Cathay Pacific Airways (293 HK) expects its full-year profit to be no less than HK$12.5 billion, up no less than 1.66 times yoy. Credit Suisse and Nomura expect its full-year profit to be HK$11.72 billion and HK$12.53 billion respectively. (Hong Kong Economic Journal P6)
It is said that China Modern Dairy’s international placing (1117 HK) is 5 times oversubscribed. BEA (0023), China Life Insurance (2628) and some UK and US funds have subscribed for its shares. (Hong Kong Economic Times A10)
Chuang’s Consortium International (367 HK) sells 5th floor, 15th to 23rd floors and penthouse, Chuang’s Enterprises Building, No. 382 Lockhart Road, Wanchai at a consideration of HK$208 million. Purchaser Brilliant Sense has already paid an initial deposit. The disposal will be completed by the end of Feb 2011. (Hong Kong Economic Journal P13)
Da Ming International’s (1090 HK) maximum offer price a board lot of 2000 shares is HK$5454.4. It offers 250 million shares at between HK$2-2.7 each. It will be listed on 1 Dec. It is said that Lee Kee Holdings (0637) is already its cornerstone investor. (Hong Kong Economic Journal P1)
Fantasia Holdings Group (1777 HK) has successfully auctioned for two pieces of residential land in Tianjin City, at a consideration of 623 million yuan. The useable area of the two sites was about 180,000 square meters each. (SingTao Daily B4)
GOME Electrical (493 HK) Appliances booked a net profit of 477 million yuan for the third quarter, meeting expectations. Net profit for the first three quarters amounted to 1.44 billion yuan, leaping 49.2 per cent year on year. Same-store sales during the period rose 21.5 per cent year on year. (SingTao Daily B4)
Hong Kong Economic Times (423 HK) saw half-year earnings surge 72 per cent to HK$69 million. Earnings per share amounted to 16 HK cents and an interim dividend of 4.1 HK cents per share was distributed. (SingTao Daily B4)
Intime Department Store (1833 HK) aims to acquire an 84.5 per cent equity interest in Hubei New Century at a consideration of around 248 million yuan. Hubei New Century is engaged in the operation of department store, chain supermarket and convenience store in Suizhou, Hubei Province. (SingTao Daily B4)
The US private equity firm TPG has placed old shares of Lenovo for the third time in 15 months. Market sources say that TPG together with Newbridge Capital, its subsidiary, and another institutional investor General Atlantic placed about 282 million Lenovo (992 HK) shares via Nomura after close of trading yesterday, involving up to HK$1.561 billion. The placing price was between HK$5.451 and HK$5.53 per share. (SingTao Daily B3)
The gray market price of Leoch International Technology (842 HK), whose IPO was 258 times oversubscribed, closed at HK$5.1 yesterday, 4.67 per cent lower than the offer price of HK$5.35. Not taking charges into account, investors suffered a paper loss of HK$250 for a board lot of shares. (Hong Kong Economic Times A10)
Mongolia Investment Group (402 HK) announces that the overall production schedule of TNE Mine has been deferred due to unforeseeable technical causes. The company expects the output of coal from the TNE Mine for the year ending 31 Dec 2010 and 31 Dec 2011 would be adjusted to about 60,000 tonnes and 1,000,000 tonnes respectively. The originally expected output for 2010 and 2011 were 300,000 tonnes and 2,000,000 tonnes respectively. (SingTao Daily B4)
Pacific Basin Shipping (2343 HK) acquired six handysize newbuilding vessels and four handymax newbuilding vessels for a consideration of around HK$1.7 billion yesterday. (SingTao Daily B4)
PICC Property and Casualty (2328 HK) recorded direct premiums income of 128.93 billion yuan for the first 10 months, up 24.9 per cent yoy. The fig for the first 9 months was 118.372 billion yuan. (Hong Kong Economic Times A10)
TCL Multimedia Technology (1070 HK) has received the first writ issued by the official liquidator of TTE Europe in the Commercial Court of Nanterre against TCL
Corporation, TCL Multimedia Technology and relevant subsidiaries, alleging a misappropriation or transfer of customers of TTE Europe and TTE Europe’s unjustified assumption of the cost of an employment preservation plan. (Hong Kong Economic Journal P6)
Tingyi (Cayman Islands) (322 HK) posted a 36.1 per cent surge in net profit for the third quarter ended Sep 30, amounting to US$200 million (around HK$1.55 billion). Basic earnings per share was 3.59 US cents, leaping 35.98 per cent year on year. Sales revenue rose 34.45 per cent to US$2.067 billion. (SingTao Daily B4)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
