Angang Steel, Bank of China, Ping An: Hong Kong Stocks Preview
The following companies may have significant price changes in Hong Kong. Stock symbols are in parentheses. Share prices are as of the last close.
Developers: Hong Kong will require developers of all new and refurbished apartments to provide sales brochures containing key information, the Standard said, citing Lee Wing-tat, a city legislator.
Members of the Steering Committee on Regulation of the Sale of First-hand Residential Properties by Legislation also feel developers should provide clear descriptions of surrounding areas so buyers are aware of unpleasant facilities nearby, such as landfills, the Hong Kong-based English-language newspaper reported, citing Lee.
Cheung Kong (Holdings) Ltd. (1 HK), the city’s No. 2 developer by market value, gained 0.7 percent to HK$135.40. Sino Land Co. (83 HK), controlled by billionaire Robert Ng, advanced 0.1 percent to HK$16.16. Hang Lung Properties Ltd. (101 HK), which receives about 84 percent of its revenue from Hong Kong, declined 1 percent to HK$35.60.
Aluminum Corporation of China Ltd. (2600 HK): The company expects to have turned to profit in 2010 on increases in market prices and sales volume, according to a statement to the Hong Kong stock exchange. The Chinese aluminum producer also cited cost cuts, it said. The stock fell 2.9 percent to HK$7.12.
Angang Steel Co. (347 HK): China’s largest producer of the metal said profit jumped by as much as 161 percent to 1.9 billion yuan ($288 million) from a year earlier, according to a statement to the Shenzhen and Hong Kong stock exchanges. Shares in Angang dropped 2.4 percent to HK$12.16.
Bank of China Ltd. (3988 HK): China’s fourth largest bank by assets could build its overseas operations with acquisitions of foreign banks, Chairman Xiao Gang said at the Asian Financial Forum in Hong Kong. The shares dropped 1.4 percent to HK$4.24.
Brilliance China Automotive Holdings Ltd. (1114 HK): The automaker was rated “underperform” in new coverage at Credit Suisse Group AG, which cited the outlook for pricing competition and margins as well as the potential introduction of congestion measures in more Chinese cities. The brokerage has a share-price estimate of HK$3.70, according to a report by Hung Bin Toh. The stock gained 1.7 percent to HK$5.51.
China Life Insurance (Group) Co. (2628 HK): Premium income at the nation’s biggest insurer rose 16 percent in 2010 from a year ago to 351 billion yuan, the China Business News reported, citing company president Yang Chao. The shares fell 0.8 percent to HK$32.05.
China Mobile Communications Corp. (941 HK): The country’s largest operator of mobile phone services said it will consider overseas investment opportunities to promote adoption of TD-LTE, a fourth-generation wireless technology developed in China, Chairman Wang Jianzhou said at a conference in Hong Kong. Shares in the company fell 0.3 percent to HK$77.60.
Industrial & Commercial Bank of China Ltd. (1398 HK): The bank has opened branches in Paris, Brussels, Amsterdam, Milan and Madrid, it said in an e-mailed statement. ICBC has had operations in nine countries in Europe, including the five new branches, it said. The stock declined 1.3 percent to HK$6.
Ping An Insurance (Group) Co. (2318 HK): The insurer said written premiums of its life insurance unit in 2010 were 159.1 billion yuan, according to a statement to the Hong Kong stock exchange. The company’s shares fell 2.2 percent to HK$82.25.
Yanzhou Coal Mining Co. (1171 HK): The miner was rated “buy” in new coverage at Nomura Holdings Inc., which said the Chinese coal industry is a “sweet investment” given the outlook for demand and supply as well as producers’ pricing power. The brokerage has a share-price estimate of HK$30.40, according to a report by analysts including Ivan Lee.
The analysts also initiated coverage of China Coal Energy Co. (1898 HK) with a “neutral” rating and a price forecast of HK$13.90. Yanzhou Coal fell 2.6 percent to HK$24.50. China Coal Energy fell 2.5 percent to HK$12.44.
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