Azeus Systems Holdings, the Hong Kong-based provider of IT consultancy services, says it has won a five-year contract worth HK$69.97 million ($11.5 million) from the Hong Kong government to provide maintenance services for 53 application systems in a major department.
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The company, based in Jingjiang in eastern Jiangsu province, aims to list in Hong Kong in the first half of this year, said the people, who declined to be identified because the information is confidential.
All of Chi-East’s initial participants — Instinet, Deutsche Bank (DBKGn.DE), Morgan Stanley (MS.N), Nomura and UBS (UBSN.VX)— have successfully matched trades on the platform, the firm said in a statement.
OCBC Investment Research in a Jan 19 research report says: “The floods in Australia have taken a toll on Tat Hong Holdings (Tat Hong), which announced that one of its seven branches in Queensland was evacuated on 11 Jan as a result of the floods.
The company will retain a stake of about 25% in the trust that will hold deepwater container port operations in Hong Kong and Guangdong province, along with associated businesses and some Chinese river ports, it said in a statement today.
Hutchison Whampoa, controlled by billionaire Li Ka-Shing, plans to list Hong Kong and Southern Chinese ports in a Singapore trust to raise funds for expansion plans.
The company will retain a stake of about 25% in Hutchison Port Holdings Trust, which will hold the group’s deepwater container port operations in Hong Kong and Guangdong province, along with associated businesses and some Chinese river ports, Hutchison said in a Hong Kong stock exchange statement today. It didn’t say how much the listing may raise.
An advertisement featuring a scantily clad Pamela Anderson frisking and stripping travellers has been rejected by Hong Kong airport, animal protection campaigners have said. The commercial is the latest to be made by the group People For the Ethical Treatment of Animals (PETA) in their long-running campaign against the use of animal furs and skins [...]
Hong Kong and Singapore are the most investor-friendly economies in the Asia Pacific, helped by effective governments, openness to trade and “generous tax breaks,” according to a survey by Vriens & Partners Pte.
Hong Kong ranks first and Singapore second among 18 regional economies covered by the Singapore-based consulting company’s Good Governance for International Business — Asia Pacific 2010 report. The survey asked 100 executives from mining, oil and gas, telecommunications and consumer goods companies to judge each market in the areas of rule of law, openness to international trade and business, taxation, corruption, public-sector quality and effectiveness, and fiscal and monetary administration.
Eu Yan Sang International says wholly-owned subsidiary in Hong Kong, Eu Yan Sang (Hong Kong) Limited has acquired 90% interest in Yan Sang Biotechnology Company for HK$6.12 million ($1.03 million).
Phillip Securities starts Hong Leong Asia (H22.SG) at Hold with $3.62 SOTP-based target price, translating to 10.0x FY11E P/E, 20% discount to 5-year historical 12.5x P/E. Says outlook for 4Q10 “looks rather challenging,” advises investors stay on sidelines. Outlook bleak due to additional marketing expenses in bid to boost sales at Xinfei, sales of refrigerators will be impacted by winter months, stiff competition, increased raw material costs, higher wages in China, also demand for building materials will be highly dependent on weather conditions. “However, on a brighter note we are still very bullish on the prospects of China Yuchai which will benefit strongly from the strong recovery of industrial production and record automobile sales in China.” Adds various JVs will also start commercial production in FY11 which will contribute positively to HLA’s earnings. Shares –0.9% at $3.29.
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CLSA downgrades Tat Hong (T03.SG) to Underperform vs Outperform on limited upside to $1.06 target, few catalysts near term, according to Dow Jones.
CLSA says crane company’s outlook stable but unexciting; “the project pipeline is healthy but with timelines outside Tat Hong’s control, and with cost issues affecting the Chinese business, we reserve our enthusiasm.”
DBS Vickers downgrades Tat Hong (T03.SG) to Hold from Buy, lowers target to $1.08 from $1.11; says 2Q’s 32% on-quarter drop in net profit to $7.1 million below expectations of over $10 million, “mainly due to a one-off $2.5 million goodwill impairment for Kingston and higher forex loss of $1.5 million”.
DBS Vickers notes excluding these items, bottomline would have been around $11 million. Says crane business gradually recovering, based on industry checks, tender of construction projects picking up but at slower pace than thought.
OCBC Investment Research downgrades Tat Hong (T03.SG) to Hold from Buy, trims target price to $0.99 from $1.10 after lowering FY11-12 core earnings forecasts by 12%-4%, according to Dow Jones.
Says crane company’s road to recovery appears lumpy, more gradual than previously anticipated. Expects profit margin to remain under pressure due to lower rental, utilization rates of Singapore, Malaysia fleet, plus intense competition. Notes gross margin for fiscal 2Q11 down 2.8 percentage points to 37.0%.
Shares –0.1% at $1.01.
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“We don’t want to grow very fast in retail mortgages because the return is not there,” Sebastian Paredes, chief executive officer of the Hong Kong unit of Southeast Asia’s largest bank, said at a briefing today. “We believe there are other areas of higher growth and higher returns that merit our resource allocation.”
Pan Hong Property Group, the Hong Kong-based property developer that focuses primarily on developing properties in the second and third-tier cities in China, says higher finance cost and tax trimmed net profit to RMB22.9 million ($4.4 million) in the three months ended 30 Sept 2010 (2Q2011), a dip of 3.4% from 2Q2010’s RMB23.7 million.
UOB KayHian downgrades Genting Hong Kong (S21.SG) to Hold vs Buy, raises target to US$0.39 vs US$0.31; says recent visits to Resorts World Manila (RWM), Penang cruise "provided assurance that while our optimistic earnings forecast for 2011 can be met, they leave little room for upside", according to Dow Jones.
