Monday, April 26, 2010

Hong Kong Stock Market Wrap April 23rd, 2010

Bank of Communications (3328 HK), China’s fifth largest lender, announced that the company has got approval of its rights issue from China Banking Regulatory Commision, which aims at raising up to 42 billion yuan from shareholders of both A-and H-shares. (Sing Tao Daily B16)

Dieter Zetsche, Chairman of the Board of Management of Daimler AG, announced that the company will cooperate with BYD (1211 HK) on developing a new electric vehicle specific to the requirements of the Chinese market and will launch the sale in 2013. In addition, BYD plans to sell E6 electronic taxi in Shenzhen this year. (Sing Tao Daily B16)

China mobile (941 HK) recorded a nearly one-year high of new customer growth, among which the number of 3G customers surged 3 million. The company revised its 2009 target to add at least 11.5 million news TD customers while striving for the target of 15 million by the end of this year. (Hong Kong Economic Journal P4)

China Southern Airlines (1055 HK) posted an unaudited profit of 1.419 billion yuan for the first quarter this year, surging 5.39 times year on year, mainly helped by an one-off investment income from selling stake in an aircraft maintenance unit. (Hong Kong Economic Times A14)

Esprit Holdings Limited (330 HK) said turnover declined 1.8 per cent to HK$26.7 billion for the past nine months ended 31 March 2010, mainly due to the decrease in Europe. Turnover in Europe went down 3.2 per cent to HK$22.437 billion. (Sing Tao Daily B16)

TSC Offshore (206 HK) said its 2009 profit turns to the red, with a loss of $10.2 million, or 1.81 US cents per share as the company made provisions against possible impairment of assets in particular trade receivables, inventories and foreseeable losses on contracts, following its acquisition of Global Marine Energy Plc. No final dividend was declared. (Hong Kong Economic Journal P8)

Yanzhou Coal Mining (1171 HK) posted a net profit of 2.1 billion yuan for the first quarter, up 1.9 times year on year. Meantime, the company announced profit warning for the first half this year, expecting its net profit to grow more than 100 per cent, compared with a first-half profit of 1.904 billion yuan last year. (Hong Kong Economic Times A14)

Centron Telecom (1155 HK) saw last-year net profit climb about 40 per cent year-on-year to 165 million yuan. Revenue amounted to 1.14 billion yuan, up almost 40 per cent year-on-year. Gross profit margin was around 28.37 per cent, down 0.60 percentage points. Research and development expenditure was approximately 33 million yuan, surging nearly 94 per cent. Dai Guoyu has resigned as CEO due to health problems but remains an executive director and chairman Dai Guoliang, effective from 23 April, will take his place temporarily. (Hong Kong Economic Journal P.5)

DVN (500 HK) recorded profit of approximately HK$11.81 million for the full-year of 2009, down 87 per cent year-on-year. Earnings per share were 1.04 HK cents. No final dividend was declared but a special dividend of HK$0.02 per share was paid. (Sing Tao Daily B12)

Greens Holdings (1318 HK), listed since last November, said earlier that 2009 results might fail to achieve profit forecast in prospectus of not less than 95 million yuan. The company announced yesterday profit attributable to shareholders for 2009 rose 13.8 per cent to 68.317 million yuan, 28 per cent below the forecast, due to delay of some sales orders. Revenue grew 28.9 per cent to 555 million yuan. Basic earnings per share amounted to 0.072 yuan. A final dividend of 2.17 HK cents per share was recommended. (Hong Kong Economic Times A15)

Mayer Holdings (1116 HK)’ 2009 full-year results sank into the red and reported loss of approximately 510,000 yuan. Loss per share was 0.09 fen. No dividend was declared. (Sing Tao Daily B12)

Meike International (953 HK) posted profit of around 90,000,000 yuan for the year 2009, same as prospectus forecast, up almost 85 per cent year-on-year. Turnover reached 499 million yuan. Earnings per share were 12.1 fen. A final dividend of 3.4 fen per share was declared. (Sing Tao Daily B12)

Sinopharm’s (1099 HK) A shares announced first-quarter results yesterday. Net profit was 69.86 million yuan, up 20.17 per cent over the same period last year. Earnings per share were 14.59 fen. Turnover was 1.39 billion yuan, up 11.7 per cent from the 1.246 billion yuan for the same period last year. (Sing Tao Daily B12)

Royale Furniture (1198 HK) recorded net profit of HK$130 million for the full-year of 2009. Earnings per share were 29.53 HK cents. A final dividend of 8.5 HK cents per share was declared. (Sing Tao Daily B12)

Uni-President China (220 HK) saw turnover drop 1.4 per cent to 9.1 billion yuan for the year 2009. Net profit more than doubled to 705 million yuan. A final dividend of 5.875 fen per share and special dividend of 3.917 fen per share were recommended. (Hong Kong Economic Times A15)

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