Monday, March 7, 2011

Hong Kong Stock Market Wrap March 3rd, 2011

IPO: Sources say Milan listed Piquadro intends to float in Hong Kong and is in talks with investment banks and financial advisers regarding listing arrangements. (SingTao Daily B3)

Aluminum Corporation of China Limited (2600 HK) announced that benefited from the increase in aluminum prices and sales and production capacity, the company’s profit attributable to shareholders amounted to RMB0.778 billion. Earnings per share attributable to the equity holders of the Company was RMB0.06. The company notes the low level of profit for 2011 mainly due to the growth of costs and excess capacity. (Hong Kong Economic Journal P10)

China Railway Construction Corporation (1186 hk) undertakes three EPC (engineering, procurement and construction) projects in Libya. The outstanding contract value amounts to US$ 3,551 million, accounting for 2.3 percent of the Company’s total outstanding contract value. (Hong Kong Economic Times A9)

Mr.Gui Shengyue, CEO of Geely Automobile Holdings Limited (175 HK), noted that the company has prepared for marching into European and US markets and substantial improvement in businesses could be expected for 2011 and 2012. The company aims to realize its sales of 2 million automobiles for 2015, half of which will be from sales overseas. (Hong Kong Economic Journal P8)

Hang Seng Bank (11 HK) CEO Leung Ko May Yee Margaret says the bank’ s loan last year jumped 37 per cent, better than its peers, and the bank is considering issuing quarterly reports. Credit Suisse and Standard Chartered maintain an Outperform rating on the bank while Morgan Stanley maintain an Underperform rating on it. (SingTao Daily B3)

Macquarie sets an Outperform rating and 711 pence price target for HSBC Holdings (5 HK). Credit Suisse and CLSA set an Outperform rating for the bank as well. JP Morgan and Barclays set an Overweight rating for it. (SingTao Daily B2)

Maoye International Holdings’ (848 HK) profit attributable to shareholders of the company saw an increase of 22.7 per cent to 577 million yuan for the year 2010, with basic earnings per share was 0.112 yuan. (Hong Kong Economic Times A8)

Nine Dragons Paper (2689 HK) chairman Cheung Yan bought 580,000 shares in the company on Mon at HK$8.67 a share on average, taking Cheung’s shareholding in the company to 67 per cent. (SingTao Daily B3)

Overseas Chinese Town (3366 HK) announced that the company’s net profit for the year ended 31 December 2010 recorded 66.713 million yuan, with basic earnings per share was 0.15 yuan. Final dividend of HK cents 3 per share was declared. (Hong Kong Economic Times A8)

Pacific Basin Shipping (2343 HK) booked profit of US$104 million for the year ended 31 December 2010, down 5.4 per cent, worse than expectations. A final dividend of HK 16.5 cents was proposed. (SingTao Daily B2)

Samling Global Limited (3928 HK) plans to open 2,000 stores in mainland China over the next 3 years, up from over 1,000 stores. (Hong Kong Economic Journal P6)

Sands China’s (1928 HK) net revenues saw an increase of 25.5 percent to US$4.14 billion. Profit for the year 2010 was US$667 million (approximately HK$ 5,187 million). (Hong Kong Economic Times A9)

Shanghai Tonva Petrochemical (8251 HK) proposes to transfer listing of its H shares from GEM to the Main Board. The transfer of listing is subject to approvals from the shareholders, CSRC and the Stock Exchange. (SingTao Daily B3)

Shimao Property Holdings (813 HK) reportedly plans to issue US$350 million senior notes due 2018. It is reported that the notes will bear interest at a rate of 10.875-11 per cent per annum. (SingTao Daily B4)

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