GMA Network, ICBC, Philex, SAIC: 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.

China Petroleum & Chemical Corp. (600028) (600028 CH): The nation’s largest refiner will resume production at its 200,000-barrel-a- day oil refinery at Qingdao in eastern China’s Shandong province on Aug. 10 after scheduled maintenance, ICIS said, citing an unidentified person. Shares fell 1.4 percent to 7.64 yuan.

CB Industrial Product Holding Bhd. (CBP) : The Malaysian farm equipment maker’s engineering unit won a 171 million ringgit ($58 million) contract to supply 100 fire and rescue transport units to the Fire & Rescue Department of Malaysia, according to a company statement. CB Industrial fell 1.2 percent to 4.16 ringgit.

GMA Network Inc. (GMA7) (GMA7 PM): The television and radio network operator said it posted a 521 million peso ($12 million) profit in the second quarter, without giving a comparative figure. The company posted 834.07 million pesos in profit in second quarter 2010. Chief Operating Officer Gilberto Duavit said the company hasn’t given up on reaching its 2011 profit target. The stock was unchanged at 6.90 pesos.

Industrial and Commercial Bank of China Ltd. (601398 CH): The nation’s biggest lender by market value’s profit from its bill business was 602 million yuan ($93.5 million) in the first half, rising by 13.4 percent from a year earlier, the lender said in an e-mailed statement. The stock dropped 0.9 percent to 4.20 yuan.

Jiangling Motors Corp. (000550 CH): The automaker sold 14,009 vehicles in July, up 6.8 percent from a year earlier, according to a statement to the Shenzhen Stock Exchange. The company sold 119,313 vehicles from January to July, the statement said. The stock slid 1.1 percent to 24.59 yuan.

Philex Mining Corp. (PX) : The nation’s largest metals producer will spend $86 million until 2013 to explore for oil in the South China Sea, Chairman Manuel Pangilinan said. The company will coordinate with the Philippine government on the exploration plan, he said. The stock fell 2.3 percent to 25.35 pesos.

Philippine Long Distance Telephone Co. (TEL) : The nation’s largest company by market value said second-quarter net income increased 3 percent to 10.57 billion pesos from a year earlier. So called core profit fell 3 percent to 10.5 billion pesos, it said. PLDT, as the company is also called, is maintaining its forecast to post 40.5 billion pesos in core profit this year, Chairman Manuel Pangilinan said. The stock fell 0.1 percent to 2,398 pesos.

Philippine Savings Bank (PSB) : The thrift bank posted a 91 percent increase in second-quarter profit to 634 million pesos from a year earlier, a stock-exchange filing showed. The stock advanced 2.2 percent to 70 pesos. Metropolitan Bank & Trust (MBT) Co, owner of Philippine Savings, declined 0.2 percent to 78.85 pesos.

SAIC Motor Corp. (600104 CH): China’s biggest automaker secured conditional approval from the China Securities Regulatory Commission for a plan to swap shares for assets, according to a company filing to the Shanghai Stock Exchange. Shares of the company, which closed 1.5 percent lower at 16.99 yuan on July 28, will resume trading today.

Sinovel Wind Group Co. (601558 CH): The world’s second- largest wind-turbine maker said Chief Financial Officer Wei Yuqiang resigned for personal reasons and will be replaced by Vice President Tao Gang, according to a company filing to the Shanghai Stock Exchange. Shares added 2 percent to 29.17 yuan.

Xining Special Steel Co. (600117) (600117 CH): The Chinese steelmaker’s net income tripled to 232 million yuan in the first half from 77.2 million yuan a year earlier, according to a statement to the Shanghai Stock Exchange. The stock fell 1.3 percent to 10.81 yuan.

To contact the reporter on this story: Anuchit Nguyen in Bangkok at

To contact the editor responsible for this story: Darren Boey at

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