China Coal, Foxconn, Manila Electric, Parkway: Asia Ex-Japan Stock Preview
The following companies may have unusual price changes in trading in Asia, excluding Japan. Stock symbols are in parentheses, and share prices are from the previous close, unless noted otherwise.
Coal producers: China’s benchmark Qinhuangdao coal price fell 1.3 percent from a week earlier, the biggest drop in four months, the China Coal Transport and Distribution Association said. China Shenhua Energy Co. (601088 CH), the nation’s largest coal producer, declined 0.4 percent to 23.15 yuan. China Coal Energy Co. (601898 CH), the second largest, added 1 percent to 9.38 yuan.
Focus Point Holdings Bhd. (FPHB MK): The Malaysian operator of eye-care centers will make its trading debut on the Kuala Lumpur stock exchange. The company sold shares at 39 sen apiece in its initial public offering.
Foxconn International Holdings Ltd. (2038 HK): The world’s biggest contract maker of mobile phones said it halted production today at its Chennai, India factory after workers fell ill from chemical exposure. More than 250 workers were treated, with about 20 employees in hospital under observation and no major health problems have been found, said Vincent Tong, the spokesman for Foxconn’s Hong Kong-based unit, in a telephone interview yesterday. The stock rose 6 percent to HK$5.46.
Fraser & Neave Ltd. (FNN SP): Kirin Holdings Co., Japan’s largest brewer, said it agreed to buy Temasek Holdings Pte’s 14.7 percent stake in Singapore brewer Fraser & Neave for S$1.34 billion ($978 million) or S$6.50 per share. Fraser & Neave dropped 1.4 percent to S$5.67.
Manila Electric Co. (MER PM): The biggest Philippine power retailer said first-half net income rose 51 percent to 4.8 billion pesos ($104 million) in a stock exchange filing. The company said it will pay 2.50 pesos a share in dividends in September and maintained its core profit target at 11 billion pesos this year. Manila Electric fell 1.7 percent to 179 pesos. PLDT Communications and Energy Ventures Inc. (PCEV PM), which owns shares in Manila Electric, was unchanged at 8 pesos. First Philippine Holdings Corp. (FPH PM), which owns 6.6 percent of Manila Electric, fell 0.1 percent to 55.45 pesos.
PacificMas Bhd. (PACM MK): The Malaysian insurance and asset management group said in a statement yesterday it has ended negotiations to sell its entire stake in Pacific Insurance Bhd. to Tokio Marine Asia Pte. PacificMas lost 0.2 percent to 4.64 ringgit.
Parkway Holdings Ltd. (PWAY SP): Khazanah Nasional Bhd., Malaysia’s sovereign wealth fund, offered S$3.5 billion, or S$3.95 a share, for the 76.1 percent it doesn’t already own in Parkway, Asia’s biggest hospital operator. That is higher than a bid from India’s Fortis Healthcare Ltd. Singapore-based Parkway, which was suspended from trading yesterday, last traded at S$3.88 on July 23.
Philippine Long Distance Telephone Co. (TEL PM): First-half profit is “up,” as are the number of mobile phone subscribers, Philippine Telephone Chairman Manuel Pangilinan told reporters yesterday, without elaborating. Separately, company President Napoleon Nazareno said mobile phone net subscribers were “a little better” than 2009. The largest Philippine company by market value was unchanged at 2,430 pesos.
Singapore Airlines Ltd. (SIA SP): The world’s second- largest carrier by market value said first-quarter net income was S$252.5 million ($185 million), compared with a loss of S$307.1 million a year earlier. That beat the S$162.4 million average estimate of four analysts compiled by Bloomberg. Singapore Air slipped 0.1 to S$14.76.
Xinjiang Goldwind Science & Technology Co. (002202 CH): The Chinese wind-turbine maker will postpone a plan to offer shares in Hong Kong by 18 months, according to a filing to the Shenzhen Stock Exchange on July 26. The shares climbed 2.8 percent to 19.01 yuan.
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.