Busy day for Hong Kong earnings reports: these stocks could see big moves
Flood of interims from a barrage of corporate heavyweights, including Cathay Pacific and Tencent Holdings
Wednesday is another busy day for earnings news, with interim financial results due from a barrage of corporate heavyweights, including Cathay Pacific, Ping An Insurance and Tencent Holdings.
- Cathay Pacific , Asia’s largest international carrier in terms of passenger, dropped 1.1 per cent to HK$12.72 on Wednesday morning. The airline company is due to release its interim results at noon, followed by a scheduled press conference at 4pm. Analysts polled by Bloomberg expected the half-year net profit to reach $1.07 billion, down 46 per cent from the same period last year.
- Tencent Holdings added to recent gains and rose 0.7 per cent to HK$196.8 in morning trading. The online major is scheduled to hold a results conference call at 8pm. The consensus is for the company’s half-year net profit to jump 39 per cent year-on-year to 10.1 billion yuan.
- China Unicom gained 0.6 per cent to HK$8.44 in early trade. A press conference is due 4.30pm.
- Ping An Insurance lost 0.6 per cent to trade at HK$39.85. Half-year results are expected around 7pm. Consensus forecasts are for the net income of between 27.8 billion yuan to 34 billion yuan, down 2 per cent to 19.8 per cent from the same period last year.
- Longfor Properties advanced 2.1 per cent to HK$11.6 in morning trading. The Beijing-based property developer is expected to announce its interim results at noon and hold a press conference at 2.30pm.
- Minerals and Metals Group declined 2.4 per cent to HK$2, before the Chinese mining company unveils results at 2.30pm.
- Great Eagle shed 0.4 per cent to HK$35.05. Earnings for the Hong Kong real estate developer are expected around 8pm.