Citic, Filinvest, Genting, Ssangyong, TCL: Asia Ex-Japan Equities 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.
Changjiang Securities Co. (000783 CH): The Chinese brokerage’s first-half net income fell 15.4 percent from a year earlier to 415.1 million yuan ($64 million), the company said in a preliminary earnings statement to the Shenzhen Stock Exchange. Changjiang declined 0.8 percent to 10.58 yuan.
China Travel International Investment Hong Kong Ltd. (308 HK): The company said it’s considering a possible plan to spin off and list its hotel unit in Hong Kong. The proposal has not been completed and no formal application has been made to the stock exchange, it said in a statement to the exchange. China Travel, which applied for trading in its shares to resume today, said it was responding to reports by the Oriental Daily News and the Sun. The stock was unchanged at HK$1.41.
Citic Resources Ltd. (1205 HK): The Chinese oil and coal producer hasn’t yet decided whether to accept an offer from Peabody Energy Corp. and ArcelorMittal to take over Macarthur Coal Ltd., Calvin Lam, investor relations head at Citic in Hong Kong, said. Citic Australia is the biggest shareholder in Macarthur, according to data compiled by Bloomberg. Citic fell 1.4 percent to HK$1.46.
Filinvest Development Corp. (FDC) : The Philippine company with investments in property, banking and sugar said first-half net income increased 26 percent to 2.39 billion pesos ($55.7 million) from a year earlier, a stock-exchange filing showed. Revenue increased 21 percent to 10.58 billion pesos, it said. The stock was unchanged at 5.13 pesos.
Genting Malaysia Bhd. (GENM) : The Malaysian casino and hotel group spent 7.39 million ringgit ($2.5 million) buying back 2.04 million of its own shares. The company bought the shares at between 3.54 ringgit and 3.63 ringgit each, according to a stock filing. Genting slid 2.1 percent to 3.78 ringgit.
OneSteel Ltd. (OST) : The Australian steel manufacturer refinanced its A$1.1 billion ($1.17 billion) syndicated loan due to expire in August 2012 with a longer-term A$1.25 billion syndicated loan facility. The new facility includes an expanded pool of domestic and foreign lenders, and includes several tranches in Australian dollars, U.S. dollars and Canadian dollars expiring over three, four and five years. OneSteel fell 4.9 percent to A$1.93.
SapuraCrest Petroleum Bhd. (SCRES) : The Malaysian company and Kencana Petroleum Bhd. (KEPB) plan to merge in an 11.9 billion ringgit ($3.9 billion) deal to create Malaysia’s largest listed oilfield services company by assets. Integral Key Sdn., a company set up to facilitate the merger, bid 4.60 ringgit per share in stock and cash for SapuraCrest and the equivalent of 3 ringgit per share for Kencana, the companies said in separate filings. SapuraCrest last traded at 4.49 ringgit and Kencana at 2.80 ringgit. Both shares were suspended on July 11.
Ssangyong Motor Co. (003620) (003620 KS): Mahindra & Mahindra Ltd. plans to invest $250 million to develop new products for South Korea’s Ssangyong, in which the company acquired a 70 percent stake earlier this year, Pawan Goenka, president of its automotive division, said in New Delhi. Ssangyong, the South Korean maker of sedans, vans and sport utility vehicles, fell 2.4 percent to 8,890 won.
TCL Corp. (000100) (000100 CH): The company’s sales of LCD television in June rose 145 percent from a year earlier to 884,575 units, it said in a statement to the Shenzhen Stock Exchange. TCL, China’s biggest publicly traded consumer- electronics maker, slipped 0.7 percent to 2.98 yuan.
Taiwan Semiconductor Manufacturing Co. (2330 TT): The world’s largest contract chipmaker bought NT$570 million ($19.8 million) of equipment from Applied Materials South East Asia Pacific Ltd. from May 25 to July 11, TSMC said in a statement to the local stock exchange. Taiwan Semiconductor retreated 1.7 percent to NT$71.30.
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