Air China, ICBC, Jiangxi Copper: Hong Kong Equities Preview
The following companies may have significant price changes in Hong Kong trading. Stock symbols are in parentheses. Share prices are as of the last close.
The Hang Seng Index (HSI) rose 1.5 percent to 19,752.48. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, gained 1.7 percent to 10,430.39.
Agricultural Bank of China Ltd. (601288) (1288 HK): The nation’s largest lender by customers posted first-half net income of 66.7 billion yuan ($10.4 billion). That compares with the median 65.8 billion yuan estimate of nine analysts in a Bloomberg News survey. The stock gained 0.3 percent to HK$3.83.
Air China Ltd. (753) (753 HK): The world’s biggest carrier by market value said its first-half net income was 4.06 billion yuan. That compares with the median 4.3 billion yuan estimate of three analysts surveyed by Bloomberg. The stock climbed 2.1 percent to HK$7.74.
BYD Co. (1211 HK): The Chinese automaker part-owned by Warren Buffett’s Berkshire Hathaway Inc. said its board of directors approved a plan to sell up to 6 billion yuan of bonds in China with a maturity of no longer than 10 years. The shares advanced 3.8 percent to HK$15.40.
China Cosco Holdings Co. (1919 HK): The nation’s largest operator of dry-bulk ships by market value posted a first-half net loss of 2.76 billion yuan. That compares with the median estimate of a 1.5 billion yuan net loss in a Bloomberg News survey of nine analysts. The stock added 3.5 percent to HK$4.18.
China Southern Airlines Co. (1055 HK): The nation’s second- largest airline said its first-half net income was 2.76 billion yuan. That compares with the median 2.8 billion yuan estimate of four analysts surveyed by Bloomberg. China Southern advanced 3.7 percent to HK$5.37.
GCL-Poly Energy Holdings Ltd. (3800) (3800 HK): The maker of silicon used in solar panels said net income rose to HK$3.6 billion ($462 million) from HK$788 million a year earlier on rising sales. The stock jumped 5.5 percent to HK$3.47.
Industrial & Commercial Bank of China (601398) Ltd. (1398 HK): The world’s largest lender by market value said first-half profit jumped 29 percent to a record on higher loans and fees in the world’s fastest-growing major economy. Net income rose to 109.5 billion yuan from 84.6 billion yuan a year earlier, the Beijing- based lender said. The stock gained 1.9 percent to HK$4.85.
Jiangxi Copper Co. (358 HK): China’s biggest producer of the metal’s first-half profit almost doubled to a record 4.31 billion yuan on higher prices and output, the company said, citing international accounting standards. It expects profit for the first nine months to rise by more than 50 percent, and plans to distribute an interim dividend of 2 yuan for every 10 shares held, it said. The stock rose 2.4 percent to HK$20.40.
Kunlun Energy Co. (135 HK): The oil and gas explorer reported first-half net income of HK$1.65 billion, compared with HK$1.27 billion a year earlier. The stock increased 2.7 percent to HK$10.58.
PetroChina Co. (857 HK): Asia’s biggest company by market value posted a first-half profit that missed analysts’ estimates after increases in state-controlled fuel prices lagged behind gains in crude oil costs. Net income climbed 1 percent to 66 billion yuan from 65.3 billion yuan a year earlier, the Beijing- based energy explorer and oil refiner said. That compares with the 67.3 billion-yuan median estimate of six analysts surveyed by Bloomberg. PetroChina increased 1.8 percent to HK$9.51.
ZTE Corp. (000063) (763 HK): China’s phone-equipment maker was raised to “buy” from “hold” at Jefferies Group Inc. The share price estimate was maintained at HK$30 per share.
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