Consumer: Bawang International (1338 HK) recorded a 28 per cent year-on-year decline in its interim net profit to 100 million yuan, beating market forecast. Earnings per share were 5 fens. No interim dividend was declared. The herbal shampoo maker plans to launch new herbal skin-care products in the second half and adjust its product mix to increase market shares. The company now has a 46 per cent market shares in the mainland shampoo market. The company also intends to launch its products in Thailand and Malaysia. China Huiyuan Juice (1886 HK) recorded a profit of 66.74 million yuan for the first half, diving 81.8 per cent compared with a year ago on decline in sales of core juice products due to the acquisition rumour of Coca-Cola Co. No interim dividend was declared. The company said its sales have been recovering since July
Airlines: Cathay Pacific (293 HK) chief executive Tony Tyler demands the Airport Authority for a third runway to alleviate the airport’s capacity, which will become saturated in 2010.
Financials: China Life Insurance (2628 HK) announced that its unaudited accumulated premiums income for the first eight months accounts for 210.7 billion yuan, down 6.4 per cent compared to 225.2 billion yuan a year ago. The insurance said its August premiums income is 19.6 million yuan, dropping 11.7 per cent from the 22.2 million yuan in the same period last year. Bank of East Asia (23 HK), Hong Kong’s fifth-biggest lender, plans to buy a 10 per cent stake in Golden Eagle Asset Management for 28 million yuan, sources said. The move is a step to enter the mainland’s wealth management and fund markets.
China National Materials (1893 HK) reported yesterday that its net profit rose 1.46 per cent to 308.8 million yuan for the first six months ended June 30, compared with a year ago. Earnings per share were 8.6 fens. No interim dividend was declared.
Properties: China Overseas (688 HK) announced yesterday that it has accumulated 157 million shares of Shell Electric MFG (Holdings) Company Limited (0081), a 29.99 per cent stake, for HK$455 million at HK$2.90 per share. Sun Hung Kai Properties (16 HK) announced yesterday that its first-half net profit rose 2 per cent year-on-year to HK$12.4 billion, excluding the effect of fair-value changes on investment properties. Net rental income surged 21 per cent to HK$7.27 billion while sales of Hong Kong properties amounted to HK$22.5 billion, mostly from new projects. Its mainland business generated HK$3.18 billion to the sale revenue. Earnings per share were HK$4.04. A final dividend of HK$1.70 per share was declared.
China Travel International (308 HK) revealed yesterday that it plans to buy out resorts and related projects in different provinces in China, such as Henan, Hubei, Guizhou, Yunnan and Tibet. Yet it does not have any schedule for these acquisitions. The company believes that these acquisitions would not lead to extra financial burden to the company since it currently has a 1.6 billion cash flow in hand.
Rumour has it that the ten biggest customers of China Zhongwang (1333 HK) listed in its prospectuses, such as China South Locomotive& Rolling and Baotou Beifang Chuangye Co, had never purchased any of its products in 2008. Sources also said underwriters of China Zhongwang still have not received the listing fee. China Zhongwang denied the rumour and said it has paid out all listing fee through JP Morgan. The company’s price dropped 10.88 per cent yesterday due to the rumour.
Hopefluent (733 HK) Group posted a net profit of HK$43.12 million for the first half, surging 46 per cent compared with a year ago. Earnings per share were 14.57 HK cents. No interim dividend was declared.
Midland IC&I (459 HK) recorded a net profit of HK$17.64 million for the first half, sliding 38 per cent compared with a year ago, dragged down by the dull market. Earnings per share were 0.13 HK cent. No interim dividend was declared.
Richard Li Tzar-kai, Chairman of PCCW (8HK), has put an end to the privatization of PCCW since his Singapore-listed shareholder, Pacific Century Regional Developments, announced yesterday that it dropped a plan to ask the Court of Final Appeal to hear its case. The company said it withdraws from the final appeal of privatization because it wants to focus on its business opportunities.
SJM (880 HK) announced yesterday that its net profit dived 40 per cent to HK$338 million for the first half, compared with a year ago, dragged down by the decrease in the number of visitors to Macau. Sales declined 4.3 per cent to HK$14.8 billion. Earnings per share were 6.8 HK cents. SJM retains the biggest market share in the competition from foreign operators in Macau.
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
