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SCMP Reporter

MTR Corp: March 11
Hong Kong's sole mass transit rail operator MTR Corp (66) is expected to have enjoyed only modest growth in property-related earnings last year, given that it might not have booked in full its property revenue from the fourth quarter.
Over the past few months, the share price of MTR,  which is increasingly viewed as a property play for its development rights along the mass transit lines, has been outperforming the property sector.
Credit Suisse expects MTR  to report a net profit of about HK$7.89 billion for last year, up only 1.7 per cent from a year earlier. That estimate has factored in a 12 per cent growth in property revenue of about HK$2.02 billion.
Total revenue probably increased 10.4 per cent to HK$10.5 billion, Credit Suisse said.
'The market focus will be on the progress of new property project tendering,' said Cusson Leung, an analyst at Credit Suisse.
However, Thomson Financial said the company's net profit might have decreased 18 per cent to HK$6.35 billion last year, compared with HK$7.76 billion in 2006, assuming that part of the fourth quarter's property revenue was not booked into the account.
'The company will continue to benefit from the strong growth in Hong Kong's property market this year as it still  holds a lot of property assets,' said Patrick Yiu Ho-yin, an associate director at CASH Asset Management.
Last year, the company completed the Metro Town project in Tsueng Kwan O by partnering with Cheung Kong. It also partnered with Sun Hung Kai Properties to build the Harbour Green in West Kowloon.
China Everbright
International: March 12
Shares of China Everbright International (257), a Beijing-backed investment firm focusing on the environmental protection business, have caught the  attention of investors in the past month, rising 17 per cent  against a fairly flat Hang Seng Index.
Investors are bullish on the stock, saying    the company will benefit from the central government's  commitment to environmental protection and energy-saving. 'China Everbright is going in the right direction as it is developing the environment protection industry, which has only a few competitors on the mainland,' said Annie Cheung, an analyst at OSK Asia Securities.  'The  shares are undervalued and worth  buying.'
The company may report a 463 per cent growth in sales to HK$1.33 billion for last year, although net profit probably decreased 28 per cent to HK$294 million due to business structuring, according to Thomson Financial. Last year, the red-chip conglomerate was building more than a dozen environmental protection projects, mainly sewage treatment facilities  and waste-fuelled power plants, in Jiangsu and Shandong provinces.
Guangzhou R&F Properties: March 13
Guangzhou R&F Properties  (2777), the largest developer in Guangzhou, may see a 60 per cent growth in its sales last year to HK$16.2 billion with net profit up 69 per cent at HK$3.6 billion, according to a Thomson Financial estimate.
However, other analysts say while the company may enjoy healthy growth in the long term, its near-term performance may be subdued  with the central government  keeping a tight rein on property development to forestall overheating.
The mainland property developer will continue to benefit from the yuan's appreciation but at the same time suffer from the credit crunch in the banking sector, according to a Goldman Sachs report.
Last September, Guangzhou R&F unveiled an ambitious target to more than triple sales in three years.
China Shenhua Energy: March 15
The value of China Shenhua Energy  (1088), the country's top coal producer and a stock recommended by billionaire Lee Shau-kee last November, has fallen about 19 per cent so far this year due to overall weak investor sentiment.
On February 26, the company had announced  preliminary results  to the Shanghai Stock Exchange, where its A shares are listed. That report card shows last year's sales rising 26 per cent to 82 billion yuan (HK$90 billion) from a year ago, while net profit jumped 19.4 per cent to 23.1 billion yuan.
The results to be announced in Hong Kong for H-share investors  are tipped to be  along the same lines.
Shenhua's H shares might face uncertainty in the coming months as the central government mulls a price control for coal due to shortages, said CASH's asset manager Mr Yiu.
Recently, BOC International lowered its target price of Shenhua's H shares from HK$49.10 to HK$46.30 while Macquarie took a 'neutral' stance  with a target price of HK$40.80.
Look ahead: companies reporting this week
Today
Interim: WLS Holdings
Final: i-Cable Communications, Inspur International, Playmates Toys, Playmates Holdings, Vietnam Manufacturing and Export Processing (Holdings), Zhaojin Mining Industry, Zhejiang Expressway
Tomorrow
Interim: Greater China Technology Group. 3rd Quarter: Byford International. Final: Century Legend (Holdings), CITIC 1616 Holdings, Fubon Bank (Hong Kong), Great Wall Motor, Harbour Centre Development, MTR Corp
Wednesday
Interim: New World Mobile Holdings, Ngai Hing Hong. Final: ANTA Sports Products, Asia Satellite Telecommunications Holdings, China Everbright International, Convenience Retail Asia, Dah Chong Hong Holdings, Midland IC&I, Neolink Cyber Technology, Sinotrans Shipping
Thursday
1st Quarter: BAL Holdings
Interim: Enviro Energy International Holdings, New World Department Store China, Sandmartin International Holdings. Final: Guangzhou R&F Properties, Hysan Development, Industrial and Commercial Bank of China (Asia), Integrated Distribution Services Group, SIM Technology Group, TCL Multimedia Technology Holdings, Techpacific Capital



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MTR expected to report modest growth while hopes run high for China Everbright