BYD, China Shenhua, Geely Automobile: Hong Kong Stock 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.
The Hang Seng Index declined 0.3 percent to 23,484.30. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, gained 0.6 percent to 12,526.26.
Automakers: Bayerische Motoren Werke AG, the world’s biggest maker of luxury cars, said sales rose 28 percent last month, led by growth in China, the U.K. and Germany. Sales rose 70 percent in China, according to a statement.
Volkswagen AG’s Audi also said worldwide vehicle sales increased in January, boosted by a 32 percent gain in China.
Geely Automobile Holdings Ltd. (175 HK), the automaker whose parent bought Volvo Cars, dropped 1.1 percent to HK$3.67. Dongfeng Motor Group Co. (489 HK), Chinese partner of Nissan Motor Co., lost 1.2 percent to HK$13.64.
Banks and developers: China raised key interest rates for the third time since mid-October. The benchmark one-year lending rate will increase to 6.06 percent from 5.81 percent, effective tomorrow, the People’s Bank of China said. The one-year deposit rate will rise to 3 percent from 2.75 percent.
Industrial and Commercial Bank of China Ltd. (1398 HK), the world’s largest bank by market value, gained 0.7 percent to HK$5.82. China Construction Bank Corp. (939 HK), the nation’s second-biggest lender, rose 0.3 percent to HK$6.81. China Resources Land Ltd. (1109 HK), a state-linked developer, lost 0.6 percent to HK$13.90. Agile Property Holdings Ltd. (3383 HK), which builds villas and apartments in China’s southern Guangzhou province, increased 0.7 percent to HK$11.88.
BYD Electronic International Co. (285 HK): The manufacturer of mobile-phone handset components had its share-price forecast increased to HK$6.57 from HK$5.89 at Daiwa Securities Group Inc. The brokerage maintained its “buy” rating. BYD Electronic rose 0.5 percent to HK$5.73.
China Shenhua Energy Co. (1088 HK): The nation’s biggest coal producer said 2010 net income rose 23 percent to 37.2 billion yuan ($5.65 billion) from a year earlier. The stock declined 0.8 percent to HK$31.15.
Li & Fung Ltd. (494 HK): The biggest supplier to Wal-Mart Stores Inc. had its share-price forecast increased to HK$60.30 from HK$54.40 at Credit Suisse Group AG. The brokerage maintained its “outperform” rating. Li & Fung declined 2.2 percent to HK$47.30.
Standard Chartered Plc (2888 HK): The U.K. lender that generates most of its earnings in Asia had its share-price forecast cut to HK$229 from HK$272 at Credit Suisse Group AG. The brokerage maintained its “outperform” rating. The shares gained 0.4 percent to HK$211.40.
Television Broadcasts Ltd. (511 HK): The company appointed Prudence Chan, former chief executive officer of Hong Kong’s electronic payment provider Octopus Holdings Ltd., as the general manager for international operations, Radio Television Hong Kong reported, citing a statement released by the broadcaster. TVB climbed 0.4 percent to HK$42.80.
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