Issue: March 22, 2007 (Archive)

Wednesday, September 8, 2010

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Wharf profit plunges 23pc
Ports to property conglomerate Wharf (Holdings) (0004) expects its mainland projects to shore up the bottom line for 2007 after the company reported its 2006 annual net profit had plunged by nearly a quarter.

Li & Fung sees $78b turnover by year's end
Li & Fung (0494), the world's largest export trading company, is confident it will meet its turnover target of US$10 billion (HK$78 billion) by the end of 2007, after the company reported a 23 percent growth in net profit last year.

China Mobile net up 23pc to 66b yuan
China Mobile (0941), the world's largest mobile operator by users, recorded a 23.3 percent increase in net profit for 2006, to 66 billion yuan (HK$66.65 billion), in line with analyst expectations.

Roach echoes Greenspan line
There is a 30 to 50 percent chance the world's largest economy will slip into a recession by the end of this year, Morgan Stanley chief economist Stephen Roach said.

Henderson sets aside 7.5b yuan to add land
Henderson Land Development (0012), which posted a 50.4 percent slump in first-half net profit, has set aside 7.5 billion yuan (HK$7.57 billion) to replenish its land bank in the mainland with a total buildable floor area of 83 million square feet.

Hopes for blue-chip earnings propel index through 19,500 barrier
The Hang Seng Index jumped the 19,500 mark Wednesday, extending its gains for a third straight day on speculation of strong results from big-caps like China Mobile (0941), Cheung Kong (Holdings) (0001) and Hutchison Whampoa (0013), and after the Shanghai equity market set another record.

China Agri climbs 49pc on debut
China Agri-Industries Holdings (0606), a spinoff from COFCO International (0506) has made a strong debut, surging 49 percent, while the share price of its parent company slipped 2 percent.

Four dragon-tail stocks dance to tycoon's rising tune
Tycoon Lee Shau-kee - called "Asia's Warren Buffett" by some investors - has again proved himself to be a shrewd investor, or at least an influential stock analyst, as four "dragon-tail" mainland property stocks he touted Tuesday rose the following day.

Home sales boom lifts China Overseas profit
China Overseas Land and Investment (0688), the Hong Kong-listed flagship of the mainland's construction ministry, Wednesday posted a 54.9 percent jump in net profit for the year ended December 31, 2006, thanks to increased home sales in China.

HSBC to focus on emerging markets
To counteract the possibly continuing losses of its US subprime mortgage business, Hongkong and Shanghai Banking Corporation, a unit of HSBC Holdings (0005), said it has mapped out comprehensive strategies to strengthen its commercial banking, the group's most profitable division, in emerging markets, including China.

Chalco raises alumina spot prices again
Aluminum Corp of China (2600), the world's second-largest alumina producer by output, has raised its spot price 8.3 percent - its second price increase in two months.

New World looks to bumper 2008
New World China Land (0917) projects slated for completion in fiscal 2008 are expected to jump by half in terms of gross floor area as the company steps up the pace of developing its land bank.

Beijing expected to cap inflation at 3pc this year
The central government is expected to maintain the mainland's inflation rate within its targeted level of 3 percent this year even as the economy faces challenges such as excessive liquidity, according to a veteran mainland economist.

Papermaker to pursue kitchen role as costs bite
Hengan International (1044), a producer of tissue paper, sanitary napkins and disposable diapers, said it will develop more mid-to-high-end products to offset the impact of rising raw material costs and stiff competition in the mainland.

Olympic lift for Li Ning
Li Ning Co (2331), the mainland's second-biggest sportwear company in terms of market share, expects to see a 6 to 8 percent growth in revenues in 2008, thanks to the Beijing Summer Olympics, chief financial officer Tan Wee Seng said Wednesday.

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