Wednesday, August 18, 2010

Hong Kong Stock Market Wrap August 17th, 2010

IPO: Huaneng New Energy Industrial plans to raise 10 billion yuan via IPO in Hong Kong within the year, involving up to 2.9 billion shares. Offering price will be around 3-4 yuan per share. It is said that it has appointed firms such as Morgan Stanley and Goldman Sachs for arrangement. (Hong Kong Economic Times A13)

A8 Digital Music (800 HK) saw 1H net profit drop 55 per cent to 20 million yuan. Revenue went down 23 per cent to 352 million yuan. No interim dividend was declared. Share price dropped 15 per cent yesterday. (Hong Kong Economic Times A13)

Angang Steel (347 HK) recorded a net profit of 2.767 billion yuan for the six months ended June 30, which is mainly due to the recovery of the steel market in the first half and the increase of steel price. Earnings per share were 38 fens. Revenue amounted to 44 billion yuan, up 46.6 per cent over the same period last year.
(SingTao Daily B1)

AviChina (2357 HK) first half net profit jumped 50-fold to 397 million yuan. Earnings per share 0.023 yuan. No interim dividend was paid. The company will continue to acquire aviation business assets domestically and from overseas in the second half. AviChina share price yesterday rose 4 per cent to close at HK$3.14. (SingTao Daily B4)

China Life Insurance (2628) decreased holding of shares in BBMG Corporation (2009 HK) by 30.52 million shares last week, taking its shareholding in the company down to 7.39 per cent. JP Morgan has been increasing holding of the shares. Its shareholding amounted to 14.17 per cent last Monday. (Hong Kong Economic Times A12)

China Communications Construction (1800 HK) is planning certain asset restructuring deal regarding Road & Bridge International, 61.4 per cent owned by the company directly and indirectly, and making preliminary policy consultations with the authorities. No agreement has been made.
(Hong Kong Economic Journal P7)

China Minsheng Banking (1988 HK) is planning to issue subordinated bonds for about 15 billion yuan in the year in order to replenish supplementary capital. As of 30 June, 2010, its capital adequacy ratio and capital asset ratio are 10.77 per cent and 8.32 per cent respectively, dropping 0.06 and 0.6 percentage points respectively from the end of 2009. (SingTao Daily B2)

China SCE Property (1966 HK) posted net profit of 613 million yuan for the six months ended 30 June, up 1.1 times. Core profit climbed 3.86 times to 607 million yuan. Interim earnings per share amounted to 22.4 fens. Interim dividend per share was 4 HK cents.
(Hong Kong Economic Times A13)

China Taiping Insurance (966 HK) posted a 9.7 per cent growth to HK$603 million in net profit for the first half of 2010. Earnings per share were HK$0.355, up 0.6 per cent. No interim dividend was declared. Turnover during the period amounted to HK$27.27 billion, surging 89.6 per cent from last year. (SingTao Daily B2)

Coslight Technology’s (1043 HK) subsidiary Harbin Coslight has signed a second supply agreement with Guangzhou Automobile. Harbin Coslight agreed to sell another 85 sets of battery systems that will also be used by Guangzhou Automobile to manufacture vehicles for the purpose of the Asian Games to be held in Guangzhou. (SingTao Daily B4)

Golden Eagle Retail’s (3308 HK) 1H net profit rose over 5 times yoy to 462 million yuan. Earnings per share was 0.238 yuan. Total gross sales proceeds rose to 5.034 billion yuan, yoy growth of 34 per cent. No interim dividend will be paid. (Hong Kong Economic Journal P7)

Kunlun Energy (135 HK) has signed agreement with Tianjin Gas Group, in which both parties agreed to establish a JV company in the mainland. The JV company will be owned as to 51 per cent by Kunlun Energy and 49 per cent by Tianjin Gas Group. It is expected that the total investment of the JV company will amount to 1.5 billion yuan. (SingTao Daily B4)

Natural Beauty (157 HK) posted a net profit of HK$15.9 million for the first half, down 85 per cent over the same period a year earlier. Earnings per share amounted to 0.79 HK cents and an interim dividend of 3.5 HK cents per share was paid. (SingTao Daily B4)

PICC Property (2328 HK) and Casualty profit attributable to shareholders amounted to 2.645 billion yuan for the six months ended June 30, surging 32.06 times from a year ago. Earnings per share were 0.237 yuan. No interim dividend was declared. Turnover amounted to 81.628 billion yuan and net premiums earned were 57.679 billion yuan during the period. (SingTao Daily B4)

Royale Furniture (1198 HK) booked net profit of HK$60.04 million for the six months ended 30 June, jumping 1.7 times. Turnover rose 54 per cent to HK$545 million. Gross profit margin went down 2.4 percentage points to 29.3 per cent. An interim dividend of 1.6 HK cents per share was declared. (Hong Kong Economic Times A13)

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