CR Cement (1313 HK) announced that it has agreed to acquire the entire equity interest in the three subsidiaries of Universal Cement. It is expected that the total consideration will be reduced to HK$810 million from HK$820 million. In addition, CR Cement also said that the results of the due diligence review on the target companies were satisfactory. (SingTao Daily B4)
Clear Media (100 HK) saw net profit climb 172 per cent to around HK$77.33 million for the six months ended 30 June. Turnover amounted to around HK$584 million during the period. (Hong Kong Economic Journal P8)
Daiwa expects Golden Eagle Retail (3308 HK) to record double-digit growth in profit in 1H, with core profit of 481 million yuan. It sets Buy rating on the company, with target price at HK$18.7. (Hong Kong Economic Times A11)
Greentown China (3900 HK) plans to establish a joint venture company with its chairman Song Weiping and a consulting company. Greentown will make a capital contribution of 74 million yuan in the joint venture that will be engaged in property construction management and advisory services in the mainland. Upon the establishment of the joint venture, Greentown will own 37 per cent equity interest in the jv company. (SingTao Daily B4)
Hang Seng Bank (11 HK) CEO Leung Ko May Yee Margaret believes the bank can maintain to pay a full-year dividend of HK$5.2. Morgan Stanley sets “in line with market” rating on the bank, with target price at HK$114. (Hong Kong Economic Times A10)
HAECO (44 HK) net profit for the first half of 2010 was HK$338 million, a reduction of 21 per cent from the same period a year ago. Earnings per share were HK$2.03. An interim dividend of HK$0.45 per share was declared, down 10 per cent from last year. (SingTao Daily B5)
KWG Property Holding (1813 HK) plans to issue guaranteed senior notes to finance existing and new property projects, subject to market conditions and investor interest, with Morgan Stanley and Standard Chartered as the joint lead managers and the joint bookrunners.
Luoyang Glass Company (1108 HK) expects to return to the black in 1H on various factors such as decrease in costs, good glass market, increased product sale prices and increased gross profit. (Hong Kong Economic Times A11)
According to HKEx data, New World Development (17 HK) decreased holding of over 14 million shares in Renhe Commercial Holdings Company Limited (1387) at an average price of HK$1.636 per share on July 30. Capital amounting to over HK$23 million was involved in the transaction. (SingTao Daily B4)
Omnicorp (94 HK) has allotted and issued a total of 230 million shares to Sino-Forest at a price of HK$1.82 per share for a consideration of HK$418.6 million. (Hong Kong Economic Journal P8)
Pacific Basin Shipping (2343 HK) first half net profit plunges 30 per cent to US$51.9 million (around HK$400 million). Earnings per share were 21 HK cents. An interim dividend of 5 HK cents per share was paid, declining 37 per cent. But it expects the full-year dividend to be maintained at 50 per cent level. (SingTao Daily B5)
Shenguan Holdings (829 HK) expects to record a significant increase in unaudited consolidated net profit for the six months ended 30 June 2010. The increase in its first half net profit is arisen from normal operations of the company. (SingTao Daily B4)
Shimao Property Holdings (813 HK) posted July sales of 2 billion yuan, up 13 per cent over June. Contracted sales and area for the first 7 months were 13.3 billion yuan and 1.1812 million sqm respectively. (Hong Kong Economic Times A11)
Tom Group (2383 HK) recorded a loss of more than HK$66 million for the six months ended 30 June 2010, sinking into red this year. Loss per share was 1.7 HK cents. No dividend was paid. (SingTao Daily B4)
Willie International (273 HK) plans to place 205.7 million shares at a price of HK$0.165 each, representing a discount of around 17 percent. The company proposed to use the net proceeds from the placing, around HK$33 million, for the general working capital of the company. (SingTao Daily B4)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
