On Hang Seng Index (HSI) likely replicating its bull-run in mid-2015, we re-iterate our stance for HSI to achieve 31,000 points at 14.0x 12- month forward P/E in near-term from 12.6x currently, versus HSI’s 2015 highest at 14.3x. Tencent, Ping An and HSBC lead our HSI constituent stock list for the biggest market cap and highest stock turnover. On the same selection criteria, Ping An, CCB and ICBC come out the top of both our Hang Seng China Enterprise Index (HSCEI) constituent stock list and our H-share list reported previously, whose China A-share will be included into MSCI. Downside: HSI may fall to its Feb 2016’s lowest of 10.0x P/E at 22,177 points.

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