Showing posts with label Sino Land. Show all posts
Showing posts with label Sino Land. Show all posts
Monday, October 11, 2010
Tuesday, September 21, 2010
Tuesday, September 14, 2010
Friday, September 3, 2010
Asian Markets Review – September 3rd 2010
Nikkei Higher, Esprit Slumped
Nikkei 225 Average ended up 51.29 points or 0.57% higher at 9,114.13 and Hong Kong’s Hang Seng index resumed its ascend to 20,971.50. Shanghai Composite fell however, to 2,655.39 as concerns over the government’s action on the property markets sent property stocks on retreat. US pending home sales data and jobless claims released overnight were the main drivers to the rise. Caution was in the air as investors braced for the widely anticipated Non-farm Payrolls data due later in US session.
Ping An jumped again for the second day in a row after it resumed trading following a long break since late June. The insurance group climbed 5.45% towards HK$69.70, lending support to the Hang Seng index performance. Deutsche Bank however, lowered its target from HK$88.00 to HK$78.89.
Following disappointing fiscal year results, Morgan Stanley revised Esprit’s target to HK$52 from HK$73, while Citigroup adjusted its target to HK59 from HK$62. Esprit plunged deeper as it settled at HK$40.65 or 5.24% lower.
In contrast, Sino Land edged up 3.24% to HK$14.02 after it reported a better-than-expected fiscal year results late on Thursday. Net profit excluding revaluation gains amounted to HK$3.51 billion which, despite falling 2.6% against prior year, were better than the consensus of HK$3.37 billion.
Top gainers in Japan on Friday were Sony Corp. - which recently opened a direct rivalry against Apple in video and photo streaming services after launching Qriocity – with 2.39% gains at ¥2,485, TDK Corp. with 2.09% rise to ¥4,640, and Toyota Motor Corp. which advanced 2.39% to ¥2,485. Languishing at the bottom were Honda Motor which shed 1.22% to ¥2,824, Nikon Corp. with 0.63% decline to ¥1,425, and Kyocera which ended 0.4% lower at ¥7,480.
On the top along with Sino Land, China Merchants Holdings rose 2.47% towards HK$27 while Cathay Pacific Airways advanced to HK$19.80 or up 2.27%. Yue Yuen Industrials and China Resources joined Esprit Holdings at the bottom, falling 0.99% and 1.35%, respectively.
Nikkei 225 Average ended up 51.29 points or 0.57% higher at 9,114.13 and Hong Kong’s Hang Seng index resumed its ascend to 20,971.50. Shanghai Composite fell however, to 2,655.39 as concerns over the government’s action on the property markets sent property stocks on retreat. US pending home sales data and jobless claims released overnight were the main drivers to the rise. Caution was in the air as investors braced for the widely anticipated Non-farm Payrolls data due later in US session.
Ping An jumped again for the second day in a row after it resumed trading following a long break since late June. The insurance group climbed 5.45% towards HK$69.70, lending support to the Hang Seng index performance. Deutsche Bank however, lowered its target from HK$88.00 to HK$78.89.
Following disappointing fiscal year results, Morgan Stanley revised Esprit’s target to HK$52 from HK$73, while Citigroup adjusted its target to HK59 from HK$62. Esprit plunged deeper as it settled at HK$40.65 or 5.24% lower.
In contrast, Sino Land edged up 3.24% to HK$14.02 after it reported a better-than-expected fiscal year results late on Thursday. Net profit excluding revaluation gains amounted to HK$3.51 billion which, despite falling 2.6% against prior year, were better than the consensus of HK$3.37 billion.
Top gainers in Japan on Friday were Sony Corp. - which recently opened a direct rivalry against Apple in video and photo streaming services after launching Qriocity – with 2.39% gains at ¥2,485, TDK Corp. with 2.09% rise to ¥4,640, and Toyota Motor Corp. which advanced 2.39% to ¥2,485. Languishing at the bottom were Honda Motor which shed 1.22% to ¥2,824, Nikon Corp. with 0.63% decline to ¥1,425, and Kyocera which ended 0.4% lower at ¥7,480.
On the top along with Sino Land, China Merchants Holdings rose 2.47% towards HK$27 while Cathay Pacific Airways advanced to HK$19.80 or up 2.27%. Yue Yuen Industrials and China Resources joined Esprit Holdings at the bottom, falling 0.99% and 1.35%, respectively.
Thursday, August 19, 2010
Hong Kong Market Review – Thursday, August 19th 2010
China Mobile Tumbled On Profit-Taking
China Mobil
e slightly beat forecast as shown by the results announced by the company on Thursday. Net profit during 1H10 were up 4.2% to 57.64 billion yuan while the consensus saw the average forecast of 56.29 billion yuan. H1 revenue was at 229.82 billion yuan and 1H dividend was at HK$1.417. The company is to keep the full-year dividend payout ratio at 43%. The results sent the biggest player in the China’s telecommunication industry tumbling 3% to HK$81.75 after gaining 7.3% since the beginning of August. Also, the company has placed Executive Director and Vice President Li Yue as chief executive effective immediately replacing Wang Jianzhou. Wang will stay as chairman. The change was aimed to separate the roles of chairman and chief executive, in accordance to the HK stock exchange guidelines.
Still in the telecommunication sector, China Telecom reported that it plans to list information service provider and portal operator Best Tone. Best Tone, which had an annual revenue of 7 billion yuan in 2009 also aiming at expansion towards other countries in Asia, including Taiwan.
ICBC obtained approval from the regulators regarding its plan to issue up to 25 billion yuan in convertible bonds in Shanghai. The news brought support to the shares as ICBC eked out a 0.2% gains to HK$5.69.
On the economic front, HK’s economic growth is seen in line with the city’s historical growth trend, according to the government economist Helen Chan. Historically, HK’s annual growth for the last 10 years had been around 4% in 2H. European crisis which recently subsided, may finally deal its economic impact in 2011. US economic uncertainties are also a threat to the HK’s economic growth in 2011. Recently the government report revealed that HK’s GDP was up 6.5% in 2Q 2010 annually from 1Q annual growth of 8.0%. Both were higher than 2009’s 1Q and 2Q growth rates of -7.7% and -3.8%, respectively. Full-year GDP growth forecast was raised to 5%-6% from 4%-5%.
Upgrades / Downgrades
Hang Seng Index ended the session at 21,072.46 or up 49.73 points, close to the bottom of the day’s trading range. It printed the day’s high at 21,297.62 while the day’s low was at 21,023.30.
China Mobil
e slightly beat forecast as shown by the results announced by the company on Thursday. Net profit during 1H10 were up 4.2% to 57.64 billion yuan while the consensus saw the average forecast of 56.29 billion yuan. H1 revenue was at 229.82 billion yuan and 1H dividend was at HK$1.417. The company is to keep the full-year dividend payout ratio at 43%. The results sent the biggest player in the China’s telecommunication industry tumbling 3% to HK$81.75 after gaining 7.3% since the beginning of August. Also, the company has placed Executive Director and Vice President Li Yue as chief executive effective immediately replacing Wang Jianzhou. Wang will stay as chairman. The change was aimed to separate the roles of chairman and chief executive, in accordance to the HK stock exchange guidelines.Still in the telecommunication sector, China Telecom reported that it plans to list information service provider and portal operator Best Tone. Best Tone, which had an annual revenue of 7 billion yuan in 2009 also aiming at expansion towards other countries in Asia, including Taiwan.
ICBC obtained approval from the regulators regarding its plan to issue up to 25 billion yuan in convertible bonds in Shanghai. The news brought support to the shares as ICBC eked out a 0.2% gains to HK$5.69.
On the economic front, HK’s economic growth is seen in line with the city’s historical growth trend, according to the government economist Helen Chan. Historically, HK’s annual growth for the last 10 years had been around 4% in 2H. European crisis which recently subsided, may finally deal its economic impact in 2011. US economic uncertainties are also a threat to the HK’s economic growth in 2011. Recently the government report revealed that HK’s GDP was up 6.5% in 2Q 2010 annually from 1Q annual growth of 8.0%. Both were higher than 2009’s 1Q and 2Q growth rates of -7.7% and -3.8%, respectively. Full-year GDP growth forecast was raised to 5%-6% from 4%-5%.
Upgrades / Downgrades
- Citic Pacific target set at HK$15.90 by Citigroup, higher than prior HK$13.30,
- Sino Land was raised to BUY from SELL by Deutsche Bank, target raised to HK$15.75 from HK$13.40,
- Hutchison Whampoa initiated at OVERWEIGHT with target at HK$82 by JP Morgan.
Hang Seng Index ended the session at 21,072.46 or up 49.73 points, close to the bottom of the day’s trading range. It printed the day’s high at 21,297.62 while the day’s low was at 21,023.30.
Monday, August 16, 2010
Asian Market Review – Monday, August 16th 2010
GDP Slowdown Hit Japanese Shares
Nikkei 225 Average slipped 56.79 points to end at 9,196.67 on Monday after the government announced that real GDP slowed in 2Q to 0.4%, missing the consensus of a 2.3% growth. Nominally, the economy contracted 0.9% from prior quarter, but at 3.7% against prior year. Japan’s nominal G
DP of $1.288 trillion is now below China’s $1.337 trillion. Simply, China turned into the world’s 2nd largest economy, overtaking the spot from Japan. The Jan-Mar quarter GDP was revised to 4.4%.
The biggest contributor to GDP, consumer spending was unchanged in 2Q, while prior quarter’s data was revised to 0.5%. Exports, the key pillar of Japan’s economy contributed 0.3 points, slipping from 0.6 points in the first quarter. Domestic demand was negative as it contributed to -0.2 percentage point to the GDP, but corporate capital investment was up 0.5%.
GDP slowdown came in amid the rising yen, making the issue more difficult. Recently, yen was at 84.72 against the greenback, the lowest since 1995. Eisuke Sakakibara, former top financial figure in Japan said that yen may still rise to a record against the dollar because what has been happening recently was the weakening of the dollar due to the gloomy prospect of US economy, not the improvement in the Japanese economy. Naoto Kan and Bank of Japan’s governor may meet this week to discuss the recent strengthening of yen.
Mitsubishi Estate gained 2.46%, Nippon Steel edged up 0.35%, while Sumitomo Metal stayed flat. Losers were TDK Corp (-3.09%), Sony Corp. (-2.99%), and Advantest (-2.16%).
Properties Pummeled In Hong Kong
Hang Seng Index eked 40.55 points of gains on Monday, after the index settled at 21,112.12 or up 0.2%. China Mobile came to the rescue as investors buying its shares again after some profit-taking last Friday, helping par
ing heavy losses incurred by property stocks. In Shanghai, SSE was up 55.01 points or 2.11% to end at 2,661.71.
China Mobile ended up 1.27% to end at HK$83.60 as investors were enthusiastic ahead of the company’s earnings announcement on next Thursday. The company is expected to post 1H10 net profit of 56.29 billion yuan, up from 55.30 billion yuan last year.
Property stocks were hurt by further news on Friday from the government restricting sales contracts on new condos being flipped before the properties are delivered. Home mortgage was also limited to 60% of the value of properties worth at least HK$12 million, lowered from the previous rule of HK$20 million. Hong Kong Monetary Authority also ordered banks to conduct stress test mortgage applications on the scenario of a 200 basis points of increase in interest rates. Sino Land and New World Development fell 5.4% and 4.75%, respectively, while Sun Hung Kai ended at HK$110, or 4.1% lower than Friday. Other property stocks like Henderson Land (-3%), Cheung Kong Holdings (-2.26%), Wharf Holdings (-1.76%), Hang Lung Properties (-0.88%), and China Overseas (-0.24%) were all lower following the new policy from the government.
Upgrades and Downgrades
Nikkei 225 Average slipped 56.79 points to end at 9,196.67 on Monday after the government announced that real GDP slowed in 2Q to 0.4%, missing the consensus of a 2.3% growth. Nominally, the economy contracted 0.9% from prior quarter, but at 3.7% against prior year. Japan’s nominal G
DP of $1.288 trillion is now below China’s $1.337 trillion. Simply, China turned into the world’s 2nd largest economy, overtaking the spot from Japan. The Jan-Mar quarter GDP was revised to 4.4%.The biggest contributor to GDP, consumer spending was unchanged in 2Q, while prior quarter’s data was revised to 0.5%. Exports, the key pillar of Japan’s economy contributed 0.3 points, slipping from 0.6 points in the first quarter. Domestic demand was negative as it contributed to -0.2 percentage point to the GDP, but corporate capital investment was up 0.5%.
GDP slowdown came in amid the rising yen, making the issue more difficult. Recently, yen was at 84.72 against the greenback, the lowest since 1995. Eisuke Sakakibara, former top financial figure in Japan said that yen may still rise to a record against the dollar because what has been happening recently was the weakening of the dollar due to the gloomy prospect of US economy, not the improvement in the Japanese economy. Naoto Kan and Bank of Japan’s governor may meet this week to discuss the recent strengthening of yen.
Mitsubishi Estate gained 2.46%, Nippon Steel edged up 0.35%, while Sumitomo Metal stayed flat. Losers were TDK Corp (-3.09%), Sony Corp. (-2.99%), and Advantest (-2.16%).
Properties Pummeled In Hong Kong
Hang Seng Index eked 40.55 points of gains on Monday, after the index settled at 21,112.12 or up 0.2%. China Mobile came to the rescue as investors buying its shares again after some profit-taking last Friday, helping par
ing heavy losses incurred by property stocks. In Shanghai, SSE was up 55.01 points or 2.11% to end at 2,661.71.China Mobile ended up 1.27% to end at HK$83.60 as investors were enthusiastic ahead of the company’s earnings announcement on next Thursday. The company is expected to post 1H10 net profit of 56.29 billion yuan, up from 55.30 billion yuan last year.
Property stocks were hurt by further news on Friday from the government restricting sales contracts on new condos being flipped before the properties are delivered. Home mortgage was also limited to 60% of the value of properties worth at least HK$12 million, lowered from the previous rule of HK$20 million. Hong Kong Monetary Authority also ordered banks to conduct stress test mortgage applications on the scenario of a 200 basis points of increase in interest rates. Sino Land and New World Development fell 5.4% and 4.75%, respectively, while Sun Hung Kai ended at HK$110, or 4.1% lower than Friday. Other property stocks like Henderson Land (-3%), Cheung Kong Holdings (-2.26%), Wharf Holdings (-1.76%), Hang Lung Properties (-0.88%), and China Overseas (-0.24%) were all lower following the new policy from the government.
Upgrades and Downgrades
- RBS kept China Life at BUY with target set at HK$39.10.
- Goldman Sachs held SELL rating on PetroChina, while maintaining Sinopec at NEUTRAL.
- Standard Chartered put Sinopec at OUTPERFORM with target at HK$8.
- Henderson Land target cut from HK$58 to HK$54 by JPM, JPM also lowered Sino Land’s target from HK$17 to HK$15.50, New World Development from HK$19.80 to HK$15.50, and Sun Hung Kai to HK$126 from HK$140.
Tuesday, August 10, 2010
Hong Kong Review – Profit-taking Hit HK Shares
Hang Seng Index plunged 327.99 points on Tuesday as the market booked profits from recent gains ahead of the FOMC results due during US hours. China’s economic data also drove the index 1.5% lower than prior close.China’s import slowed to 22.7% in July from 34.1% growth in June while export slowed from 43.9% in June to 38.1% in July. Property prices in 70 of China’s large and medium sized cities were unchanged in July but remained high at 10.3% (yoy). Stubbornly high property prices may add pressure to the government in taking down the probability of an asset bubble from happening, which is not positive for property stocks. Hang Lung Properties, Sino Land, and Henderson Land fell 1.62%, 1.46%, and 0.68%, respectively.
FOMC meeting ended up with the Fed delivering the message that the US economy may need more stimulus, driving the Dow Jones Index to end down 55 points. A step that would be taken by the FOMC is the reinvesting of their proceeds of its investments in mortgage-backed securities as they mature into Treasurys. Despite its little impact on the economy, the move would at least keep Fed’s balance sheet from shrinking. Another point delivered by the Fed was that the US economy might not be ready for a monetary tightening in the near-term. How these two points received by the markets are remain to be seen. Should the delay in tightening overrule the stagnating economy, stocks will gain, but should the Fed’s rather gloomy view over the current economic conditions dominate, then stocks will fall.
First reaction from the US market pointed at the first as stocks rebounded off lows, and this could mean positive for Asia’s Wednesday’s session. However, most stocks still ended up in the red at the US market close, with just a few above the water like Merck and Pfizer which are defensive stocks (+1.16% & +0.91%, respectively), and Amazon (+0.91) along AMEX (+0.78%) and Motorola (+0.75%). This could also mean that Fed’s statement while positive may be short-lived. In the end, HK’s strong sentiment over the earnings season in progress will re-dominate the investors’ sentiment.
Today (Wednesday), HKEX and China Overseas Land & Investment will announce their interim results.
Subscribe to:
Posts (Atom)