Wednesday, October 13, 2010

Hong Kong Stock Market Wrap October 12th, 2010

Central China Real Estate (832 HK) intends to issue senior notes, carrying an initial interest rate of around 12.5 per cent, with US$200-300 million of issuing amount. (SingTao Daily B4)

China Construction Bank (939 HK) announces that, for the year ended 8 Oct, Huijin has increased its shareholdings in the bank by 16.1392 million A-shares through the trading system of the Shanghai Stock Exchange, around 0.01 per cent of the total issued share capital of CCB. (Hong Kong Economic Times A12)

China Merchants Bank (3968 HK) expects a net profit attributable to shareholders for the nine months ended Sep 30 to increase more than 50 per cent over the same period of the previous year. The lender booked a net profit of around 13.078 billion yuan for the first 9-month period last year, estimating its net profit during the same period this year will amount to not less than 19.617 billion yuan. (SingTao Daily B4)

China Power International Development (2380 HK) announces that, for the first 3 quarters ended the end of Sep, electricity sales of its electricity plants rose 45.35 per cent to 34.897 million MW. (Hong Kong Economic Times A12)

Comtec Solar Systems Group (712 HK) announces that it posted net profit of 149.3 billion yuan in the first 3 quarters. Gross profit margin amounted to 27.2 per cent. (Hong Kong Economic Times A12)

Dragonlott Entertainment Group (8078 HK) is aiming to place up to 280 million new shares to not less than six placees at a price of HK$0.415 per share, representing around 25 per cent of the issued share capital as enlarged. (SingTao Daily B4)

Future Bright (703 HK) is planning to acquire a commercial building located at Largo da Companha de Jesus N°2 in Macau, involving a consideration of HK$262 million. (SingTao Daily B4)

Great Wall Motor (2333 HK) intends to issue not more than 121.7 million A shares to be listed on the Shanghai Stock Exchange. The amount of funds to be raised is pending confirmation. If the company price the A shares equivalent to existing H shares, the raising amount may reach 2.434 billion yuan. Shares of Great Wall ended 3.15 per cent lower at HK$20 yesterday, apparently underperform other mainland auto shares. (SingTao Daily B4)

Greentown China (3900 HK) posted contracted sales in Sep of about 7.1 billion yuan, surging 35 per cent year-on-year. Contracted sales for the first nine months amounted to 23 billion yuan. (SingTao Daily B4)

UBS says the current price of Hong Kong Exchanges and Clearing (388 HK) is too high already, reiterating Sell rating on the bourse, raising target price on it from HK$105 to HK$115.

Hong Kong Food Investment (60 HK) is expected to record a loss for the six months ended 30 Sep 2010 as compared with the profit for the same period in 2009. Such loss is mainly attributable to a weak market. (SingTao Daily B4)

Chinachem Group (683 HK) beat Kerry Properties and secured the site at 3 and 5 Ede Road, Kowloon Tong for HK$1.63 billion. (Hong Kong Economic Times A2)

Shares of Tencent (700 HK) rose to record high for the second straight session, ending 3.52 per cent higher at HK$182.3 yesterday. JP Morgan keep bullish on Tencent, raising the target price to HK$205.

Veeko International’s (1173 HK) subsidiary Colourmix recorded almost 58 per cent growth in sales volume year-on-year during the National Golden Week period on Oct 1-7. (SingTao Daily B4)

VST Holdings’ (856 HK) subsidiary ECS Holdings Limited, which is listed on the Singapore Exchange Securities, considers to offer and list Taiwan Depository Receipts (TDR). The current intention of the ECS board is that the maximum number of the new shares shall not be in excess of 20 per cent of the existing issued share capital. (Hong Kong Economic Journal P10)

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