China Stock Watch 2/1/14

The main news to affect China stocks was the news that local governments will be allowed to roll over debts from infrastructure work not yet producing the necessary revenues to pay off loans. Of course, revenue projections were likely to have been pie-in-the-sky, pluck-a-number-out-the-air – as long as they kept business running. But while this all keeps the show on the road a little longer, refinancing of the LGFVs demonstrates the degree to which access to credit is a political phenomenon. There is also the moral hazard aspect: if politically these projects cannot fail, then what is there to stop reckless borrowing?

A mixed day for the major stocks, then, with nine rising on the day and ten falling. Movement was moderate, with only China State Construction, SAIC Motor, China Shenhua, Ping An Insurance and China Telecom rising or falling by over 1%, and none of them by over 1.5%.

The Shanghai Composite Index closed at 2,109.39, up 11.86 points (+0.57%).

Name Price Change Mkt cap 52wk high 52wk low EPS P/E
Sinopec 4.47 +0.04 (0.90%) 521,046.78M 7.03 4.05 CN¥0.62 7.27
PetroChina 7.66 -0.04 (-0.52%) 1.40B 9.5 7.08 CN¥0.68 11.34
ICBC 3.57 +0.02 (0.56%) 1.25B 4.53 3.4 CN¥0.74 4.85
China Construction Bank 4.1 +0.01 (0.24%) 1.03B 5.19 3.8 CN¥0.85 4.85
Agricultural Bank 2.47 +0.01 (0.41%) 802,241.48M 3.28 2.38 CN¥0.50 4.92
Bank of China 2.6 -0.01 (-0.38%) 725,786.03M 3.26 2.48 CN¥0.53 4.9
China Mobile 80.20* -0.20 (-0.25%) 1.61B 91.8 74.9 HK$8.19 9.8
Noble Group 1.07 -0.00 (-0.47%) 7,057.84M 1.27 0.785 SGD0.04 29.39
China State Construction 3.14 +0.04 (1.29%) 94,200.00M 4.18 2.9 CN¥0.62 5.1
CNOOC 14.38* -0.04 (-0.28%) 642,030.42M 17.38 12.04 HK$1.89 7.61
China Railway Construction 4.66 +0.04 (0.87%) 57,492.94M 6.49 3.95 CN¥0.84 5.53
China Railway Group 2.67 +0.02 (0.75%) 56,870.73M 3.41 2.3 CN¥0.44 6.09
SAIC Motor 13.85 -0.14 (-1.00%) 152,704.10M 19 11.83 CN¥2.05 6.75
China Life Insurance 14.97 -0.01 (-0.07%) 423,122.64M 22.7 12.88 CN¥0.97 15.49
Dongfeng Motor 12.02* -0.12 (-0.99%) 103,565.77M 13.28 9.48 HK$1.37 8.74
China Shenhua 15.61 -0.18 (-1.14%) 310,476.97M 25.7 15.36 CN¥2.25 6.93
Ping An Insurance 41.29 +0.48 (1.18%) 326,857.51M 53.27 31.69 CN¥3.45 11.97
China Telecom 3.87* -0.05 (-1.28%) 313,208.26M 4.46 3.48 HK$0.26 15
China Communications Construction 4.02 0.00 (0.00%) 65,022.44M 5.79 3.8 CN¥0.81 4.97
Bank of Communications 3.82 +0.02 (0.53%) 283,683.61M 5.68 3.65 CN¥0.84 4.53
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