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Risk Warning on Trading HK Stocks
Despite Hong Kong's robust legal and regulatory framework, its stock market still faces unique risks and challenges, such as currency fluctuations due to the Hong Kong dollar's peg to the US dollar and the impact of mainland China's policy changes and economic conditions on Hong Kong stocks.
HK Stock Trading Fees and Taxation
Trading costs in the Hong Kong stock market include transaction fees, stamp duty, settlement charges, and currency conversion fees for foreign investors. Additionally, taxes may apply based on local regulations.
HK Non-Essential Consumer Goods Industry
The Hong Kong stock market encompasses non-essential consumption sectors like automotive, education, tourism, catering, and apparel. Of the 643 listed companies, 35% are mainland Chinese, making up 65% of the total market capitalization. Thus, it's heavily influenced by the Chinese economy.
HK Real Estate Industry
In recent years, the real estate and construction sector's share in the Hong Kong stock index has notably decreased. Nevertheless, as of 2022, it retains around 10% market share, covering real estate development, construction engineering, investment, and property management.
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Utilities benefit from various favorable factors, such as new electric rates, customer additions, cost management and the implementation of energy-efficiency programs. Also, the ongoing investments to improve the resiliency of electric infrastructure against extreme weather conditions and the ongoing transition to cost-effective, renewable energy sources to produce electricity aid the power industry.
Regardless of economic cycles, there is a relatively constant demand for the services offered by utilities, with the exception of significant weather variations.
Utility companies operating in the United States are taking measures to further strengthen their infrastructure, including the process of generation, transmission, distribution, storage and sale of electricity to customers.
Due to their capital-intensive nature, utilities need a steady stream of funding for both new asset acquisitions and infrastructure improvements. The Fed has not increased the benchmark rate since July 2023; it expects to cut interest rates today, Sept. 18, 2024. The probable decrease in interest rates in 2024 should act positively for utility operators planning to make large investments in infrastructure upgrades.
The U.S. electric power sector is gradually moving toward cleaner sources of energy to produce electricity. Per a U.S. Energy Information Administration (“EIA”) report, the annual share of U.S. electricity generation from renewable energy sources will be 23% in 2024 and 25% in 2025. EIA also expects the U.S. power sector to generate 3% (121 billion kilowatt-hours) more electricity this year than in 2023 as a result of increased air-conditioning demand earlier in the summer.
In this blog, we run a comparative analysis on two Zacks Utility — Electric Power companies — The AES Corporation AES and OGE Energy OGE — to decide which one is a better pick for your portfolio.
Both the stocks carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AES has a market capitalization of $13.68 billion, while OGE Energy has $8.2 billion.
AES & OGE’s Growth Projections
The Zacks Consensus Estimate for AES’ 2024 earnings is pegged at $1.90 per share on revenues of $12.77 billion. This indicates year-over-year bottom-line growth of 7.9% and a revenue increase of 0.8%.
The Zacks Consensus Estimate for OGE’s 2024 earnings is pinned at $2.14 per share on revenues of $3.31 billion. This implies year-over-year bottom-line growth of 3.4% and a revenue improvement of 23.8%.
AES & OGE Stock’s Price Performance
In the past month, AES shares have risen 10.8% compared with the industry's growth of 5.4%. Shares of OGE have risen 3.9% in the same time frame.
AES & OGE’s Return on Equity (ROE)
ROE is a measure of a company’s efficiency in utilizing shareholders’ funds. The current ROE for AES and OGE is 32.74% and 9.15%, respectively, compared with the industry’s 10.42%.
AES & OGE’s Debt Position
The debt-to-capital ratio is a vital indicator of the financial position of a company. It shows the amount of debt used to run a business. Currently, AES and OGE have a debt-to-capital of 80.25% and 54.03%, respectively, compared with the industry’s 60.5%.
AES & OGE’s Dividend Yield
Utility companies generally distribute dividends and increase shareholders’ value. Currently, the dividend yield for AES is 3.59%, and the same for OGE is 4.1%. The dividend yields of these companies are better than the Zacks S&P 500 composite’s average of 1.26%.
Outcome
Both AES and OGE Energy are evenly matched and good picks for your portfolio. They have the potential to improve further from their current position and serve the needs of their growing customer base. However, our choice at this moment is AES, given its better earnings growth, ROE and better price performance than OGE.
Zacks Investment Research
For Immediate Releases
Chicago, IL – September 18, 2024 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Broadcom AVGO, Warner Bros. Discovery WBD, Super Micro Computer SMCI, Vistra VST and AES Corp AES.
Here are highlights from Wednesday’s Analyst Blog:
5 Stocks That Led the SPY ETF to Its Best Week of 2024
Wall Street surged last week marking strong weekly gains as market watchers raised its expectations for a significant interest rate cut by the Federal Reserve. Last week was the best week of the year for the S&P 500 and the Nasdaq.
For the week, the Nasdaq rose more than 5%. U.S. semiconductor stocks logged a rally last week.The S&P 500 gained 4%, and the Dow increased by 2%. These gains came amid a volatile market, but the rapid recovery coincided with intensifying debate over interest rate policy.
Interest Rate Cut Expectations Rise
The market’s upward momentum was aided by increasing anticipation of a half-point interest rate cut by the Federal Reserve, which was previously viewed as unlikely. Traders are now assigning a 49% probability to a 50-basis point cut next week, up from just 15% on Sept. 12, 2024.
This shift in expectations was aided by reports from the Financial Times and The Wall Street Journal, suggesting the Fed's decision on Sept. 18 will be closely contested. Former New York Fed President Bill Dudley added to the speculation, stating there is a "strong case" for a deeper rate cut.
Treasury Yields Fall Amid Rate Cut Debate
The yield on the benchmark 10-year Treasury declined to 3.66% on Sept. 13, 2024 from 3.70% recorded on Sept. 9, 2024. The recent fluctuations in Treasury yields reflect ongoing market uncertainty over whether the Fed will opt for a 0.25% or 0.5% rate cut, as concerns over a labor market weakness and recession risks continue to cause volatility.
Against this backdrop, below we highlight a few stocks that helped the S&P 500 and its related exchange traded fund SPDR S&P 500 ETF Trust to log the best week of this year.
Winning Stocks of the Week
Broadcom– Up 20.8% Last Week
The Zacks Rank #3 (Hold) company is a premier designer, developer and global supplier of a broad range of semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor (CMOS) based devices and analog III-V based products.
The average earnings surprise of AVGO for the past four quarters is 3.28%.
Warner Bros. Discovery– Up 17.1% Last Week
The Zacks Rank #3 Warner Bros. Discovery is a premier global media and entertainment company that combines WarnerMedia Business’s premium entertainment, sports and news assets with Discovery’s leading non-fiction and international entertainment and sports businesses, thus offering audiences a differentiated portfolio of content, brands and franchises across television, film, streaming and gaming.
Although WBD failed to post the positive average earnings surprise for the past four quarters, the media conglomerate’s shares surged on Friday due to a deal with Charter Communications that will bring the Max streaming service to standard cable packages.
Super Micro Computer– Up 16.4% Last Week
Super Micro Computer, Inc. designs, develops, manufactures and sells energy-efficient, application optimized server solutions based on the x86 architecture. The stock has a Zacks Rank #3.
The average earnings surprise of SMCI for the past four quarters is 0.60%.
Vistra – Up 14.2% Last Week
The Zacks Rank #3 Vistra Energy Corp. is an energy company. It offers electricity and power generation, distribution and transmission solutions. Vistra Energy Corp. is based in Dallas, United States.
Although Vistra couldn’t deliver the positive average earnings surprise for the past four quarters, shares of Vistra Corp. surged on Friday as the nuclear power generator announced a license extension for one of its plants and power market prices soared.
AES Corp – Up 14.2% Last Week
The Zacks Rank #2 (Buy) Arlington, VA-based the AES Corporation, is a global power company. The company’s businesses are spread across four continents in 14 countries. The company has four Strategic Business Units (SBUs) located in the United States and other regions across the globe.
The average earnings surprise of AES for the past four quarters is 19.18%.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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