Wednesday, April 21, 2010

Hong Kong Stock Market Wrap April 20th, 2010

Agile Property Holdings Ltd. (3383 HK) is planning to issue seven-year guaranteed senor notes in dollars for $500 million. The company intends to use the capital to finance the redemption of the outstanding principal amount of the 2006 notes and general corporate purposes. (Sing Tao Daily B4)

CHALCO (2600 HK) recorded net profit of 627 million yuan for the first quarter this year, up from a loss of 1.9 billion yuan for the same period last year. The company said rising demand for aluminum boosted product prices and expected to reap profit in the first half of the year. (Hong Kong Economic Times A15)

China Eastern Airlines (670 HK), the nation's second-largest carrier, plans to raise the portion of international flight by 10 per cent to 40 per cent, after acquiring Shanghai Airlines. The company also aims to expand its market share in Shanghai to 50 per cent from 47 per cent, according to its financial chief yesterday. (Sing Tao Daily B3)

China Minsheng Banking Corp. (1988 HK) may consider issuing bonds to further shore up its capital base, according to its vice president yesterday. But he said the company won’t increase core capital from the equity market in the near future, after it raised almost US$4 billion last year via Hong Kong listing. (Sing Tao Daily B4)

CNBM (3323 HK) recorded net profit of 2.35 billion yuan for the year 2009 on government’s policies and industry restructuring. The company believed the government’s new measures on the housing sector will still be favourable to its businesses. It expected capital spending this year to drop 23 per cent to 10 billion yuan. Most of the spending will be spent on cement business. (Hong Kong Economic Journal P.6)

China Zhongwang Holdings Limited (1333 HK) posted a net profit of 3.53 billion yuan for the year 2009, surging 84.7 per cent compared with a year ago. Earnings per share were 0.72 yuan. A final dividend of 17 fens and special dividend of 6 fens per share was declared. (Sing Tao Daily B3)

Datang International Power (991 HK) said its parent company’s plan to list its new energy and coal chemical business on Shenzhen’s Growth Enterprise Market got approved by the government recently. (Sing Tao Daily B3)

GEG (27 HK) doubled its EBITDA to HK$1.12 billion for the year 2009, higher than the HK$1.066 billion that market has expected. Profit attributable to shareholders was HK$1.149 billion. The company holds positive view on Macua gambling market this year and expects an average growth of 20 per cent. (Hong Kong Economic Times A15)

Greentown China Holdings (3900 HK) said full-year net income rose 87% to 1.012 billion yuan year on year. Sale target this year is 67 billion yuan. Earnings per share were 64 fens. A final dividend of 26 HK cents per share was declared. (Sing Tao Daily B4)

Benefited by government’s policies, Haier Electronics (1169 HK) posted profit of 370 million yuan for the year 2009, surging 1.72 times. No final dividend was declared. Turnover reached 11.531 billion yuan, up 13.3 per cent year-on-year. Gross profit margin increased by 1.1 percentage points to 29.9 per cent, mainly lifted by decreased raw material prices and optimized product mix.

Huaneng Power International (902 HK) reported a profit of 952.8 million yuan for the first quarter this year, up 40 per cent, as mainland power generation grew 40 per cent and the government provided a subsidiary of 105 million yuan. Earning per share were 8 fens. (Sing Tao Daily B3)

Maanshan Iron (323 HK) saw net profit climb 1.6 times year-on-year to 520 million yuan for the first quarter this year on increased demand for and prices of iron and steel worldwide as global economy improving. Operating income rose 23.9 per cent year-on-year. (Hong Kong Economic Times A15)

Mingfa Group (846 HK) announced its first full-year results since its listing. Profit attributable to shareholders amounted to HK$987.5 million, up 1.2 times year-on-year, 14.6 per cent higher than prospectus forecast. Earnings per share were HK$18.9 fens. A final dividend of 5 HK cents was declared. (Hong Kong Economic Journal P12)

Pearl Oriental (623 HK) has signed a share subscription agreement with a number of international funds and institutional investors including JP Morgan. The company will issue over 231 million new shares to raise HK$319 million. Subscription price is HK$1.38 per share. (Hong Kong Economic Times A15)

Solomon Systech (International) Limited (2878 HK), a fabless semiconductor company, posted a net profit of HK$530 million last year. Earnings per share were 0.2 HK cents. A final dividend of 1 HK cent per share was recommended. (Sing Tao Daily B4)

Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard