Asia Commercial (104 HK) announces that the consolidated profit after taxation for the 9 months ended 31 Dec 2010 together with profit from the sale of a property in Jan 2011 represented an increase of at least 50 per cent over the consolidated profit after taxation for the year ended 31 Mar 2010, which was mainly attributed to an increase in sales turnover for the 9 month period. (SingTao Daily B15)
It is said that CNOOC (883 HK) and Petroleum Brunei are in talks regarding projects on refinery, downstream and exploration. The companies are expected to reach a deal in 2011 or 2012. (SingTao Daily B15)
Hua Yi Copper (559 HK) announces that its interim results for the 6 months ended 31 Dec 2010 may return to the black which was mainly due to a one-off gain on disposal of subsidiary happened in 2010 and a slight improvement in the business. (SingTao Daily B15)
Ko Yo Ecological Agrotech (Group) (827 HK) expects a loss to be recorded in the financial year of 2010 and the operating gross profit in the first 3Qs of the year 2010 to decrease as the market prices of urea and other chemical products were decreased. It says that its overall financial position is still healthy and remains positive on its long term prospect. (SingTao Daily B15)
Sands China’s (1928 HK) chairman Adelson Sheldon Gary discloses that Q4 adjusted property EBITDA went up 36.7 per cent to US$330 million. That is HK$2.6 billion. (SingTao Daily B15)
Goldman Sachs (363 HK) raises its target price for Shanghai Industrial Holdings to HK$38.2, maintaining a Neutral rating on the company. Shares rose 1.95 per cent to end at HK$31.35 last Wed.
(SingTao Daily B11)
JP Morgan maintains an Overweight rating and HK$40 price target for The Bank of East Asia (23 HK). The bank will announce its 2010 results on 15 Feb. (SingTao Daily B11)
IPO: It is reported that China’s marble company—Kingstone Marble plans to make its IPO in Hong Kong in early March, raising approximately over HK$3.9 b. (Hong Kong Economic Times A9)
Philips (833 HK) became a new customer of Alltronics. Alltronics also intended to join in the Biodiesel businesses, which are expected to gain profits within 2 years. (Hong Kong Economic Times A9)
Huang Rui, director for Mainland China business of Wing Lung Bank (3968 HK), notes that Wing Lung’s business will reflect a good inner and outer business interaction of its parent bank—China Merchants Bank. Business profits in mainland will see a faster increase than that of Hong Kong. Newly added loans are expected to amount to the same level as that of last year. Wing Lung Bank planned to increase the numbers of branches in Northeast and Central China. (Sing Tao Daily B9)
China Digital Licensing (8175 HK) introduced its music business authorized by Avex. 3G customers in Mainland China are expected to surge in 2012 and related businesses are expected to bloom. China Digital Licensing is expected to profit in the near future. Sports programme will enhance 3G businesses. (Hong Kong Economic Journal P6)
Fountain (420 HK) sets its focus overseas on big orders to increase its market share in textile fabrics. The company hopes to enhance its capital structure and improve its profits. It also expects less decrease of gross profit margin than its rivals do. Fountain intended to purchase cotton based on orders of customers and make cotton prices reflected on order prices to seek hedges. (Sing Tao Daily B9)
Fulbond (1041 HK) announced that it would purchase the whole shares of Lithium Energy Group Ltd. at consideration of HK$900 m. Sources said Fulbond intended to perform wood business and after its acquisition of lithium business, the company would also develop its property related business. (Sing Tao Daily B9)
Tencent (700 HK) decided to make its biggest acquisition of the majority of shares of US famous online games company Riot Games (RG) at consideration of HK$2.7 b. Tencent online games take up over a half of the company’s income currently. After this turnover, Tencent will set its pace into RG tech researches and millions of active players in Europe and US to expand its businesses overseas. (Hong Kong Economic Journal P5)
H shares companies may adopt China’s accounting standards to make financial statements and appoint mainland accountants. Tsingtao Brewery (168 HK) takes the lead. It is expected that more H shares company will follow what Tsingtao does. (Hong Kong Economic Journal P6)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
