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    3333   KYG2119W1069

CHINA EVERGRANDE GROUP

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China Evergrande : Hong Kong shares close higher despite China's weak growth data

10/18/2021 | 04:53am EST

Oct 18 (Reuters) - Hong Kong shares finished up on Monday, led by energy and materials stocks, even as data showed growth in China's economy hit a one-year low.

The Hang Seng index ended 0.3% higher at 25,409.75, while the China Enterprises Index gained 0.1% to 8,971.40.

** China's economy grew 4.9% in July-September from a year earlier, the weakest pace since the third quarter of 2020, hurt by power shortages, supply bottlenecks and sporadic COVID-19 outbreaks.

** "More targeted easing measures, such as re-lending to support green projects and SMEs, encouraging lending to the industrial sector and selectively loosening the funding curbs on local governments, should come in the coming months," HSBC said in a note.

** Energy stocks added 2.6%, with coal companies leading the gains.

** China's coking coal and coke futures jumped to record highs as supply remains tight even though Beijing has ramped up efforts to boost output.

** The power-intensive materials sector surged nearly 4%.

** Tech giants reversed their losses in afternoon trade and ended up 0.1%

** China will continue its scrutiny of the internet sector, China's industry and information minister said in an interview published on Sunday.

** The healthcare sub-index was up 2%.

** Wuxi Biologics soared 5%, the biggest intraday gainer on the Hang Seng Index.

** Real estate firms fell 0.5% on signs of slowdown in the sector and even as the central bank said spillover effects from China Evergrande Group's debt woes were controllable.

** A former government expert said China could widen property tax trial, after President Xi Jinping on Friday called for progress on the tax that could help reduce wealth inequality. (Reporting by the Shanghai Newsroom; editing by Uttaresh.V)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP -0.88% 2.25 End-of-day quote.-84.90%
WUXI BIOLOGICS (CAYMAN) INC. 0.68% 103.2 End-of-day quote.0.39%
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Analyst Recommendations on CHINA EVERGRANDE GROUP
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Financials
Sales 2021 530 B 67 943 M 67 943 M
Net income 2021 9 514 M 1 221 M 1 221 M
Net Debt 2021 453 B 58 173 M 58 173 M
P/E ratio 2021 3,13x
Yield 2021 1,69%
Capitalization 29 710 M 3 812 M 3 812 M
EV / Sales 2021 0,91x
EV / Sales 2022 0,62x
Nbr of Employees 163 119
Free-Float 27,4%
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Mean consensus HOLD
Number of Analysts 9
Last Close Price 2,25 HKD
Average target price 6,34 HKD
Spread / Average Target 182%
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Managers and Directors
Hai Jun Xia Vice Chairman & Chief Executive Officer
Shou Ming Shi President
Da Rong Pan Chief Financial Officer & Executive Director
Ka Yan Hui Chairman
Dong Feng Chen Head-Information
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