Friday, February 25, 2011

Hong Kong Stock Market Wrap Feburary 24th, 2011

IPO: It is reported that Prada will list in HK in Jun at the earliest and it intends to issue 15-20pc existing shares. Sponsors reportedly included Goldman Sachs and UniCredit. (Hong Kong Economic Journal P10)

AIA Group (1299 HK) will announce its results today. Its profit after tax was tipped to be around US$2.03 billion, a yoy increase of 16 per cent. (Hong Kong Economic Times A12)

China Animal Healthcare (940 HK) saw profit down 24 per cent to 120 million yuan for the year ended 31 December 2010. Its shares wend down to HK$1.9 each yesterday. (Hong Kong Economic Times A12)

China Medical System Holdings Ltd (867 HK) posted net profit of US$30.6 million for the year ended 31 December 2010, which represents an increase of 47.9 per cent year-on-year. It recommended a final dividend of US1.3 cents per ordinary share. (Hong Kong Economic Journal P11)

China Minsheng Banking Corp. (1988 HK) announced that the trading in the A shares and H shares of the company has been suspended with effect from 25 February 2011 pending the release of an announcement by China Minsheng Banking Corp. in relation to price sensitive information. (Sing Tao Daily B2)

CLP Holdings (2 HK) recorded business earnings for the last year, with HK$10.33 billion in profits, or up 26 percent, and earnings per share were HK$4.29. The company intends to expand Indian business and considers the spin-off of its Indian business when business there matures. (Sing Tao Daily B2)

Hopewell Highway Infrastructure (737 HK) booked net profit of HK$491 million for the 6 months ended 31 Dec 2010, down 2.57 per cent yoy. Interim dividend of HK16 cents per share was declared. (Hong Kong Economic Journal P11)

Without new properties taken into account, Hopewell Holdings’ (54 HK) profits attributable to the owners of the company dropped by 31 percent to HK$1.73 billion. (Sing Tao Daily B2)

International Elite Ltd. (1328 HK) announces that the company may record a significant loss for 2010 mainly due to a potential impairment charge of the goodwill arising from the acquisition of the interests in Sunward Group. (Sing Tao Daily B4)

King Stone Energy Group Limited (663 HK) announced that the company entered into a strategic framework agreement with China Railway Energy. The two companies agreed to build a strategic alliance for the development of energy and coal-related logistics in Mainland China. (Sing Tao Daily B4)

New Media Group Holdings Limited (708 HK) announced the interim results for the six months period ended 31 December 2010. The company recorded HK$32 million in profit attributable to shareholders, or a year-on-year increase of 18 percent, with earnings per share were HK cents 4.89.
(Sing Tao Daily B4)

Over 7 securities firms lowered their target prices for Nine Dragons Paper (Holdings) (2689 HK) after its results announcement. Credit Suisse cut its price target to HK$9. (Hong Kong Economic Times A12)

NWS Holdings Limited (659 HK) yesterday announced the interim results for the six months ended 31 December 2010. The profit attributable to the shareholders of the company increased by 4 percent to HK$2391 million. Mr Cheng Chi Ming, Brian, Executive Director of NWS Holdings Limited, also noted that the company also planned to enter into consultations on new infrastructure projects based on the company’s financial position. (Sing Tao Daily B3)

Sun Hung Kai Properties Limited (16 HK) will announce its interim results next Monday. Some banks anticipate that the company will see an increase of 43 percent to 52 percent in profits, or between HK$9322 million and HK$9922 million. Merrill Lynch, JP Morgan Chase and Nomura even forecast that the company would increase the interim dividend. (Sing Tao Daily B3)

TravelSky Technology (696 HK) announces that it was recognized as one of the “key software enterprises falling within the State’s planned arrangement” in 2010. It was entitled to a preferential tax rate of 15 per cent from 2008 to 2010. Accordingly, it paid enterprise income tax for the financial year 2010 at the rate of 15 per cent. (Hong Kong Economic Journal P11)

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