China Stock Watch 15/1/14

There may not be any posts tomorrow, I am flying London to Beijing tonight so chances to write will be minimal.

Today was tepid, with the majority moving by less than one percent, either way; a plurality showed a mild loss, while a moderate proportion showed gains. The biggest movers were Sinopec (gaining 1.31% to RMB4.65) and ICBC (down 1.99% to RMB3.45). ICBC is now close to its 52-week low of RMB3.4. With the Big 4 state-owned banks all trading around a P/E of 4.7, the market evidently has no great expectations of future growth (and large fears of thus-far hidden bad debts). They are, it is interesting to note, expanding into overseas markets, opening branches in cities from London to Calgary. One wonders what UK-born Chinese think of Bank of China‘s lumbering rules and regulations, for example. Probably not a lot.

Elsewhere only China Construction Bank moved by 1% (down to RMB3.96, losing 1% exactly).

Mild gains were seen in the auto manufacturing sector, with SAIC Motor (up 0.10% to RMB13.21) and Dongfeng Motor (up 0.34% to HK$11.64) shading up. Domestic sales are certainly zooming (or whatever onomatopoeic term you want to use) ahead but sales to the US remain minimal. This remains the holy grail for Chinese auto manufacturers, but with recalls too frequent and safety standards lagging, this is far out of their reach at the moment.

The Shanghai Composite closed down a smidgeon, to use the technical phrase, at 2,023.35 (down 3.49 points or -0.17%).

Name Price Change Mkt cap 52wk high 52wk low EPS P/E
Sinopec 4.65 +0.06 (1.31%) 542,028.72M 7.03 4.05 CN¥0.62 7.56
PetroChina 7.58 -0.04 (-0.52%) 1.39B 9.5 7.08 CN¥0.68 11.22
ICBC 3.45 -0.07 (-1.99%) 1.21B 4.53 3.4 CN¥0.74 4.69
China Construction Bank 3.96 -0.04 (-1.00%) 990,043.48M 5.19 3.8 CN¥0.85 4.68
Agricultural Bank 2.4 -0.01 (-0.41%) 779,505.91M 3.28 2.38 CN¥0.50 4.78
Bank of China 2.52 +0.01 (0.40%) 703,998.67M 3.26 2.48 CN¥0.53 4.75
China Mobile 77.10* -0.45 (-0.58%) 1.55B 90.45 74.9 HK$8.20 9.4
Noble Group 1.03 0.00 (0.49%) 6,859.03M 1.27 0.785 SGD0.04 28.64
China State Construction 2.98 +0.02 (0.68%) 89,400.00M 4.18 2.9 CN¥0.62 4.84
CNOOC 13.78* -0.06 (-0.43%) 615,241.93M 16.52 12.04 HK$1.89 7.28
China Railway Construction 4.16 -0.01 (-0.24%) 51,324.17M 6.46 3.95 CN¥0.84 4.94
China Railway Group 2.4 0.00 (0.00%) 51,119.76M 3.41 2.3 CN¥0.44 5.47
SAIC Motor 13.21 +0.10 (0.76%) 145,647.74M 19 11.83 CN¥2.05 6.44
China Life Insurance 14.25 +0.01 (0.07%) 402,772.05M 22 12.88 CN¥0.97 14.74
Dongfeng Motor 11.64* +0.04 (0.34%) 100,291.64M 13.28 9.48 HK$1.38 8.45
China Shenhua 14.53 -0.10 (-0.68%) 288,996.18M 25.28 14.4 CN¥2.25 6.45
Ping An Insurance 39.7 -0.29 (-0.73%) 314,270.85M 53.27 31.69 CN¥3.45 11.51
China Telecom 3.71* -0.01 (-0.27%) 300,259.09M 4.42 3.48 HK$0.26 14.36
China Communications Construction 3.84 -0.03 (-0.78%) 62,110.98M 5.79 3.8 CN¥0.81 4.74
Bank of Communications 3.76 -0.03 (-0.79%) 279,227.85M 5.68 3.65 CN¥0.84 4.46
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