Angang Steel (347 HK) saw net profit for the year 2009 tumble 75.6 per cent to 752 million yuan. It recommended payment of a final dividend of 0.06 yuan per share. The Company planned to earmark approximately 7.74 billion yuan for various projects and to make an external investment of around 1.803 billion yuan this year. (Hong Kong Economic Times A14)
BBMG Corp., (2009 HK) Beijing’s biggest cement supplier, said property price in Mainland China still has potential to rise this year. Its CEO is bullish on Beijing’s property sales. The company is planning to add new land of up to 1.5 million square meters in 2010, mainly in Beijing, Chongqing and Tianjing. (Sing Tao Daily B2)
Rumour said it that China Construction Bank (1398 HK) will discuss share-placing plan in board meeting at the end of this month. The bank may raise as much as 45 billion yuan via a private placement in Shanghai and 30 billion yuan via a rights issue in Hong Kong. (Sing Tao Daily B1)
China Eastern Airlines (670 HK) recorded net profit of HK$169 million, higher than expectations. No final dividend was declared. The company lost HK$15.269 billion in 2008. (Hong Kong Economic Times A12)
China Metal Recycling (773 HK) recorded net profit of HK$478.4 million for the year 2009, up 62.5 per cent. Basic earnings per share amounted to 54.28 HK cents. A final dividend of 12 HK cents per share was declared. Revenue amounted to HK$9.06 billion, up 39 per cent. (Hong Kong Economic Journal P.8)
Minsheng Banking (1988 HK) saw net profit of 12.104 billion yuan for the year 2009, up 53.5 per cent year-on-year. The bank announced the distribution of cash dividend before tax of 0.05 yuan per share as well as bonus shares, a bonus issue of 2 shares for every10 shares held. (Hong Kong Economic Times A12)
Datang Power (991 HK) reported net profit for the year 2009 of 1.612 billion yuan, surging 115 per cent, on rising electricity prices and power generation capacity. A final dividend of 0.07 yuan per share was recommended. The company expected that the growth in demand for electricity would decline in the mainland this year. (Hong Kong Economic Times A12)
IPO: French cosmetics group L'Occitane is planning to raise capital ranging from HK$4.69 billion to HK45.49 billlion yuan. The company would offer 364.1 million shares at between HK$ 12.88-HK$15.08 each. Entry fee is HK$3808. In addition, the company won a pledge from the China Investment Corporation, China's $300 billion sovereign-wealth fund, to take a $50 million stake in the IPO. (Sing Tao Daily B1)
Peak Sport (1968 HK) posted net profit of HK$158 million for the year 2009, up 14 per cent. Earnings per share were 19.5 HK cents. A final dividend of 3.5 HK cents was declared. Full-year dividend was 4.9 HK cents.The chairman is positive on the outlook for its LED businesses. (Hong Kong Economic Journal P.8)
Ping An Insurance Group (2318 HK), the world’s No.2 insure, said it will maintain a conservative investment policy this year, and will look for opportunities in corporate bonds, according to its CEO in a news conference. He added that the company now has more than 50 million clients worldwide. (Sing Tao Daily B1)
Semiconductor Manufacturing International (981 HK) posted a better-than-expected profit growth of 6 per cent for the first quarter in 2010, due to a continued growth in customer orders, especially from communication-related applications. (Sing Tao Daily B2)
Shengli Oil & Gas Pipe Holdings Ltd. (1080 HK), a Chinese supplier of energy pipelines, said capital expenditure this year will be 450 million yuan, which will mainly be used in enlarging SSAW pipe production. The company estimates the production will rise to 1 million tonnes from the current 46 million tonnes at the end of this year. (Sing Tao Daily B1)
Tongda Group (698 HK) saw net profit for the year 2009 climb 56 per cent to HK$102 million. Earnings per share were 2.52 HK cents. Full-year dividend was 0.5 HK cents. Dividend payout ratio was 37 per cent. (Hong Kong Economic Journal P.8)
Minority shareholders of Wing On Travel (1189 HK) claim the travel agent has undermined their interests over an agreement to sell 90 per cent of its stake to C-trip.com, a leading online travel agent in China. Wing On is optimistic the deal, worth up to HK$660 million, will expand its business in China. (Sing Tao Daily B3)
Controlling shareholder of Wheelock Properties (49 HK) is planning for a possible privatisation of the company, according to its filing to HKEx yesterday. Trading in its shares was suspended, which last closed at HK$5.33 on Friday. Wheelock and Co (0020) now holds 74 per cent of the company. (Sing Tao Daily B2)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
