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Daily Bulletin – 26/02/09
Daily Bulletin | 26 February 2009
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US Equities Fall Amid Violent Bank Swings
Banking stocks swung violently between spectacular losses and gains on Wednesday as traders scrambled to assess where the Obama administration’s rescue plans leave shareholders. The wider market had a downbeat start to the wild session after National Association of Realtors data showed an unexpectedly steep fall in sales of previously owned homes as low prices failed to attract buyers. At trading close, the S&P 500, Dow Jones Industrial Average and Nasdaq Composite Index all closed 1.1% lower at 764.90 points, 7,270.89 points and 1,425.43 points, respectively.

City Developments Records Second Highest Earnings Since Inception
City Developments has scored the second highest results for FY08 ended 31 December 2008 since its inception in 1963 with revenue of $2.9b and net profit of $581m. The results were lower compared to that of previous year though, with a decline of 5.2% and 19.9% respectively. Management has attributed the decrease in earnings largely to lower contribution from its subsidiary, Millennium and Copthorne Hotels and the subsidiary’s impairment charges relating its JV investments. The company has recommended a final dividend of $0.075.

Yanlord Remains Resilient Despite Weaker Market Sentiments
Yanlord has reported a FY08 net profit of $225.8m, up 2% YoY on 32.6% jump in average selling price to Rmb17.2k per sqm despite the weaker market sentiments. Gross profit margin also rose to 55.5% as a result. Revenue fell though, at 18% to $1b as gross floor area delivered declined by 40.6% to 285.9k sqm. As at end FY08, the company has total un-booked pre-sales of approximately $238.1m, with $109.8m to be recognised in FY09. The company has proposed a dividend of $0.0123.

People’s Food Records 43% Rise In FY08 Net Profit
People’s Food Holdings’ FY08 net profit has shot up 43% YoY to Rmb702.7m as its revenue for the same period increased 22.0% YoY to Rmb10.8b. The strong performance was driven by higher selling prices and higher sales volume from all its fresh, frozen and processed meat products due to improved market demand and consumer preference for high quality meat products manufactured by the company. The resumption of production in Dezhou plant also contributed to the increased turnover. The company has proposed a final dividend of Rmb0.105.

CAO Posts US$38.3m Net Profit For FY08
China Aviation Oil (CAO) has recorded a net profit of US$38.3m for FY08, an increase of about 14% compared to US$33.5m in FY07, excluding a one-off divestment gain in FY07. The increase was mainly attributable to higher gross profit, lower expenses and tax write-backs. Revenue jumped 81.4% to US$5.3b as the company procured and supplied a record 5.2m metric tonnes of jet fuel in FY08. The company has recommended a dividend of $0.02.

Company Profit Guidances And Updates
Achieva has appointed Independent Director, Lew Syn Pau as the acting Chairman of the Board of Directors of the company with effect from 25 February 2009.

Jiutian Chemical Group has appointed Executive Director, Sun Zhiqiang as its acting Chairman and acting CEO with effect from 25 February 2009.

City Developments  9.880 +0.15 +1.54%   
Business: Co is an international property & hotel conglomerate. [FY18 Turnover] Property development (48.4%), hotel operations (39.8%), rental properties (8.5%), others (3.3%).

Insight: May-19, 1Q19 decreased 29.5% to $746.2m compared t... Read More
Yanlord Land Group  1.190 +0.010 +0.85%   
Business: A real estate developer. [FY18 Turnover] Property development (95.2%), others (2.7%), property investment & hotel operations (2.1%).

Insight: May-19, 1Q19 revenue were halved to Rmb3.6b due to... Read More
China Aviation Oil  1.210 -- --   
Business: Co engages in trading jet fuel and other petroleum products. [FY18 Turnover] Middle distillates (59.9%), other oil products (40.1%).

Insight: Feb-19, FY18 net profit increased 10.5% mainly att... Read More
Jiutian Chemical Group  0.014 +0.001 +7.69%   
Business: Principally engaged in the mfg and pdtn of methanol, dimethylformamide and methylamine.

Insight: Apr-19, 1Q19 revenue slid 7.8% due to decreases in... Read More

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