Wednesday, September 1, 2010

Hong Kong Stock Market Wrap August 31st, 2010

Beijing Enterprises (392 HK) recorded a net profit of HK$1.563 billion for the six months ended June 30, growing over 10 per cent year-on-year. An interim dividend of 25 HK cents per share was declared. Executive director and financial controller Tam Chun Fai said capital expenditures incurred during the period was around HK$400 million, expecting to invest not more than HK$5 billion in water and gas construction projects in the latter half. (SingTao Daily B3)

Celestial Asia Securities (1049 HK) recorded a net profit of nearly HK$1.1 million for the six months ended June 30. Earnings per share were 0.5 HK cent. An interim dividend of 2 HK cents per share was proposed. It also declared one bonus share for every five shares. (SingTao Daily B4)

China Communications Services (522 HK) recorded net profit of 906 million yuan in 1H, up 19.4 per cent over the same period last year. Turnover amounted to 21.72 billion yuan, up 18.9 per cent. No interim dividend was declared. (Hong Kong Economic Journal P8)

China Mengniu Dairy Company (2319 HK) saw revenue rise 19.3 per cent to 14.43 billion yuan in 1H. Net profit dropped 6.5 per cent to 619 billion yuan, worse than expected. No interim dividend was declared. (Hong Kong Economic Times A9)

China Pharmaceutical Group’s (1093 HK) profit down 20 per cent to HK$426 million in 1H. Earnings per share was 27.77 HK cents. The selling prices of vitamin C products dropped 20 per cent during the period. No interim dividend was declared. (Hong Kong Economic Times A9)

China Railway Construction (1186 HK) recorded 1H turnover of 17.4 million yuan, up 38 per cent yoy. Net profit reached almost 3.38 billion yuan, surging 52 per cent. Full-year income target is to exceed 400 billion yuan. (Hong Kong Economic Journal P8)

The consortium led by China Strategic planning (235 HK) to buy AIG's Asian insurance business Nan Shan was turned down yesterday by Taiwan regulatory authorities. Shares of China Strategic suspended trading in the afternoon yesterday. Investors are worried that a selling pressure would emerge after resuming trading. (SingTao Daily B2)

Coolpoint Energy (8032 HK) signs MOU to acquire from Victory Mind Assets, Dragon City and Alpha Talent 325 million or 30.9 per cent Li Ning (2331) shares. On the other hand, it will issue 590 million new shares at HK$0.678 apiece to pay for the acquisition of Viva China and 1 billion new shares at HK$0.7 apiece for a Shenyang real estate project. The company name ‘‘Coolpoint Energy Limited’’ will be changed to ‘‘Viva China Holdings Limited’’. (Hong Kong Economic Times A9)

Guangzhou (2238 HK) Automobile recorded a 260.6 per cent growth in net profit to 2.308 billion yuan for the six months ended June 30. Gross profit rose 54.2 per cent to 5.284 billion yuan. Revenue amounted to 28.897 billion yuan, climbing 39.8 per cent. Earnings per share was 58.66 fen and an interim dividend of 9 fen per share was declared. (SingTao Daily B4)

Hopewell Holdings (54 HK) net profit for the full year soared 151 per cent to HK$4.223 billion. Turnover went up 42 per cent to HK$4.382 billion. Earnings per share was HK$4.81, rising 153 per cent from a year ago. The company distributed a final dividend of HK$0.54 per share, slashing 6.9 per cent from last year.

Recurrent core profit of Shun Tak (242 HK) posted a 96.8 per cent rise to HK$61 million for the first half. Profit attributable to equity holders tumbled 84.3 per cent to 266 million. Earnings per share amounted to 13.1 HK cents, plunging 82.5 per cent from last year. No interim dividend was paid. (SingTao Daily B2)

United Company RUSAL (486 HK) posted net profit of US$1.27 billion for the six months ended 30 June as compared to net loss of US$870 million for the same period last year. Revenue rose 41.6 per cent to US$5.32 billion. Earnings per share amounted to US$0.08. (Hong Kong Economic Times A8)

Xinyi Glass (868 HK) has signed a HK$1.1 billion worth of 4-year term consortium loan agreement with 14 financial institutions. Interest rate will be HIBOR plus 1.27 per cent. (SingTao Daily B4)

Yuexiu Property (123 HK) acquires two parcels of land in the Southern District of the central city area of Panyu for residential, commercial and financial use at a total consideration of 2.875 billion yuan, with permissible gross floor area up to 416,000 sq. m.. Prices of acquisition per sq.m. are 7,300 yuan and 5,500 yuan each. (Hong Kong Economic Journal P9)

Zhong An Real Estate (672 HK) had a loss before tax of around 50 million yuan as compared with the profit of around 56 million yuan over the same period a year ago. The property developer has reserved a capital of around 3.5 billion yuan in land acquisition. (SingTao Daily B4)

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