Wednesday, April 28, 2010

Hong Kong Stock Market Wrap April 27th, 2010

Anhui Conch (914 HK) posted earnings of approximately 792 million yuan for the first quarter of the year, up almost 94 per cent year-on-year. Turnover reached around 6.07 billion yuan. Gain per share was 45 fen. (Sing Tao Daily B2)

Bank of China (3988 HK) earned as much as 26.23 billion yuan in the first quarter of the year, surging 41.25 per cent, slightly higher than expectations. Earnings per share were 10 fen. Net interest income reached 44.506 billion yuan, up 20.82 per cent. Net interest margin was 2.04 per cent, down 10 percentage point over the same period last year. (Sing Tao Daily B2)

BOC Hong Kong (2388 HK) posted an unaudited operating profit before impairment allowances climbed to HK$4.171 million, up 4.25 per cent compared with that of same period last year, due to higher fee income from loans and stock broking despite a drop in net interest income under the low interest rate environment. Net operating income before impairment charges rose 7.57 per cent from a year earlier. (Hong Kong Economic Journal P6)

China Unicom (762 HK) may cut the minimum package price for 3G to 36 yuan from 66 yuan, according to mainland newspapers. Meantime, the paper said it will also cut the minimum monthly service price with iPhone to 96 yuan from 126 yuan, which will make newly-bought iPhone 1,000 yuan cheaper than before. (Hong Kong Economic Times A12)

SALES TARGET 100B YUAN BY 2012 Amid mainland high-railway net work construction wave, China South Locomotive & Rolling Stock Corporation (1766 HK) expects sales to rose 1.2 times to 100 billion yuan by 2012 and portion of overseas business to increase to up to 20 per cent, according to its CEO.
(Hong Kong Economic Times A12)

Chow Sang Sang Holdings (116 HK) announced yesterday that it will place up to 75 million existing shares at a price of HK$13.3 per share, a discount of approximately 10 per cent to the closing price of HK$14.78 right before the suspension of trading on Hong Kong bourse. The company will resume trading today. (Hong Kong Economic Journal P6)

CNR Holdings (2889 HK) recorded a loss of 332 million yuan for the year 2009, sinking into the red. Loss per share was 0.159 yuan. No dividend was declared. (Sing Tao Daily B2)

Dynamic Energy (578 HK) saw net profit slightly above HK$46 million for the full-year of 2009, down 83 per cent year-on-year. Earnings per share were 2.57 HK cents. No dividend was declared. The company plans to issue HK$1.2 billion convertible bonds. (Sing Tao Daily B2)

Lansen Pharmaceutical (503 HK) said it is planning to develop immune medicine for rheumatism for mainland China market and expand it as its main business, according to its CEO. The company will look for acquisition target actively in the future, he said. (Hong Kong Economic Journal P8)

Sany International (631 HK) recorded net profit of 490 million yuan for the year 2009, up almost 1.6 times year-on-year. Basic earnings per share amounted to 0.32 yuan. A final dividend of 6 HK cents per share was paid. (Sing Tao Daily B2)

Sichuan Expressway (107 HK) posted an unaudited profit of 294 million yuan for the first quarter this year, up 67.4 per cent year on year, as its sales income increased 22 per cent year on year and cost went down. (Hong Kong Economic Times A12)

Shanghai Zendai (755 HK) announced yesterday that it would set up a joint venture with companies including its second largest shareholder Shanghai Forte Land (2337) and Greentown (3900) to develop large projects in Shanghai. The company and Shanghai Forte Land will own the joint venture as to 50% and 30% respectively. The registered capital of the joint venture will be 1 billion yuan. (Sing Tao Daily B3)

SMIC (981 HK) saw turnover for the year 2009 drop almost 21 per cent to around HK$8.3 billion. Sales cost and administrative fees jumped 56 per cent and 2.6 times respectively. The company lost approximately HK$7.5 billion, up 1.2 times year-on-year. Loss per share was 4 US cents. (Sing Tao Daily B4)

Weichai Power (2338 HK) posted net profit of 3.4 billion yuan for the full-year of 2009, up almost 77 per cent year-on-year. A final dividend of 0.48 yuan per share was recommended. As economy recovers, the company saw earnings climb almost 3.5 times to approximately 1.62 billion yuan in the first quarter of 2010. (Sing Tao Daily B3)

Wheelock & Co. (20 HK), the Hong Kong-based company that controls two of the city’s biggest shopping malls through a unit, offered to pay HK$6.9048 billion to buy Wheelock Properties Ltd. Shares it doesn’t already own. Price per share will be HK$13, higher than expected. (Hong Kong Economic Journal P6)

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