Aboitiz, ABS-CBN, CIMB, Great Wall, Wilmar: Asia Ex-Japan Equity Preview
The following companies may have unusual price changes in Asian trading, excluding Japan. Stock symbols are in parentheses, and share prices are from the previous close, unless noted otherwise.
Aboitiz Equity Ventures Inc. (AEV PM): The stock’s 12-month share price estimate was raised by 18 percent to 22 pesos by Philippine Equity Partners Inc. analyst Edser Trinidad, who boosted his 2010 profit forecast by 59 percent and increased his 2011 net-income estimate by 23 percent. The stock remains a “buy,” he said. The stock was unchanged at 17.50 pesos.
ABS-CBN Broadcasting Corp. (ABS PM): The stock’s 12-month share price estimate was increased to 40 pesos from 32 pesos by ATR KimEng Securities Inc. analyst Lovell Sarreal, who raised his 2010 profit forecast for the largest Philippine media company by 46 percent to 2.45 billion pesos. The brokerage maintained its “buy” rating on the shares. The stock climbed 2.7 percent to 37.50 pesos.
CIMB Group Holdings Bhd. (CIMB MK): Malaysia’s second- biggest bank said first-quarter profit rose 37 percent from a year earlier to a record 838.1 million ringgit ($255 million), driven by its Indonesian unit an regional capital markets. CIMB added 0.4 percent to 7.07 ringgit.
Fubon Financial Holding Co. (2881 TT): Taiwan’s second- largest publicly traded financial services company invested 30 million yuan ($4.4 million) into a Chinese fund management venture, the Taipei-based company said in an exchange filing. The investment in Haixia Capital Management Co., a venture between Fubon Financial Holding Venture Capital, China’s State Development and Investment Corp. and Fujian Investment Development Corp., is subject to approval from Taiwan Investment Commission and Financial Supervisory Commission. Fubon dropped 2.9 percent to NT$37.
Great Wall Motor Co. (2333 HK): China’s largest maker of pickup trucks plans to start exporting to Western European countries, including the U.K., France, Germany and Spain, as early as next year, spokesman Shang Yugui said. The stock dropped 4.4 percent to HK$11.28.
JCY International Bhd. (JCYH MK): The Malaysian supplier of disk-drive components, said second-quarter net income rose 21 percent from a year earlier to 65.9 million ringgit. Sales climbed to 549.7 million ringgit from 346.4 million ringgit, the company said in a statement. JCY slid 3.6 percent to 1.63 ringgit.
Wilmar International Ltd. (WIL SP): The world’s biggest palm-oil trader said it ordered four bulk carriers from Jiangsu Eastern Heavy Industry Co. and Sainty Marine Corp. for $127.6 million. The vessels, each with a capacity of 82,000 deadweight tons, will be delivered by the end of 2011, Wilmar said in a statement to the Singapore stock exchange. The company has options for eight more vessels of the same size, it added. Wilmar dropped 4.5 percent S$5.50.