Thursday, August 12, 2010

Hong Kong Stock Market Wrap August 11th, 2010

IPO: Bright Smart Securities starts to launch floatation today to raise HK$2.25-2.7 billion at a price of up to HK$1.62 per share. Entry fee is HK$3,272.69 per board lot. The company will list on the local bourse on August 25. (SingTao Daily B1&6)

Chi Cheung Investment (112 HK) anticipates that its first half results ended June 30 is likely to have substantial improvement. It is believed that the improvement in the results is mainly due to the profit recognized upon completion of disposal of all remained four godown units at Gemstar Tower in Hunghom. (SingTao Daily B4)

China CITIC Bank Corporation (998 HK) recorded net profit of 10.685 billion yuan in 1H, up 45.35 per cent yoy. Core capital adequacy ratio was 8.26 per cent, down from the 9.17 per cent in the end of last year. The bank is planning a rights issue on the basis of up to 2.2 shares for every 10 existing shares, on the same basis for A shares and H shares, to raise not more than 26 billion yuan to strengthen its capital base. (Hong Kong Economic Times A12)

Credit Suisse sets Underperform rating on China Minsheng Banking (1988 HK), with target price at HK$5.9. Royal Bank of Scotland lowers target price for the bank from HK$8.08 to HK$6.73, with a Hold rating, while Deutsche Bank maintains a target price of HK$9. (Hong Kong Economic Times A12)

China Overseas Land & Investment (688 HK) posted net profit of HK$5.066 billion for the six months ended 30 June, surging 66.7 per cent yoy. Earnings per share was 62 HK cents, up 66.2 per cent yoy. Interim dividend was declared to be 10 HK cents per share. Chairman Kong Qing Ping targets full-year sales of 4.8 million sqm, with gross profit margin above 30 per cent. (Hong Kong Economic Times A10)

China WindPower (182 HK) first-half net profit surged 113 percent to around HK$133 million. Earnings per share amounted to 1.83 HK cents. No interim dividend was declared (SingTao Daily B6)

Chong Hing Bank (1111 HK) has posted a 20.4 per cent surge in first-half net profit to HK$193 million. Earnings per share were HK$0.44 and an interim dividend of 10 HK cents per share was paid, rising 25 per cent. (SingTao Daily B4)

CITIC 1616 (1883 HK) recorded a net profit of HK$187 million for the six months ended June 30, edging up 1.3 per cent. Earnings per share amounted to 8.6 HK cents and an interim dividend of 2.4 HK cents per share was declared. (SingTao Daily B4)

Fidelity International decreased holding of shares in GOME Electrical (493 HK) Appliances by 179 million shares on 6 August at an average price of US$0.312 per share, involving US$55.91 million, taking its shareholding in the company to 4.37 per cent from 5.57 percent. (Hong Kong Economic Times A10)

Hengdeli Holdings (3389 HK) posted net profit of 306 million yuan in 1H, up 44 per cent. Earnings per share was 0.075 yuan. No dividend will be paid. (Hong Kong Economic Journal P5)

Net profit at Hong Kong Exchanges and Clearing (388 HK) edged up 3 percent year-on-year to HK$2.258 billion in the first half, being in line with the market forecast. An interim dividend of HK$1.89 was declared. HKEx share price ended 2 per cent lower to close at HK$129.1 yesterday. (SingTao Daily B2)

HSBC Holdings plc (5 HK) told 1,500 branch managers in the UK days ago it may cut their paid sick leaves by half and extend working hours to Saturday. HSBC in the UK says around 330 branches currently open on Saturdays. The plan has come under fire from local union. (Hong Kong Economic Journal P8)

Liu Chong Hing Investment (194 HK) had a first half net profit of HK$232.7 million, growing by nearly 20 per cent. Earnings per share were 61.5 HK cents. An interim dividend of 10 HK cents was proposed. (SingTao Daily B4)

The accumulated premium income of the four subsidiaries of Ping An Insurance (Group) (2318 HK) amounted to 1,388 trillion yuan for the first seven months this year, rising 32 per cent. (SingTao Daily B4)

Tencent Holdings (700 HK) saw net profit climb around 7.5 per cent qoq to 1.917 billion yuan in Q2, surging over 60 per cent yoy. Revenue went up 62.2 per cent yoy to 4.669 billion yuan. No interim dividend will be paid. (Hong Kong Economic Times A10)

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