Agricultural Bank of China (1288 HK) announces 1H results today. JP Morgan and Morgan Stanley set Overweight rating on it, with target price at HK$4.6 and HK$4.53 respectively. Nomura, Citigroup and Deutsche Bank set Buy rating on it, with target price at HK$4.3, HK$4.2 and HK$3.91 respectively. Shares rose over 3 per cent to HK$3.53. (Hong Kong Economic Journal P1)
BOC (3988 HK) recorded a 26.87 per cent growth in profit attributable to shareholders of 52.022 billion yuan for the six months ended June 30. Net interest income amounted to 91.864 billion yuan, rising 22.94 per cent from the previous year. Earnings per share went up 25 per cent to 0.2 yuan. No interim dividend was declared. (SingTao Daily B1)
BOC HK (2388 HK) posted a 7.46 per cent growth in net profit to HK$7.19 billion for the first half. Net interest spread narrowed to 1.58 per cent as of June 30, shedding 21 percentage points year-on-year. Earnings per share rose 7.44 per cent to HK$0.68. An interim dividend of HK$0.4 was distributed, surging 40.35 per cent. (SingTao Daily B1)
China COSCO (1919 HK) posted net profit of 3.45 billion yuan in 1H. Turnover was 45.55 billion yuan, up 55.5 per cent. Earnings per share amounted to 0.34 yuan. (Hong Kong Economic Journal P10)
China Life (2628 HK) management expects to see a more complicated market condition in the second half, which would put fixed-income type of investment products under pressure. It also anticipates that A shares would be volatile and its investment in equity-related interests would be more flexible. (SingTao Daily B2)
China Resources (291 HK) recorded a net profit of HK$4.243 billion, surging 3 times from last year. Turnover went up 20 per cent to HK$41.98 billion. Earnings per share increased by 2.7 times to HK$1.77. An interim dividend of HK$0.14 was declared, unchanged from a year ago. (SingTao Daily B2)
China Unicom (762 HK) posted net profit of 2.395 billion yuan in interim results, down 62.2 per cent. Revenue went up 7.6 per cent to 82.113 billion yuan. Earnings per share amounted to 0.107 yuan. No interim dividend was declared. The company says it will introduce iPhone4 within the year.
(Hong Kong Economic Times A13)
R&F Properties (2777 HK) saw net profit surge 3.48 times to 701 million yuan for the first half. Turnover grew 49 per cent to 6.935 billion yuan. Earnings per share were 0.2175 yuan, increasing by 3.48 times from last year. R&F declared an interim dividend of 0.1 yuan per share. (SingTao Daily B3)
Henderson Land (12 HK) posted a 75.2 per cent increase to HK$7.658 billion in profit attributable to equity holders for the first half. Turnover dropped 34.3 per cent to HK$2.178 billion. Basic earnings per share went down 37.8 per cent to HK$0.61. An interim dividend of HK$0.3 per share was declared. (SingTao Daily B2)
ICBC (1398 HK) hit record high in net profit for the second quarter to 43.056 billion yuan, surging almost 38 per cent year-on-year, driving the first half net profit attributable to equity holders increase by 27.37 per cent to 84.603 billion yuan. Earnings per share amounted to 0.25 yuan, climbing 25 per cent from a year ago. No interim dividend was paid. (SingTao Daily B1)
Kunlun Energy Company (135 HK) signs JV agreement with China Gas and Hebei Bohai to set up a JV Company engaged in gas pipeline construction and operation in Bohai New District to achieve annual capability of natural gas of 0.5 to 4 billion cubic metres. The JV company will be owned as to 51 per cent, 40 per cent and 9 per cent by the company, China Gas and Hebei Bohai respectively. Expected total investment amount is 300 million yuan. (Hong Kong Economic Times A13)
PetroChina Company (857 HK) posted net profit of 65.33 billion yuan in interim results, an increase of 29.4 per cent yoy. Turnover was 684.8 billion yuan, surging 64.9 per cent. Profit from operations amounted to 88.94 billion yuan, up 34.8 per cent. (Hong Kong Economic Times A12)
Luis Nuno Mesquita de Melo has been replaced by Anne Maree Salt as joint company secretary of Sands China (1928 HK). Steven Craig Jacobs, CEO and president and executive director, was removed by the board weeks earlier. Profit rose 3.29 times yoy to US$250 million in 1H. Earnings per share amounted to 3.11 US cents. No dividend was declared. (Hong Kong Economic Journal P12)
TCL Multimedia Technology (1070 HK) Yu Guanghui has tendered his resignation as CEO. The resignation will be effective from 10 Sep and Zhao Zhongyao will take his place. His other posts in the group remain the same. The company saw gross profit decrease by 17.4 per cent in 1H. Loss attributable to owners of the parent amounted to HK$334 million. (Hong Kong Economic Journal P10)
Tencent (700 HK) intends to purchase nearly 50 per cent interest in Sanook from its key shareholder at a consideration of US$10.5 million (HK$81.7 million). Sanook is an Internet company in Thailand, which recorded a net loss of more than HK$43 million last year. It expects to post a profit of above HK$15 million in the fiscal year of 2010. (SingTao Daily B3)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
