Monday, October 25, 2010

Hong Kong Stock Market Wrap October 22nd, 2010

Asia Cement (China) (743 HK) saw net profit dive 65 per cent yoy to 168 million yuan for the 9 months ended 30 Sep, mainly attributable to a decrease in cement prices in Sichuan Province and higher coal prices. The company, however, expects Q4 results will improve. (SingTao Daily B10)

China Huiyuan Juice Group (1886 HK) has obtained the waiver in respect of the syndicated term loan with the balance of US$42 million. Conditions are that it shall pay US$210,000; that it shall repay US$4.2 million within 1 month from yesterday; and that the margin for calculating the interest shall be increased 0.5 per cent per annum. Financial covenants were agreed to be revised. (Hong Kong Economic Times A11)

China Packaging Group (572 HK) (provisional liquidators appointed) lost around 836 million yuan for the year ended 31 Dec 2008 as compared to the profit of around 92.5 million yuan in 2007. Turnover amounted to about 193 million yuan. Loss per share was approximately 1.366 yuan. No dividend was declared. (Hong Kong Economic Journal P6)

DaChan Food (Asia) (3999 HK) saw net profit fall 46.8 per cent to US$6.03 million for the 9 months ended 30 Sep. Revenue amounted to US$1.02 billion, up 16.2 per cent yoy. Gross profit margin dropped to 6.1 per cent. (Hong Kong Economic Journal P6)

First Mobile Group (865 HK) lost over HK$100 million for the 6 months ended 30 June. Loss per share amounted to HK$5.29 cents. It did not recommend the payment of an interim dividend.

Wing Tai Properties (369 HK) will sell around 13.9 million shares, 5.35 per cent of the issued share capital, of Winsor Properties Holdings (1036) to Standard Chartered Bank, Singapore Branch at HK$14.2 per share, involving about HK$197 million, in order to satisfy the minimum public float requirement. Its shareholding in Winsor Properties Holdings will be reduced to around 73.91 per cent after the sale. (Hong Kong Economic Journal P6)

Yanzhou Coal Mining (1171 HK) posted net profit of 3.68 billion yuan in Q3, surging 2.27 times yoy. Operating income amounted to 9.349 billion yuan, climbing 63 per cent. Net profit reached 6.314 billion yuan for the first 3Qs, up 1.08 per cent yoy. EPS was 1.28 yuan. It expects 2010 net profit to go up 100 per cent as compared with last year.

Birmingham International (2309 HK) proposes to place up to 450 million shares on a fully underwritten basis and a maximum of 1.1 billion Best Effort placing shares, totally representing 32.72 per cent of the company’s issued share capital as enlarged. The proceeds of around HK$310 million are intended to be used for general operating capital. The placing price of HK$0.2 apiece represents a 4.76 per cent discount to its close of HK$0.21 on Oct 22. (Hong Kong Economic Times A12)

JP Morgan expects BYD’s (1211 HK) net profit to plunge 55 per cent year on year to 522 million yuan for the third quarter, sliding 27 per cent from last quarter. Gross profit margin will dip 5.8 per cent year on year to 17.2 per cent. Revenue is expected to rise 2 per cent year on year to HK$10.466 billion yuan.

Datang International Power (991 HK) Generation booked over 100 per cent growth in net profit to 770 million yuan for the third quarter, mainly due to an increase in capacity of the operational generating units and an increase in sales income. Datang’s net profit for the first three quarters amounted to 1.6 billion yuan in total, rising 58 per cent. (Hong Kong Economic Times A12)

Glorious Property (845 HK) recorded over 1.6 billion yuan contracted sales in Sep. As of the second week of Oct, the total contracted sales this year increased to 6.9 billion yuan. The mainland developer expects full-year contract sales to reach not less than 12 billion yuan, saying it will make every effort to achieve the full-year contracted sales target of 15 billion yuan. (SingTao Daily B14)

Jingwei Textile Machinery (350 HK) A shares booked a net profit of over 70 million yuan for the third quarter ended Sep 30, surging around 2.62 times year on year. Earnings per share amounted to 13 fen. Net profits of the company for the first three quarters were about 105 million yuan, soaring 1.72 times year on year. Earnings per share were 0.17 yuan.

New Capital International (1062 HK) announces that Shi Tao, Lin Si-yu and Xiong Wei have resigned as executive directors with immediate effect. (SingTao Daily B14)

Shimao Group (813 HK), parent of Shimao Property, has entered into a strategic partnership agreement with Hilton in relation to the joint development and construction of hotel projects in eight China’s major cities, namely Tianjin, Nanjin, Wuhan, Xiamen, Shenyang, Qingdao, Yantai and Wuxi. The focus of the agreement is to develop the hotel brand of “Hilton” in the mainland. (SingTao Daily B14)

Sino Oil and Gas (702 HK) is planning to place an aggregate of around 432.2 million shares at a price of HK$0.45 per share or a discount of about 11.8 per cent to its closing price of HK$0.51 on Oct 22. The subscribers are subsidiaries owned by Och-Ziff Capital Management Group LLC. (SingTao Daily B14)

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