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1、Sep24,2018COMPANY/INDUSTRYNEWSTMTNON-HARDWAREINDUSTRYUPDATE–FromatechnicalanalysisperspectiveAnalyst:MarkPo,CFA;Tel:(852)36986318;markpo@chinastock.com.hk;SinceourdiscussiononTencent[0700.HK]fromafundflowandtechnicalanalysisperspectiveon13Sep2018,sharesofTencenthaverisen8.4%aso
2、f21Sep2018,outperformingtheHSI’s6.2%andHSCEI’s7.7%.Tencent’ssharepriceperformance,inourview,wasdueto:a)asharebuyback,andb)animprovementinmarketsentiment.ThereboundinsharesofTencentisexpectedtoboostsentimentonotherTMTnon-hardwarenames,asthesectorwillremainthefocusofthemarket,giv
3、en:a)bottomfishing,astherehasbeennomajornegativenewsflowsincetheimpositionofUStariffsonanotherUS$200bnofChineseexports;b)theChinesegovernmentremainssupportiveofChina’sTMTnon-hardwaresegment;andc)therehasbeenasuccessfullistingofinternetnames,suchasMeituan[3690.HK].Intermsofsub-s
4、egments,wereiterateourviewthattoB-relatedbusiness,includingthecloudandSaaS,willbethemajorfocusofmostinternetcompanies,asa)itisstillattheearlystageofdevelopmentandhasalargepotentialtogrow;andb)itissupportedbytheChinesegovernment,includingdevelopmentstrategieslike“migratingtothec
5、loud”.ThemarketmightlookforlaggardsintheTMTnon-hardwaresegment,giventhebroad-basedmarketreboundlastFridayandpotentialwindowdressingapproachingendofSep2018.WehaveextendedtheexerciseonTencent(technicalindicatorssuchasRSI,MFI,ADX,BollingerBandsandtradingvolume)tootherHK-listedTMTn
6、on-hardwarenamestoseewhicharelikelytoplaycatch-up.Definitionsoftechnicalindicatorsused.TheRelativeStrengthIndex(RSI)isamomentumindicatorthatmeasuresthemagnitudeofrecentpricechangestoanalyzeoverboughtoroversoldconditions.Itisusedprimarilytoidentifyoverboughtoroversoldconditionsi
7、nthetradingofanasset.TheMoneyFlowIndex(MFI)isamomentumindicatorthatmeasurestheflowofmoneyintoandoutofasecurityoveraspecifiedperiodoftime.Itisrelat-edtotheRelativeStrengthIndex(RSI),butincorporatesvolume,whereastheRSIconsidersonlyprice.TheMFIiscalculatedbyaccumulatingposi-tivean
8、dnegativeMoneyFlowvalues,andthencreatingaMoneyRatio.Th
