Angang Steel, Cheung Kong, PAL, Reef, Shinhan: Asia Ex-Japan Stock Preview
The following companies may have unusual price changes in Asian trading, excluding Japan. Stock symbols are in parentheses, and share prices are from the previous close, unless noted otherwise.
Angang Steel Co. (347 HK): China’s biggest Hong Kong-traded steelmaker said it posted a 2.78 billion yuan ($409 million) first-half profit compared with a 1.55 billion yuan loss a year earlier as the nation’s stimulus spending boosted construction and manufacturing. The company said April 29 that profit will be between 2.2 billion yuan and 3 billion yuan. The stock rose 0.8 percent to HK$11.96.
Cheung Kong (Holdings) Ltd. (1 HK): Billionaire Li Ka- shing’s company paid a higher-than-estimated HK$7.61 billion ($979 million) for two Hong Kong development sites. Cheung Kong bought a property in the Ho Man Tin district for HK$4.1 billion and a plot in Hung Hom for HK$3.51 billion at a government land auction yesterday. Both sites fetched more than the highest forecast in a Bloomberg survey of seven analysts. The stock rose 1.1 percent to HK$100.40.
Formosa Petrochemical Corp. (6505 TT): The oil refiner sold NT$6 billion ($188 million) of five-year bonds that will pay an annual interest of 1.33 percent, the company said in a filing to the Taiwan Stock Exchange. Proceeds will be used to repay existing debt and improve the company’s financial structure, it said. The stock fell 0.7 percent to NT$74.50.
PAL Holdings Inc. (PAL PM): Philippine Airlines Inc., the nation’s largest carrier and a unit of PAL, hasn’t reached “significant breakthroughs” in its talks with flight attendants and stewards to end a labor dispute, a stock-exchange filing showed. PAL’s stock was unchanged at 3.30 pesos.
Prime Media Group Ltd. (PRT AU): The Australian television broadcaster will book a A$71.6 million ($64.8 million) impairment charge after adjusting the value of certain assets, a regulatory filing showed. The stock decreased 2.7 percent to 73 Australian cents.
Proton Holdings Bhd. (PROH MK): Malaysia’s national carmaker will target 20 percent revenue growth in its 2011 financial year, the company said in a stock-exchange filing. It will aim for exports to contribute 8.4 percent of this revenue, the statement said. Proton will also target a 33 percent share of the domestic market, it said. The stock gained 1.7 percent to 4.68 ringgit.
Reef Casino Trust (RCT AU): The operator of a casino in north Queensland state said in a regulatory filing that profit fell 50 percent in the six months ended June 30 to A$1.63 million from a year earlier. The stock gained 1.6 percent to A$1.88.
Shinhan Financial Group Ltd. (055550 KS): South Korea’s largest financial company by market value may consider acquiring an insurance company if a good one is put up for sale, the Maeil Business Newspaper reported, citing Chairman Ra Eung Chan. The stock rose 0.2 percent to 46,100 won.
UMW Holdings Bhd. (UMWH MK): The Malaysian vehicle assembler and engineering group said it was awarded a $183.1 million contract from HESS (Indonesia-Pangkah) Ltd. to provide a drilling rig and services. The deal will positively impact UMW’s earnings from this year, it said in a stock-exchange filing. The stock fell 0.2 percent to 6.30 ringgit.