HLIB stays positive on tourism-related beneficiaries as China opens borders

Hong Leong Investment Bank Research (HLIB) said that in view of the undemanding calendar year 2023 valuations (12.4 times price-earnings versus the 10-year mean of 16.7 times), low foreign shareholdings (November 2022: 20.7%; all-time low: 20.1% in August), and more investors returning from the year-end holidays, it remains hopeful that the FBM KLCI could chalk up a back-to-back gain in January, with resistance levels at 1,493-1,512-1,528.

丰隆投资银行研究部（HLIB）表示，鉴于 2023 日历年的估值不高（市盈率为 12.4 倍，而 10 年平均值为 16.7 倍），外国持股量较低（2022 年 11 月： 20.7%；历史最低点：8 月为 20.1%），以及更多投资者从年终假期归来，富时隆综指有望在 1 月份连续上涨，阻力位在 1,493 点-1,512-1,528。

In a traders’ brief on 9th January, the research house said that given China’s border reopening, it remains positive on tourism-related beneficiaries, such as Malaysia Airports Holdings Bhd, Capital A Bhd, Genting Malaysia Bhd, Sunway Bhd, IGB Real Estate Investment Trust, Carlsberg Brewery Malaysia Bhd, Heineken Malaysia Bhd, IHH Healhcare Bhd, KPJ Healthcare Bhd, Berjaya Food Bhd, and Focus Point Holdings Bhd.

在1 月 9 日的交易员简报中，该研究机构表示，鉴于中国重新开放边境，这对与旅游相关的受益者仍然有利，例如马来西亚机场控股有限公司、Capital A Bhd、云顶马来西亚有限公司、双威有限公司、IGB 房地产投资信托、Carlsberg Brewery Malaysia Bhd、Heineken Malaysia Bhd、IHH Healhcare Bhd、KPJ Healthcare Bhd、Berjaya Food Bhd 和 Focus Point Holdings Bhd。

“Key events to watch out for in January include: i) the US Federal Open Market Committee meetings (31st January to 1st Februry) and Bank Negara Malaysia's (BNM) overnight policy rate (OPR) decision (19th January) to assess the cumulative impact of a 4.25% rate by the US Federal Reserve and a 1% increase in the OPR; ii) the Umno general assembly on 11th to 14th January; iii) the start of the US' results season for the fourth quarter of 2022, which will start on 13th January  with US major banks; and iv) political turmoil in Sabah,” HLIB said.

“1 月份需要关注的主要事件包括：i) 美国联邦公开市场委员会会议（1 月 31 日至 2 月 1 日）和马来西亚中央银行（BNM）的隔夜政策利率（OPR）决定（1 月 19 日）以评估累积影响美联储加息 4.25% 和 OPR 增加 1%；ii）1月11日至14日的巫统大会；iii) 美国 2022 年第四季度业绩季开始，将于1月13日与美国主要银行一起开始；iv）沙巴的政治动荡，”HLIB说。