Aboitiz, China Cosco, Rongsheng, Robinsons: Asia Ex-Japan Equity Preview
The following companies may have unusual price changes today in Asian trading, excluding Japan. Stock symbols are in parentheses and share prices are from the previous close, unless noted otherwise.
Aboitiz Power Corp. (AP) : The electricity retailer and owner of Philippine power plants was raised to “buy” from “hold” with a 12-month price estimate of 38.60 pesos a share by Edser Trinidad, an analyst at Philippine Equity Partners Inc. The stock fell 0.6 percent to 31.10 pesos.
China Cosco Holdings Co. (1919 HK): China Cosco’s state- controlled parent plans to accelerate the sale of assets to Asia’s largest shipping company by market value as rebounding trade revives earnings. “Capital markets are more welcoming to profitable companies,” China Ocean Shipping (Group) Co.’s Vice President Zhang Fusheng told reporters in Beijing. He declined to comment on what assets would be sold to Tianjin-based China Cosco and when. China Cosco rose 1.6 percent to HK$8.38.
China Rongsheng Heavy Industries Group Holdings Ltd. (1101 HK): China’s largest shipbuilder outside state control reported full-year net income of 1.7 billion yuan ($259 million) on sales of 12.7 billion yuan, according to a statement to the Hong Kong stock exchange. Rongsheng Heavy dropped 1.7 percent to HK$6.88.
China WindPower Group Ltd. (182) (182 HK): The Hong-Kong listed renewable energy company reported full-year net income of HK$427 million ($54.8 million) on sales of HK$1.2 billion, according to a statement on the Hong Kong stock exchange website. The shares climbed 2.6 percent to 78 cents.
Hyundai Elevator Co. (017800 KS): South Korea’s elevator maker named Jang Byung Woo as chief executive officer, according to the company’s e-mailed statement. Park worked for LG Otis Elevator Co. and Otis Elevator Korea as chief executive officer between 1999 and 2008, according to the statement. The shares gained 0.2 percent to 99,700 won.
Robinsons Land Corp. (RLC) : The fourth-largest Philippine builder and Federal Land Inc. will jointly develop a residential project in Mandaluyong City, a stock-exchange filing showed. Robinsons Land will develop the project on a 21,000 square meter property owned by Federal Land and construction will start in March next year, it said. The stock fell 0.5 to 12.80 pesos.
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