Wednesday, October 27, 2010

Hong Kong Stock Market Wrap October 26th, 2010

Credit Suisse is bullish on AgBank (1288 HK), maintaining Outperform rating on the bank. It raises target price by 3.6 per cent to HK$4.66, expecting its Q3 profit to be 23.667 billion yuan. (Hong Kong Economic Journal P8)

BYD (1211 HK) saw net profit plunging 99 per cent year on year to 11.34 million yuan for the third quarter ended Sep 30. Net profit for the first three quarters amounted to 2.433 billion yuan, edging up 4 per cent year on year. Earnings per share amounted to 1.07 yuan. Turnover during the period was 34.5 billion, rising nearly 31 per cent. BYD shares ended down over 10 per cent, at HK$51.05 yesterday, with a turnover of HK$1.365 billion. (SingTao Daily B2)

China Coal Energy’s (1898 HK) third quarter profit dipped 12.4 per cent to 1.65 billion yuan, according to the International Accounting Standards. The profit was up 14 per cent to 1.609 billion yuan if adopting the China standards. Quarterly earnings per share amounted to 12 fen, climbing 9 per cent. (SingTao Daily B3)

Sinopec Corp says that China Petrochemical Corporation (386 HK) has injected its major refining business into the company and the latter undertakes to dispose the remaining refining business in five years. (SingTao Daily B3)

China Tian Lun Gas (1600 HK) kicks off IPO today. Offer price ranges between HK$1.52 and HK$2.05 per share. Maximum offer price a board lot of 1500 shares is HK$3105.99. It is to list on 10 Nov. CCB International sponsors the IPO. (Hong Kong Economic Journal P8)

After placing shares to a fund OZ Management days ago, Coolpoint Energy (8032 HK) suspended trading in its shares yesterday. It is said that the company places 900 million shares at HK$0.67 per share to raise around HK$603 million for general working capital purpose. (Hong Kong Economic Times A14)

Garron International (1226 HK) announces that Sky Year, 55 per cent interest held by Chen Yi-quan, has acquired an aggregate of 21.67 per cent interest in the company from executive director Poon Ho-man and another investor, at a price of about HK$3.32 per share. Three directors including Poon have tendered resignation. The company has appointed Chen Yi-quan, Xie Le-shan and Lo Chi-ming as directors. (SingTao Daily B3)

Global Dairy’s (1007 HK) offer price ranged between HK$3.6 and HK$5.2 per share. It is said that it fixes the price at HK$4.49 a share. Macquarie sponsors the IPO. (Hong Kong Economic Journal P8)

Huadian Power International (1071 HK) lost 384 million yuan in the third quarter, while it booked a profit of 360 million yuan over the same period last year. The company recorded a loss of 348 million yuan for the first three quarters. It is expected the full-year profit to drop at least over 50 per cent. (SingTao Daily B3)

Hua Lien International (969 HK) announces planning to form a joint venture company with CADFund and COMPLANT for developing the ethanol biofuel business in Benin, Africa. The JV is expected to have a total issued capital of US$23.72 million and will be subscribed by CADFund, COMPLANT and Hua Lien as to 25 per cent, 10 per cent and 65 per cent respectively, which will be satisfied by way of shareholders’ loan. (SingTao Daily B3)

Paradise Entertainment (1180 HK) has noted that there are certain press articles relating to the possible sale of the company’s biopharmaceutical business. The company clarifies that it has explored the possibility of sale of the biopharmaceutical business. (SingTao Daily B3)

Silver Base Group (886 HK) expects to record an increase in profit for the six months ended Sep 30 as compared with the corresponding period of last year. Such expected increase was mainly due to the increase in revenue resulting from the development and expansion of distribution channel and network. (SingTao Daily B3)

Weichai Power (2338 HK) saw net profit rise 35 per cent yoy to 1.566 billion yuan in Q3. Net profit for the first 3Qs reached 4.8 billion yuan, jumping 1.02 times yoy. It expects full-year results will go up sharply by 75-105 per cent to around 5.963 billion -6.985 billion yuan. (Hong Kong Economic Journal P8)

Yashili International’s (1230 HK) offer price ranged between HK$3.55 and HK$4.8 a share. It fixes the price at HK$4.2 per share. UBS AG and Merrill Lynch Far East sponsor the IPO. (Hong Kong Economic Journal P8)

Xtep International (1368 HK) chairman Ding Shui Po reportedly plans to place 108 million shares at HK$6.65-6.87 per share, around 5-8 per cent discount to yesterday’s closing price. Shares closed at HK$7.23 yesterday, down HK$0.16 or 2.2 per cent. (Hong Kong Economic Journal P8)

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