AgriBank, Jiangxi Copper, PetroChina: Hong Kong Equity Preview
The following companies may have significant price changes in Hong Kong trading. Stock symbols are in parentheses. Share prices are as of the last close.
Agricultural Bank of China Ltd. (1288 HK): The bank said third-quarter profit rose 30 percent to 24.3 billion yuan ($3.6 billion) from a year earlier, exceeding the 22 billion yuan median estimate of five analysts surveyed by Bloomberg.. The stock declined 0.3 percent to HK$4.05.
Bank of China Ltd. (3988 HK): The lender’s third-quarter net income rose 29 percent from a year earlier to 27.2 billion yuan, according to a company statement. That beat the 23.9 billion yuan median estimate of nine analysts surveyed by Bloomberg News. The stock slid 0.9 percent to HK$4.56.
China Southern Airlines Co. (1055 HK): The nation’s biggest carrier said third-quarter profit surged almost 10-fold from a year earlier to 3.04 billion yuan. The stock tumbled 6.6 percent to HK$5.52.
Jiangxi Copper Co. (358 HK): China’s biggest producer of the metal said third-quarter profit more than doubled from a year earlier to 1.28 billion yuan. The stock dropped 4.4 percent to HK$21.75.
PetroChina Co. (857 HK): Asia’s biggest company by market value said third-quarter net income rose 13 percent from a year earlier to 34.7 billion yuan. Net income in the three months to Dec. 31 may jump 46 percent from a year earlier to 32.2 billion yuan, calculations based on 2010 estimates of 19 analysts surveyed by Bloomberg show. The stock sank 4.3 percent to HK$9.59.
Ping An Insurance (Group) Co. (2318 HK): China’s second- largest insurer said third-quarter profit fell 26 percent from a year earlier to 3.15 billion yuan as claims rose and the company set aside greater reserves. The stock declined 3 percent to HK$84.15.
Sihuan Pharmaceutical Holdings Group Ltd. (460 HK): The developer of cardiocerebral vascular drugs in China starts trading on the Hong Kong exchange today, after selling 1.25 billion shares at HK$4.60 each.
The Oriental Daily reported the shares traded 23 percent higher than its initial public offering price in unofficial over-the-counter trading yesterday, citing data from Phillip Securities Group. Sihuan’s shares traded at HK$5.68 each, higher than the offering price of HK$4.60, the report said.
ZTE Corp. (763 HK): China’s second-biggest maker of telephone equipment said third-quarter net income rose 18 percent from a year earlier to 483.9 million yuan. Projected profit was 525 million yuan, according to the median estimate of four analysts surveyed by Bloomberg News. The stock declined 3.8 percent to HK$31.50.
To contact the editor responsible for this story: Darren Boey at email@example.com.