BaWang International (Group) (1338 HK) estimates that its 2H10 turnover to decrease by around 48 per cent yoy and its 2010 results may record a loss. The company issued a profit warning announcement on 23 Nov 2010. (Hong Kong Economic Times A10)
Market sources say China Lumena New Materials (67 HK) has placed 340 million shares at HK$2.81-2.92 per share, an around 7-10.5 per cent discount to yesterday’s closing price, to raise up to almost 1 billion. (Hong Kong Economic Times A10)
China Shenhua Energy (1088 HK) announces that its 2010 commercial coal production reached 225 million tonnes, up 6.9 per cent yoy. Coal sales hit 293 million tonnes, gaining 15.1 per cent yoy. Gross power generation jumped 34.3 per cent yoy to 141.15 billion kwh. (Hong Kong Economic Journal P8)
China Telecom (728 HK) announced the number of its 3G customers totalled 34.43 million by the end of December last year. The price rose to HK$4.73 last week, the new high over the last two and a half years since June 2008. iPhones will be recommended as the short-term stimulation. (Sing Tao Daily B9)
G-Resources (1051 HK) announced its project update that Leighton Asia was awarded the plant site earthworks contract and work commenced in October 2010, the project is 80 per cent completed. The project is in progress according to plan. (Sing Tao Daily B4)
ICBC (1398 HK), influenced by China’s deposit reserve requirement ratio, was not highly expected by funds. Price dumped below HK$6. Shareholders are expected to hold on the sidelines.
(Sing Tao Daily B9)
Kingway Brewery (124 HK) expects 2010 profit to increase significantly yoy mainly attributable to a drop in selling and distribution expenses brought about by its proper cost control measures and a fall in finance costs due to a reduction in outstanding bank borrowings. (Hong Kong Economic Times A10)
Kingboard Chemical (148 HK), expected 8.85x P/E ratio and 1.3 x M/B ratio this year, held the price at HK$44.95 yesterday. The company is expected to realize its value along with the development of housing businesses. (Sing Tao Daily B9)
Li & Fung (494 HK) saw its five consecutive rise among blue chips. Profits of this company are highly anticipated. Citi set the rating of Li & Fung as “buy”. (Sing Tao Daily B8)
Mingfa Group (International) (846 HK) announces that, based on a preliminary assessment, there was a considerable yoy drop in the gross floor area sold and a yoy rise in unit price of property sold last year, which will result in a fall in revenue. Core net profit, however, will be not significantly different. (Hong Kong Economic Journal P11)
Nuclear power to promote recycling helped Shanghai Electric (2727 HK). The company was reported to witness a breakthrough in results of the company last year. The company was rated as “hold” and target price at HK$5.3. (Sing Tao Daily B8)
Standard Chartered (2888 HK) has signed an agreement to acquire an auto and personal loans business in Singapore under GE at a consideration of almost US$780 million. The transaction is expected to be completed in Q111. (Hong Kong Economic Journal P4)
Yankuang Group (1171 HK), the Company and Yanchang Petroleum entered into the JV Agreement for the formation of the JV Company. The JV Company will be owned as to 50% by Yankuang Group, the parent group, 25% by the Company and 25% by Yanchang Petroleum. The registered capital was 5.4 billion yuan. (Sing Tao Daily B4)
New energy shares deserve attention from investors. Supported by national policies, Cheung Kong Holdings made its bid on new energy shares. Goldwind (2208 HK) saw a slight dip of 0.27 per cent and closed at HK$14.98 yesterday. (Sing Tao Daily B10)
Zhong An Real Estate (672 HK) plans to issue Renminbi denominated U.S. dollar-settled senior notes to raise funds for acquisitions of land and projects as well as for general corporate purposes. (Hong Kong Economic Times A10)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
