Thursday, April 29, 2010

Hong Kong Stock Market Wrap April 28th, 2010

Cheung Kong Infrastructure Holdings (1038 HK) said it has acquired 50 per cent stake in Seabank, a natural gas power plant BG Energy, from BG Energy. The deal price was HK$2.5 billion. In addition, the company’s unit plans to buy a stake up to 8.2 per cent in Enviro Energy (8182) with no more than HK$176 million over the coming three years, according to the Enviro’s filing. (Sing Tao Daily B2, B3)

China Citic Bank (998 HK) saw earnings increase by 7.69 per cent to 14.319 billion yuan in the year 2009, benefited by a drop in asset impairment loss by 61 per cent. Earnings per share were 0.37 yuan. The bank distributed a dividend of 0.88 yuan for every 10 shares. (Hong Kong Economic Journal P.7)

Q1 PROFIT SURGES 67% China Life (2628 HK) said first-quarter profit increased nearly 67 per cent year-on-year to 10.2 billion yuan, mainly helped by steady growth in insurance business and investment revenue. Driven by the stock rally, the group’s investment revenue grew nearly 57 per cent to 18.3 billion yuan in the first quarter. (Sing Tao Daily B1)

Mengniu Dairy (2319 HK) returned to the black for the year 2009 and earned 1.116 billion yuan. Net cash flow jumped to 2.1 billion yuan. A final dividend of 0.14 yuan per share was declared. Founder Niu Gensheng was shifted to a non-executive position. (Hong Kong Economic Times A13)

China Merchants Bank (3968 HK) said first-quarter net profit soared 40.42 per cent year-on-year to 5.909 billion yuan, as net interest income surged nearly 32 per cent to 12.514 billion yuan and fee-based revenue increased by 39.09 per cent to 2.416 billion yuan. Earnings per share were 0.3 yuan. (Sing Tao Daily B2)

China National Materials (1893 HK) saw total operating income climb 44 per cent to 6.261 billion yuan in the first quarter. Total earnings surged 130 per cent to 369 million yuan. Net profit soared 25 times to 80.16 million yuan. (Hong Kong Economic Journal P.6)

China Petroleum & Chemical Corporation (386 HK) posted a net profit of 15.785 billion yuan for the first quarter this year, up almost 40 per cent year-on-year, as domestic demand grew and production of oil products as well as ehylene increased substantially. Earnings per share were 0.182 yuan. (Sing Tao Daily B2)

China Shipping Container Lines Company Limited (2866 HK) said its net loss for the first quarter narrowed to around 192.7 million yuan, up 84.15 per cent compared with that of last year, as freight revenue and loaded container volume increased significantly. (Sing Tao Daily B2)

China Telecom (728 HK) recorded Q1 net profit of 4.27 billion yuan, down 9.1 per cent year-on-year, meeting expectations. Operating revenues were 52.712 billion yuan, up 3.6 per cent year-on-year. EBITDA before CDMA network capacity lease fees was 22.8 billion yuan, up 2.7 per cent year-on-year. (Hong Kong Economic Journal P.6)

Cnooc Limited (883 HK) said total income for the first quarter this year doubled to 30.49 billion yuan compared with a year ago. Net natural gas and oil production from January to March amounted to 67.3 million barrels, up 31.9 per cent. Oil price surged over 81 per cent to $75.37 per barrel. (Sing Tao Daily B2)

Port operator COSCO Pacific (1199 HK) reported first-quarter net profit of $133 million, up 2.07 times year-on-year, lifted by one-off profit on disposal of equity interest in COSCO Logistics. Excluding the one-off gain, the port operator saw first-quarter core earnings of $48.537 million, up 11.8 per cent year-on-year. The disposal of 50 per cent equity interest of COSCO Logistics generated $84.71 million gain. (Hong Kong Economic Times A13)

Henderson Land Development (12 HK) said the capital value of the group’s property interest amounted to HK$188.1 billion in Hong Kong and mainland China, among which Hong Kong properties account for around 74 per cent. Only the capital of Hong Kong properties held for sale reached HK$16.151 billion. As for the rental business, International Finance Centre is the most valuable property in Hong Kong and World Financial Centre is the most valuable in mainland China. (Sing Tao Daily B2)

Huadian Power (1071 HK) reported Q1 net profit of 77.238 million yuan, down 60 per cent year-on-year due to higher coal price. Operating cost climbed 37.59 per cent year-on-year to 9.713 billion yuan. The company announced yesterday it would buy 84.31 per cent stake in Shandong-based Century Power for 2.36 billion yuan to expand its operating capacity. (Hong Kong Economic Times A13)

Sinopec Shanghai Petrochemical Company (338 HK) said first-quarter profit amounted to 895 million yuan, surging 4.46 times year on year. Earnings per share were 0.124 yuan. (Sing Tao Daily B2)

TCL Communication Technology (2618 HK) returned to the black on the year-on-year basis in the first quarter, earning HK$69.533 million. Net profit dropped around 38 per cent over the final quarter last year on factors including lower mobile sales. Turnover was 1.474 billion, up 1.4 times year-on-year, down 24.8 per cent quarter-on-quarter. (Hong Kong Economic Times A13)

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