News Bites Asian Markets : China
September 8, 2011
Sichuan Minjiang Hydropower - A Share (600131.SS), Shanghai's 37th largest energy company by market capitalisation, has dropped below its trend. The 200-day moving average price (MAP) was CNY8.632. The price to 200-day MAP ratio is 0.91, a bearish indicator. In the past 200 days this ratio has been under 0.91 just eight times suggesting a support level. The stock price decreased 16.0 fen (or 2.0%) to close at CNY7.86. Compared with the SSE 180 index, which fell 50.4 points (or 0.9%) on the day, this was a relative price change of -1.1%.
PRICE VOLUME DYNAMICS
Volatility: the stock traded between an intraday low of CNY7.84 and a high of CNY8.07, suggesting a trading opportunity between peaks and troughs. The average daily volatility of 4.5% places the stock in the 1st quartile in the market meaning it is highly volatile.
Volume and turnover period: there were 6,532,407 shares worth CNY51.3 million (US$8 million) traded. The volume was 0.7 times average trading of 9,796,475 shares. The turnover rate in the 12 months to date was 4.8%.
% Discount to high: the last price is at a discount of 31.6% to the 12-month high of CNY11.50.
% Premium to low: the last price is at a premium of 33.9% to the 12-month low of CNY5.87 one year and four months ago on 21 May, 2010.
Volume weighted price (VWP): the price is at a discount of 5.4% to the 1-month volume weighted average price of CNY8.306, which may appeal as a value proposition.
Falls to Rises: The stock fell in four out of last 5 trading days, for a 5-day fall of 4.1% to close at CNY7.86. In the last three months the number of falls outnumbered rises 35:31 or 1.13:1.
Beta: The Beta of this stock is 1.19. A Beta greater than 1 suggests this is a high risk, high return stock with volatility greater than that of the market.
Standard Deviation (SD): SD is a statistical measure of deviation from the mean. The SD of 3.1% gives it a percentile rank of 87 meaning that 87% of stocks in the Shanghai market are less volatile than this stock.
Trailing month: in the last 21 trading sessions there has been a net rise of 1.29%; the stock has advanced 18 times and the biggest one day rise was 10% on Aug 24.
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PRICE PERFORMANCE RANK IN INDICES AND SECTORS
The stock is in 4 indices and 2 sectors.
The following index and sectors fell setting the trend for its fall of 2.0%:
SSE 180 index which was down 50.4 points or 0.9% to 5,767.9,
The Total Shanghai Market of 923 stocks traded today, which was down 32.7 points or 0.6% to 5,258.9,
Energy sector of 58 stocks traded today, which was down 14.6 points or 0.3% to 4,679.8
RELATIVE VALUATION INDICATORS [RVI] TECHNICAL ANALYSIS
Bullish Signals:
- The price added 2.7% in the last month.
- This was on volume of 1.01 times average for month.
- In the last three months the stock has hit a new 52-week high once.
- The Stochastic indicator of 17.3 has broken through the oversold line of 20;.
Bearish Signals:
- The price dropped 4.1% in the last week.
- Compared with the SSE 180 index which fell 2.4% for the week, this represented a relative price decrease of 1.7% for the week.
- In the Shanghai market of 923 stocks traded today, the stock has a 6-month relative strength of 49 which means it has underperformed 51.0% of the market.
- The price to 50-day EMAP ratio is 0.9, a bearish indicator. In the past 50 days this ratio has been under 0.9 just ten times suggesting a support level. The 50-day EMAP has decreased to CNY8.466. A decrease is another bearish indicator.
- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) minus the 26-day EMA is negative suggesting a bearish signal. Both the 12-day EMA as well as the 26-day EMA are falling, another bearish signal.
- The price to 200-day MAP ratio is 0.91, a bearish indicator. In the past 200 days this ratio has been under 0.91 just eight times suggesting a support level.
SHAREHOLDER RETURNS
Trailing one week: the stock fell four times (80% of the time) and rose once (20% of the time). The volume was 0.7 times average trading of 48,982,375 shares. The value of CNY1,000 invested a week ago is CNY921 [vs CNY976 for the SSE 180 index], for a capital loss of CNY79(or loss of 7.9%).
Trailing one month: the stock rose twelve times (52% of the time) and fell eleven times (48% of the time). The volume was 1.01 times average trading of 215,522,450 shares. The value of CNY1,000 invested a month ago is CNY1,027 [vs CNY992 for the SSE 180 index], for a capital gain of CNY27(or rise of 2.7%).
Trailing one year: the value of CNY1,000 invested one year ago is CNY1,295 [vs CNY940 for the SSE 180 index], for a capital gain of CNY295. The total return to shareholders for 1 year is 29.5%.
Trailing five years: the value of CNY1,000 invested five years ago is CNY999, for a capital loss of CNY1.
FUNDAMENTALS
ISSUED CAPITAL
Based on 504,125,200 issued equity shares the market capitalisation is CNY4 billion (US$619.7 million).
ACTIVITIES
Sichuan Minjiang Hydropower is principally engaged in the generation, transmission and supply of hydroelectric power within Sichuan Province, China, as well as the manufacture and sale of aluminum ingots and formed foil.
TOP MANAGEMENT
The chairman is Zhang Youcai.
BUSINESS NEWS ROUND UP
The last 5 company announcements are:
August 23: Sichuan Minjiang Hydropower - A Share announces EGM
Sichuan Minjiang Hydropower - A Share has announced its Extra Ordinary General Meeting will take place on September 23, 2011.
August 21: Sichuan Minjiang Hydropower: Announcement on Change of Consultation Telephone Number for Investors
[News Story] Due to the uniform adjustment to the office telephone numbers, the Company's consultation telephone for investors and fax number are changed as follows:Consultation telephone for investors: 028-80808131; fax number: 028-80808132 Source: Shanghai Stock Exchange
August 19: Sichuan Minjiang Hydropower: Announcement on Major Financial Indicators of 1st Half of 2011
[News Story] http://www.sse.com.cn/sseportal/webapp/egbulletin/SSEGgQueryInfoByBIDFLAG=full&SEQ=197707 Source: Shanghai Stock Exchange
August 09: Sichuan Minjiang Hydropower: Announcement on Putting into Production for Power Generation by Holding Subsidiary
[News Story] The Banzigou No. 1 Power Station in Wenchuan County (with the machine capacity of 2??3200KW) established by the Company's holding subsidiary Wenchuan Zheli Hydropower Development Co., Ltd. (with 51% equity held by the Company) upon investment was formally put into production for grid-connected generation on August 8, 2011 after completing 72-hour trial running. Source: Shanghai Stock Exchange
August 02: Sichuan Minjiang Hydropower: Announcement on Resignation of Independent Director
[News Story] On August 2, 2011, the Company's directorate received the "Resignation Report" submitted by Independent Director Liu Daxiang. Due to health, Liu Daxiang applied for resigning from the position of Independent Director. According to relevant regulations, Mr. Liu's resignation application will take effect after the Shareholders' Meeting elects a new independent director to fill the vacancy. Source: Shanghai Stock Exchange
Currency Conversion: Chinese Yuan CNY1= US$0.1564 [or US$1=CNY6.39]; Against the US$ the CNY dipped 6.39 basis points (or 0.1%) for the day; dipped 0.1% for the week; was unchanged for the month; increased 3.7% in the past year. CNY1 = 100fen.
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News Bites Asian Markets : China
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