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Asian Market Review - September 20th 2010

|Includes: Atlast Industries Holdings (AAAA)

On Monday, Hang Seng Index inched 6.48 points higher or gained 0.03% to end at 21,977.34, while Shanghai Stock Exchange fell 0.38% or 9.98 points to 2,588.71. Shares were rather mixed as the market awaited new catalysts to come from the US data. Most of this week’s data coming from US will be the housing data. The data will determine whether the housing market could weather the expiration of the housing subsidy or not. Japan’s market was closed on Monday, but will re-open tomorrow.

 
Sun Hung Kai Properties reported its last fiscal year net profit of HK$28.04 billion or HK$10.93 per share, up from HK$10.4 billion or HK$4.04 per share, with underlying net profit at HK$13.88 billion. Revenue for the FY ending June 2010 amounted to HK$33.21 billion, and as for final dividend the company set it at HK$1.85, up from prior year’s HK$1.70. Sun Hung Kai’s sales of  apartments yield HK$6.62 billion. The developer sold around 3,200 units worth nearly HK$30 billion in 1H 2010, becoming the biggest among other HK developers. Another HK$26 billion worth of properties were planned for sale for the current fiscal year with HK$8 billion have been secured so far in the last two months. Sun Hung Kai ended at HK$122.00, up 1.33% but the news was released after the closing bell, so the impact will take effect on Tuesday.
 
Nissan said that its production capacity in China will e boosted to 1.2 million cars by 2012. According to CEO Carlos Ghosn, the plan is in line with the the fact that China is now the second largest economy in the world. Nissan’s newest Zhengzhou plant with the annual capacity of 180,000 cars will add 1,400 new jobs by the end of the year. The plant cost Nissan 1 billion yuan. Last Friday, Nissan ended at ¥718.
 
China Mobile’s total users increased by 5.428 million in August, sending the total users number to 564.356 million by the en of August. Its 3G users at the end of August was 13.419 million after the company added 1.585 million users. In prior month, total users increased by 4.886 million. China Mobile rose 0.82% to HK$79.45 by the end of the day.
 
HSBC Holdings was said to sell its Asian unit to United Overseas Bank. The wholesale banking unit to be sold would worth $15 million. HSBC will license its technology system used in the unit to UOB as well. The deal is expected to be completed in the 4Q 2010. HSBC shed 1.03% to end at HK$81.75.


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