices will result in higher operating costs for oil-dependent companies. The alpha produced by 10-year U.S. Treasury yields has surpassed 3.52 percent.

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