SINGAPORE
Fraser and Neave Ltd (FNN) announced it has accepted Heineken's improved offer of S$53.00 per share (up from S$50.00 per share previously) or S$5.59B in total for its 39.7% stake in Asia Pacific Breweries Ltd (APB). The Co said: "Heineken's new offer of S$53.00 per share is for our entire interest in APB, while Kindest Place Groups Limited's offer, although marginally higher than Heineken's on a per share basis, is only for our direct 7.3% stake. The sale of F&N's stakes in APB in its entirety to Heineken at the improved price would better maximise overall returns for F&N shareholders."
CapitaMalls Asia (CMA) has priced a S$250M 10-year bond issue with a 3.7% coupon reported Dow Jones citing a term sheet.
Hutchison Port Holdings Trust (HPHT)'s 31.5%-owned Westports Malaysia is seeking to raise up to $1B through an IPO in Malaysia reported Dow Jones.
Neptune Orient Lines (NOL) price target was cut to S$0.87 from S$1.16 at Barclays.
US indices were mixed on Monday. On the US economic data front, Chicago Fed National Activity index rose to -0.13 (-0.05 expected) in July from -0.34 the previous month. Stocks in the technology hardware & equipment and diversified financials sectors traded higher while shares in the consumer durables & apparel and commercial professional services sectors were under pressure. Regarding some US major company news, Lowe's Cos (LOW -5.78% to $26.26) posted for its 2Q a diluted EPS of $0.64 ($0.70 expected) flat YoY with sales down 2% YoY to $14B. Separately, Aetna (AET +5.63% to $40.18) and Coventry Health Care, Inc. (CVH) entered into a definitive agreement pursuant to which Aetna will acquire Coventry in a transaction valued at $7.3B. In other news, Best Buy's (BBY -10.41% to $18.16) board of directors "offered an opportunity to founder Richard Schulze to conduct due diligence and pursue his expressed interest in acquiring outstanding shares in the Co but Mr. Schulze declined to participate" said the Co in a filing.
In Europe , indexes lost ground after Bundesbank criticized ECB bond plan. Euro zone construction output fell 0.5% in June after a 0.2% decrease the month before (revised from +0.1%). According to Rightmove, house prices in UK decreased 2.4% in August after having dropped 1.7% in July. Regarding the stocks, Lonmin slipped after the Sunday Times reported that the Co may rise $1B in a rights issue. Heineken gained ground after raising its offer for Asia Pacific Breweries. This morning, the Nikkei225 index opened broadly flat.
CHINA - HK
PICC Property & Casualty (2328) announced 1H net income climbed 23.6% YoY to 6.5B yuan on turnover of 101.2B yuan, up 10.7%. The Co pointed out: "The steady growth in the overall business mainly benefited from the driving effects of the motor vehicle insurance and agriculture insurance as well as the relatively fast growth in the accidental injury and health insurance, liability insurance and credit insurance." 1H net premiums earned rose 11.5% to 73.5B yuan, underwriting profit grew 13.7% to 5.6B yuan while net realised and unrealised losses widened to 400M yuan from 332M yuan in the previous year. 1H loss ratio fell 3.4 percentage points YoY to 61.5%. The Co proposed an interim dividend of 0.21 yuan per share (2011: 0.225 yuan per share).
China Unicom (HK) Ltd (762) reported its aggregate number of 3G service subscribers rose 3.09M MoM to 60.62M in July and that of broadband subscribers increased 0.81M to 61.34M.
Hopewell Holdings (54) said FY net income fell 34.9% YoY to HK$3.6B and core profit grew 11.0% to HK$1.3B on revenue of HK$6.6B, down 5.9%. FY fair value gains on revaluation of investment properties declined to HK$2.3B from HK$4.4B a year earlier. The Co proposed a final dividend of HK$0.54 per share plus a special final dividend of HK$0.40 per share, bringing the full-year dividend to HK$1.39 per share vs HK$1.48 per share in the previous year.
Hopewell Highway Infrastructure (737) reported FY net income up 0.5% YoY to HK$1.0B on net toll revenue of HK$2.4B, up 4.9%. The Co declared a final dividend of HK$0.16 per share, making a full-year dividend of HK$0.34 per share, the same as in the previous year.
China Travel International Investment Hong Kong Ltd (308) unveiled 1H net income down 7.7% YoY to HK$330M on revenue of HK$2.1B, up 6.6%.
Shenguan Holdings (829) posted 1H net income up 2.5% YoY to 313M yuan on revenue of 692M, up 14.6%.
Google Trend HK - popular searches: China Resources Power (836), Esprit Holdings (330), Tingyi Cayman Islands Holding (322), iShares FTSE A50 China Index ETF (2823)
Belle International (1880), Hong Kong & China Gas (3), CNOOC (883), China Oilfield Services (2883), China Coal Energy Co (1898), China Coal Energy Co (601898), Dongfang Electric Corp (600875), China Oilfield Services (601808): 1H results expected.
Jizhong Energy Resources (000937), China Shipping Development (600026), Gemdale Corp (600383), Shanghai Datun Energy Resources (600508), Shanghai Pharmaceuticals Holding (601607): 2Q results expected.
Yanzhou Coal Mining (1171) was downgraded to "sell" from "hold" at Deutsche Bank.
Sun Hung Kai Properties (16) price target was raised to HK$115.8 ("outperform") from HK$102.2 ("hold") at Daiwa Securities.
Melco Crown Entertainment (6883) was upgraded to "buy" from "neutral" at UBS.
Orient Overseas International (316) price target was lowered to HK$36.58 ("underweight") from HK$49.19 ("equal weight") and China Shipping Development (1138) to HK$4.16 ("equal weight") from HK$6.32 ("overweight") at Barclays.
Hong Kong Exchanges & Clearing (388): ex-div HK$1.85 Zhongjin Gold (600489): ex-div CNY0.05
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