SINGAPORE
Fraser & Neave (FNN) unveiled 3Q net income up 2.3% YoY to S$136M and trading profit up 1.3% to S$226M on revenue of S$1.4B, up 4.4%. The Co added: "All soft drinks' brands grew at double-digit rates in Malaysia , with domestic sales recording 18% growth. Despite volume growth, earnings of Soft Drinks were adversely affected by one-off overhead rationalisation charge. (...) earnings from Properties dropped 11% to S$89M on an 8% decline in revenue. The drop in earnings was largely due to a 10% decline in revenue from Development Property."
Genting Singapore (GENS) reported 2Q net income down 31.9% YoY to S$166M and operating profit down 28.6% to S$222M on revenue of S$702M, down 2.9%
Golden Agri-Resources (GGR) said 2Q net income fell 33.3% YoY to $108M and EBITDA dropped 20.6% to $200M on revenue of $1.3B, down 11.7%, citing lower crude palm oil prices.
Noble Group (NOBL), Comfortdelgro Corp (CD): 2Q results expected.
US indices closed slightly higher on Friday. On the US economic data front, Import Price index fell 0.6% MoM (+0.2% expected) and 3.2% YoY (-2.5% expected) in July according to the Labor Department. Stocks in the telecommunication services and semiconductors sectors traded higher while shares in the retailing and consumer durables & apparel sectors were under pressure. Regarding some US company news, JC Penney (JCP +5.88% to $23.4) reported for its 2Q ended July 28 and adjusted net loss of $81M or $0.37 per share. Separately, Harman International Industries (HAR +7.46% to $45.68) revised its fiscal FY13 guidance to $4.3-$4.6B in revenue with EPS of $3.67-$3.92 from $4.55-$4.8B in revenue with EPS of $3.75-$4.00 previously due to currency changes. In other news, Yahoo! (YHOO -5.37% to $15.15) said in a regulatory filing that CEO Marissa Mayer has embarked on a strategy review which may lead to changes to the Co's restructuring plan and plans on returning to shareholders cash from the Alibaba deal.
In Europe , German consumer prices gained 0.4% in July, as expected. In UK , PPI was flat in July, as expected, vs -0.6% the month before. Regarding the stocks, Thyssenkrupp gained ground on strong quarterly results. This morning, the Nikkei225 index opened broadly flat, and is now testing the support of its nearest bullish gap area.
CHINA - HK
Hong Kong 's GDP grew 1.1% YoY in 2Q (+1.0% expected) vs +0.7% in 1Q, but fell 0.1% QoQ (+0.1% expected) vs +0.6% in 1Q, according to the government. Further, the government lowered its FY GDP growth forecast to 1-2% from 1-3% previously and raised its FY CPI growth forecast to 3.7% from 3.5%.
PetroChina (857) said that, with written approval from the China Securities Regulatory Commission to issue up to 40B of corporate bonds, it will issue those bonds in multiple tranches aiming to issue the first tranche of at least 50% of the approved amount within 6 months.
Zijin Mining (2899) posted 1H net income down 20.0% YoY to 2.4B yuan and operating profits down 17.2% to 3.9B yuan on revenue of 21.0B yuan, up 32.4%.
Citic Securities (6030) will replace COSCO Holdings (1919) in the China Enterprises Index effective September 10 announced Hang Seng Indexes Co. Separately the Co announced it has obtained approval from the People's Bank of China to issue up to 20B yuan of short-term financial notes.
PCCW Ltd (8) reported 1H net income up 1.5% YoY to HK$836M and core EBITDA up 3.8% to HK$3.7B on revenue of HK$11.9B, down 2.3%. The Co declared an interim dividend of HK$0.0551 per share vs HK$0.053 a year earlier.
Bank of Communications (3328) said it has been approved by the China Securities Regulatory Commission to launch a non-public issuance of new A- and H-shares.
PICC Property and Casualty (2328) reported January-July premium income of 115.6B yuan, up 10.3% YoY. The Co is expected to release 1H results.
China State Construction International (3311) reported newly-signed contracts in January-July grew 28.2% YoY to HK$29.4B, equivalent to 89.2% of its annual target.
Geely Automobile (175) unveiled July sales volume of 28,322 vehicles, up 30% YoY but down 18% MoM. Sales in the January-July period grew 7% YoY to 250,712 vehicles, equivalent to 55% of the Co's annual target.
Cheung Kong Holdings (1) said it acquired a residential site in Kowloon for over HK$9.6B and will invest appx. HK$20B to develop a residential project.
Google Trend HK - popular searches: Li & Fung (494)
MTR Corporation (66): 1H results expected.
Suning Universal (000718), China Merchants Securities (600999), Pingdingshan Tianan Coal Mining (601666): 2Q results expected.
Hang Seng Bank (11): ex-div HK$1.1
Shanghai International Airport (600009): ex-div CNY0.6 Beijing Urban Construction Investment & Development (600266): ex-div CNY0.2
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