Tuesday, November 23, 2010
Shan Cha
营养功效
山楂片含多种维生素、山楂酸、酒石酸、柠檬酸、苹果酸等，还含有黄酮类、内酯、糖类、蛋白质、脂肪和钙、磷、铁等矿物质，所含的解脂酶能促进脂肪类食物的消化。促进胃液分泌和增加胃内酶素等功能。中医认为，山楂具有消积化滞、收敛止痢、活血化淤等功效。主治饮食积滞、胸膈痞满、疝气血淤闭经等症。山楂中含有山萜类及黄酮类等药物成分，具有显著的扩张血管及降压作用，有增强心肌、抗心律不齐、调节血脂及胆固醇含量的功能。
适应范围
一般人皆可食用。儿童、老年人、消化不良尤其适合食用。伤风感冒、消化不良、食欲不振、儿童软骨缺钙症、儿童缺铁性贫血者可多食山楂片。
山楂片含多种维生素、山楂酸、酒石酸、柠檬酸、苹果酸等，还含有黄酮类、内酯、糖类、蛋白质、脂肪和钙、磷、铁等矿物质，所含的解脂酶能促进脂肪类食物的消化。促进胃液分泌和增加胃内酶素等功能。中医认为，山楂具有消积化滞、收敛止痢、活血化淤等功效。主治饮食积滞、胸膈痞满、疝气血淤闭经等症。山楂中含有山萜类及黄酮类等药物成分，具有显著的扩张血管及降压作用，有增强心肌、抗心律不齐、调节血脂及胆固醇含量的功能。
适应范围
一般人皆可食用。儿童、老年人、消化不良尤其适合食用。伤风感冒、消化不良、食欲不振、儿童软骨缺钙症、儿童缺铁性贫血者可多食山楂片。
山楂之恋
随着《山楂树之恋》的上映，山楂成为近段时间最有人气的水果之一。除了常见的消积化、收敛止痢、活血化淤，你知道山楂对女性有哪些特殊功效吗？怎样吃才能让这些功效发挥作用？1、山楂可以治疗痛经及月经不调。
由于很多痛经是由于血瘀引起的，而山楂具有活血化瘀的作用，所以对此具有一定的疗效。
饮食方案：将山楂洗净后加入适量的水，直至将山楂煮烂，加入红糖熬成稀糊状即可，经期前3-5日开始服用至经后3日为一个疗程。
2、山楂具有抗衰老的作用。
山楂的抗衰老作用居水果之首，多喝些山楂柠檬水，是最简单的美容方法了。
山楂柠檬水的做法：将柠檬片或者柠檬干与山楂一同泡入水中饮用，可以反复冲泡，需坚持饮用。
3、具有降脂减肥的作用。
山楂具有很强的助消化功能，每日坚持饮用山楂茶，还可以达到降血脂的功效。
山楂茶的做法：将山楂洗净后切开，之后根据个人口味加入冰糖，一起用沸水泡置3-5分钟就可以饮用了。
【药理作用】用于降压，调节血脂，消积食、健脾胃，行气散淤、驱绦虫；可用于肉食积滞、胃脘涨满、泻痢腹痛、瘀血经闭、产后瘀阻、高血压症；改善心肌收缩，扩张冠状血管血液流量。
Hawthorn Fruit
山楂片含多种维生素、山楂酸、酒石酸、柠檬酸、苹果酸等，还含有黄酮类、内酯、糖类、蛋白质、脂肪和钙、磷、铁等矿物质，所含的解脂酶能促进脂肪类食物的消化。促进胃液分泌和增加胃内酶素等功能。中医认为，山楂具有消积化滞、收敛止痢、活血化淤等功效。主治饮食积滞、胸膈痞满、疝气血淤闭经等症。山楂中含有山萜类及黄酮类等药物成分，具有显著的扩张血管及降压作用，有增强心肌、抗心律不齐、调节血脂及胆固醇含量的功能。
【性味与归经】 酸、甘、微温。归脾、胃、肝经。
【功能与主治】 消食健胃，行气散瘀。用于肉食积滞，胃脘胀满，泻痢腹痛，瘀血经闭，产后瘀阻，心腹刺痛，疝气疼痛；高脂血症。焦山楂消食导滞作用增强。用于肉食积滞，泻痢不爽。
【性味与归经】 酸、甘、微温。归脾、胃、肝经。
【功能与主治】 消食健胃，行气散瘀。用于肉食积滞，胃脘胀满，泻痢腹痛，瘀血经闭，产后瘀阻，心腹刺痛，疝气疼痛；高脂血症。焦山楂消食导滞作用增强。用于肉食积滞，泻痢不爽。
Thursday, November 11, 2010
JPM Downgrades Shineway To Underweight Vs Neutral
JPMorgan downgrades Shineway Pharmaceutical (2877.HK) to Underweight vs Neutral after 3Q10 results show slowing growth. House expects more margin pressure as more drugs it sold added to essential drug list program starting 2011; drugs on list have to have their margins lowered. House also cuts target price to HK$20.00 vs HK$21.00 after lowering FY10-FY11 sales by 9.6%-15.8% on weak 3Q10 sales. "In our view, the margin pressure for Shineway is greater than that of its peers due to its portfolio of cheaper products and its above-average margins," says JPM. Adds, prefers United Laboratories (3933.HK) because of its exciting new product portfolio (which includes diabetic insulin) and lower risk of any margin compression that comes from new government initiatives. Shineway Pharmaceutical last down 1.2% at HK$25.55
MARKET OUTLOOK
The Federal Reserve’s new round of quantitative easing is expected to bring U.S. dollar under pressure over the next six months and increase risks of global inflation and asset bubbles in the long run. China has recently raised its key
interest rate for the first time since 2007 in order to combat inflation and rising
property prices. This move reflected a turning point of China’s monetary policy
and change in government’s top priority from “growth” to “inflation”. We expect to see more rate hikes in 2011 but the impact on stock market will be similar to the previous cycle in our view. During the period from April 2006 to October 2007, China lifted 1-year lending rate from 5.58% to 7.29% while the Shanghai SE Composite Index surged from approximately 1,400 to 6,000 and the Hang Seng Index (“HSI”) climbed from approximately 17,000 to 32,000. The possibility of a bull cycle for China and Hong Kong stock markets over the next 6 to 12 months is also supported by fundamental valuation. According to market estimates, the HSI(at 24,144)is now trading at 2010 PER of 15.3x which is close to the historical averages of 15.9x, 15.4x and 14.8x over the past 10, 20 and 30 years respectively.Obviously, current valuation of the HSI is not cheap but certainly not at a risky level. We maintain our year-end target for the HSI at 24,000-25,000 and believe the index would reach 28,000 in 2011. Any pull back should be viewed as a buying opportunity.
Chinese banking sector is our top favourite among H shares for the rest of the year because (i) third-quarter earnings of banks were largely above market expectations, (ii) further rate hikes will improve net interest margin resulting in earnings upgrade, (iii) current valuation of banks, trading at 2011 PER of 8.5x-13.0x or 10.1x on average, is still cheap by historical standard or compared with HSCEI.
Our top picks remains ICBC (1398) and CCB (939). On the other hand, we continue to take a cautious view on Chinese property stocks given unfavourable
government policies. However, those with robust property sales revenue and strong executive capability should deserve a positive re-rating such as Evergrande (3333). Our price target for Evergrande is $4.20.
Investors who prefer to trade laggards may consider the following stocks. Angang Steel’s (347) share price dropped 2% in October since the company recorded a loss in the third quarter. However, we expect earnings to make a sharp rebound in the fourth quarter amid a rise in steel price. Our price target for Angang Steel is $14.80.
SMIC (981), the largest semiconductor foundry in Mainland China, reported
better-than-expected third quarter earnings. We believe the counter deserves a positive re-rating with a price target of $0.75 based on P/B of 1.25x. New World Development (17), the smallest blue chip property company, is currently trading at a discount of 42% to NAV. Further increase in Hong Kong’s property prices will eventually trigger a re-rating of property stock with deep discount to NAV in our view. Our price target for New World Development is $19.60.
The Federal Reserve’s new round of quantitative easing is expected to bring U.S. dollar under pressure over the next six months and increase risks of global inflation and asset bubbles in the long run. China has recently raised its key
interest rate for the first time since 2007 in order to combat inflation and rising
property prices. This move reflected a turning point of China’s monetary policy
and change in government’s top priority from “growth” to “inflation”. We expect to see more rate hikes in 2011 but the impact on stock market will be similar to the previous cycle in our view. During the period from April 2006 to October 2007, China lifted 1-year lending rate from 5.58% to 7.29% while the Shanghai SE Composite Index surged from approximately 1,400 to 6,000 and the Hang Seng Index (“HSI”) climbed from approximately 17,000 to 32,000. The possibility of a bull cycle for China and Hong Kong stock markets over the next 6 to 12 months is also supported by fundamental valuation. According to market estimates, the HSI(at 24,144)is now trading at 2010 PER of 15.3x which is close to the historical averages of 15.9x, 15.4x and 14.8x over the past 10, 20 and 30 years respectively.Obviously, current valuation of the HSI is not cheap but certainly not at a risky level. We maintain our year-end target for the HSI at 24,000-25,000 and believe the index would reach 28,000 in 2011. Any pull back should be viewed as a buying opportunity.
Chinese banking sector is our top favourite among H shares for the rest of the year because (i) third-quarter earnings of banks were largely above market expectations, (ii) further rate hikes will improve net interest margin resulting in earnings upgrade, (iii) current valuation of banks, trading at 2011 PER of 8.5x-13.0x or 10.1x on average, is still cheap by historical standard or compared with HSCEI.
Our top picks remains ICBC (1398) and CCB (939). On the other hand, we continue to take a cautious view on Chinese property stocks given unfavourable
government policies. However, those with robust property sales revenue and strong executive capability should deserve a positive re-rating such as Evergrande (3333). Our price target for Evergrande is $4.20.
Investors who prefer to trade laggards may consider the following stocks. Angang Steel’s (347) share price dropped 2% in October since the company recorded a loss in the third quarter. However, we expect earnings to make a sharp rebound in the fourth quarter amid a rise in steel price. Our price target for Angang Steel is $14.80.
SMIC (981), the largest semiconductor foundry in Mainland China, reported
better-than-expected third quarter earnings. We believe the counter deserves a positive re-rating with a price target of $0.75 based on P/B of 1.25x. New World Development (17), the smallest blue chip property company, is currently trading at a discount of 42% to NAV. Further increase in Hong Kong’s property prices will eventually trigger a re-rating of property stock with deep discount to NAV in our view. Our price target for New World Development is $19.60.
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