Alibaba, Malayan Banking, Miguel, Sime Darby: 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 otherwise noted.
Alibaba.com Ltd. (1688 HK): The operator of China’s biggest online commerce site said first-quarter profit rose 34 percent to 330 million yuan ($48 million) after it attracted more companies to market their products to buyers in the world’s third-biggest economy. That compared with the 284.7 million yuan median estimate of three analysts surveyed by Bloomberg. Alibaba shares rose 1.8 percent to close at HK$15.02 in Hong Kong trading.
Malayan Banking Bhd. (MAY MK): Malaysia’s biggest bank said net income doubled to 1.03 billion ringgit ($323 million) in the third quarter ended March 31 from a year earlier, bolstered by income from its Indonesian unit and lower bad-loan provisions. The stock gained 1.6 percent to 7.72 ringgit.
Philippine Long Distance Telephone Co. (TEL PM): The nation’s largest company by market value said first-quarter profit rose 19 percent to 11.4 billion pesos ($254 million). Net income for 2010 will be likely higher than last year, Chairman Manuel Pangilinan said. The stock increased 0.6 percent to 2,495 pesos.
Philippine National Bank (PNB PM): The bank’s first-quarter profit rose 22 percent to 889 million pesos, a stock-exchange filing showed. The stock gained 1.7 percent to 30.50 pesos.
San Miguel Corp. (SMC PM): The largest Philippine food and beverage company is close to buying an energy venture worth $2 billion, President Ramon Ang said. San Miguel will buy at least 60 percent of the company, he said. San Miguel Class A shares, which are reserved for Filipinos, were unchanged at 73.50 pesos. Its Class B shares (SMCB PM), which have no ownership restrictions, were unchanged at 73.50 pesos.
Sime Darby Bhd. (SIME MK): The Malaysian palm-oil, energy and utilities group said it removed Ahmad Zubir Murshid as chief executive officer after holding him responsible for cost overruns on projects in Qatar and the Bakun hydro-electric dam. Sime may need to account for 964 million ringgit in losses in the second half of this financial year, the company said in a statement. Sime shares were suspended yesterday. They closed at 8.65 ringgit on May 12.
PTT Chemical Pcl (PTTCH TB): Thailand’s biggest petrochemical maker said net income rose to 3.17 billion baht ($98 million) in the first quarter from a net loss of 392.5 million baht. The shares fell 1.4 percent to 103 baht.