Cathay Pacific’s stock soared to HK$ 18.08 after the company announced that net profit for 1H10 jumped to HK$36.84 or an eight-fold leap. The rise was attributed to two asset sales and recovery in passenger and cargo demand. Recently, Cathay’s target was raised to HK$19.61 from HK$18.02 by Daiwa. Swire Pacific, which holds control over Cathay Pacific, went up 1.4% to HK$ 98.05. Swire itself will announce 1H10 results on strong results.
Hang Seng index gained 92.22 points or 0.43% to settle at 21,549.88. Other notable gainers were Hang Lung Properties and China Mobile. Hang Lung Properties went up as property sector is expected to gain later on rosy outlook on Swire Pacific’s earnings which are due this Thursday.
Meanwhile, HSBC was upgraded to OUTPERFORM from UNDERPERFORM at CLSA. Its target also raised by Morgan Stanley to HK$90 from HK$87. Earlier, RBS cut HSBC to HOLD from BUY. BOC Hong Kong’s target was raised from HK$19.31 to HK$21.25 by CPY but its rating was downgraded to HOLD vs. BUY.
Hang Seng index gained 92.22 points or 0.43% to settle at 21,549.88. Other notable gainers were Hang Lung Properties and China Mobile. Hang Lung Properties went up as property sector is expected to gain later on rosy outlook on Swire Pacific’s earnings which are due this Thursday.
Meanwhile, HSBC was upgraded to OUTPERFORM from UNDERPERFORM at CLSA. Its target also raised by Morgan Stanley to HK$90 from HK$87. Earlier, RBS cut HSBC to HOLD from BUY. BOC Hong Kong’s target was raised from HK$19.31 to HK$21.25 by CPY but its rating was downgraded to HOLD vs. BUY.
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