BoCom, ICBC, Lynas Corp., OCI: 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.
Bank of Communications Co. (3328 HK): China’s fifth-largest bank said profit rose 30 percent to 39 billion yuan ($5.9 billion) last year as an economic recovery boosted income from loans and fee-based financial services. That beat the 38 billion yuan average estimate of 17 analysts surveyed by Bloomberg. The shares gained 1.1 percent to HK$8.32.
China Communication Services Corp. (552 HK): The country’s biggest builder of phone networks plans to sell as many as 2.3 billion shares in a rights offer, subject to shareholders’ approval, according to a statement to the Hong Kong stock exchange. The company may issue four rights shares for every 10 existing domestic shares and H-shares, the statement said. Subscription price for the rights offer will be based on a discount to the market price of its Hong Kong-traded shares, it said. The stock increased 3.5 percent to HK$5.60.
JG Summit Holdings Inc. (JGS) : The stock’s 12-month share price estimate was increased to 30.50 pesos from 24 pesos while its rating was kept at “buy,” according to Erwin Balita, an analyst at SB Equities Inc., citing gains from the sale of its unit Digital Telecommunications Philippines Inc. (DGTL PM). JG Summit rose 3.5 percent to 25.35 pesos. Digital decreased 15 percent to 1.56 pesos.
Industrial & Commercial Bank of China (601398) Ltd. (1398 HK): The world’s largest lender by market value said profit rose 28 percent to 165.2 billion yuan ($25.2 billion) last year as the country’s economic expansion spurred credit demand and boosted loan margins. That exceeded the 163.8 billion yuan average estimate of 19 analysts surveyed by Bloomberg. ICBC climbed 1.3 percent to HK$6.38.
Lynas Corp. (LYC AU): The Australian rare-earths developer said it will undertake a fully underwritten institutional placement to raise about A$55 million ($57 million) and a share purchase plan to raise about A$20 million. The shares gained 0.9 percent to A$2.18 when they last traded on March 29..
OCI Co. (010060 KS): The world’s second-largest polysilicon maker said it may sell global depositary receipts to raise funds for expansion. Selling depositary receipts is one funding option and no decision has been made, the Seoul-based company said in a regulatory filing. OCI rose 1.3 percent to 493,000 won.
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