Winstocks

Common Stocks and Uncommon Profits

2008-03-21T08:50:00.011+08:00

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下载《非常潜力股》（中文版）

非常潜力股 Common Stocks and Uncommon Profits --- Philip A. Fisher 利用过去的资料找到两种公司 1. 预测景期赚钱 2. 真正杰出的公司聊的妙处资讯必需要交叉比对，随意而来的资讯会非常不可靠而重大的资讯，又是公司严守不可外露的，对於查证的功夫必需要再三寻找优良普通股的15个要点

一、这家公司的或服务有没有充分的市场潜力，至少几年内营业额能够大富成长应以好几年为基础，判断营业额有无成长投资人需时时留意，观察管理阶层是否一直很能干，若非如此，营业额将无法继续成长

二、管理阶层是不是决心继续开发产品或程，在目前富有吸引力的产品线成长潜力利用殆尽之际，进一步提高总销售潜力。一个公司要继续成长，有时必需要进入另一个市场

三、和公司的规模相比，这家公司的研究及发展努力，有多大的效果营收和研发经费的比率为何? 市场规模大小的问题

四、这家公司有没有高人一等的销售组织企业的销售、广告和配销组织的相对效率，大部分投资人比较不重视。顾客因为满意而为公司带来重性的营业收入优异的生产、销售、研究可视为成功的三大支柱

五、这家公司的利润高吗?

六、这家公司做了什麽事，以维持或改善利润率? 过去的利润率只能参考，重要的是未来的利润率例如：原物料上涨，公司在不提高售价的状况下，有什麽创意方式，来提利率这些事情，可以利用「聊」了解

七、这家公司的劳资和人事关是不是很好? 新进员工需要相当高的成本，因此，员工流动率过高的公司，必须负担这方面不必要的成本没有公会 > 有公会没突 > 发生突 > 罢工

八、这家公司的高阶主管关很好吗?

九、公司管理阶层的深度够吗? 管理人才培养授权

十、这家公司的成本分析和会计纪录做的多好? 需要靠这个，才能看清公司的全貌若没有作纪录，这家公司就太掉以轻心

十一、是不是有其他的经营层面，尤其是本行业较为独特的地方，投资人能够得到重要的线索，晓得一公司相对於竞争同业，可能多突出? 这家公司的优势，在哪儿? 在某一方面形成超能力 (请参考从A到A+ 刺谓原则)

十二、这家公司有没有短期或长期的盈馀展望?

十三、在可预见的将来，这家公司是否会因为成长而必须发行股票，以取得足够的资金，使得发行在外股数增加，现在持股人的利益将因预期中的成长而大量受损? 股东利得(股权)被稀释的问题

十四、管理阶层是不是只向投资人报喜不报忧? 诸事顺畅时口沫横飞，有问题或叫人失望的事情发生时，则「三缄其口」? 无计可施时三缄其口，也就是在看到重大危机前，投资人得不到讯息

十五、这家公司管理阶层的诚信正直态度是否无庸置疑? 成功的投资人本性上通常对企业经营问题很感兴趣。投资人五不原则

1. 不买处於创业阶段的公司

2. 不要因为一支好股票在「店头市场」交易，就弃之不顾

3. 不要因为你喜欢某公司年报的「格调」，就去买该公司的股票

4. 不要以为一公司的本益比高，便表示未来的盈馀成长已大致反映在价格上

5. 不要锱铢必较投资人另五不原则

1. 不要过度强调分散投资

2. 不要担心在战争阴影笼罩下买进股票

3. 不要忘了你的吉尔伯特和沙利文「花朵在春天盛开，可是那没有关」

4. 买进真正优秀的成长股时满除了考虑价格，不要忘了时机因素

5. 不要随群众起舞如果这些业务的特质很难防新进公司踏入这个领域，则这种成长的投资价值很低我最爱问的问题是：你认为公司面对的最重要长期问题是什麽?

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下载《非常潜力股》（中文版）

How I Made $2000000 In The Stock Market

2008-03-17T15:06:00.011+08:00

这是一本很特别的书，书中讲述了股票历史上一则最不同寻常的成功的投资故事。

达瓦斯并不是依靠内部消息买卖股票的职业投资人，他的正式职业是一名舞蹈演员，但他却凭借自己独一无二的投资方法在股市赚取了数百万美元。而且无论市场涨跌，他的投资方法始终有效，这一点不同于其他此类方法。

当达瓦斯在股市获得巨额利润的消息和方法被泄露出来以后，《时代》杂志对他做了特别报道。随后他将自己的经历写成书，向世人公开了他的操作秘诀，这就是让华尔街为之震惊，让股民为之兴奋的《我如何在股市赚了200万》。

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Dow Jones 80 Years

2008-03-02T21:15:00.003+08:00

Kuala Lumpur Composite Index 30 years

2008-03-01T23:52:00.005+08:00

CPO rises above RM4,000 for first time

2008-03-01T23:23:00.000+08:00

Local commodity prices advanced yesterday, with the benchmark crude palm oil (CPO) futures rising above the RM4,000-a-tonne level for the first time, while tin jumped for a fifth consecutive record session on a buoyant overseas market.

Analysts said the commodities market was benefiting from unprecedented interest from investment funds seeking better returns and shying away from the lacklustre bonds and equities.

Crude oil in New York hit a new high of US$103 per barrel before pulling back yesterday. Gold also climbed to an all-time high of US$978 an ounce yesterday as investors sought to shield their money against inflation.

While prices of precious metals like gold and silver rallied, metals such as copper and tin also strengthened despite worries consumption would falter if the world economy slowed drastically.

On the home front, the CPO futures contract for May delivery rose RM155 to RM4,005 a tonne.

The contract hit a peak of RM4,013 yesterday as it tracked the record performance of rival soybean in Chicago's futures market overnight.

The palm oil price in Malaysia – the global benchmark – has doubled over the past one year as the bullish outlook for the commodity fuelled heavy interest from speculative funds.

At an industry conference in Kuala Lumpur earlier this week, experts forecast CPO could reach as high as RM4,500 per tonne in the coming months as the production of competing vegetable oils may fall this year.

China and India, the two biggest consumers of world vegetable oils, are projected to increase their palm oil purchases to make up for anticipated shortfalls in their own production of soybean and rapeseed.

Both soybean and rapeseed can be crushed to make cooking oil or biodiesel.

Palm oil is a cheaper substitute for soyoil and rapeseed oil.

Meanwhile, the weaker US dollar against major currencies has benefited investors holding non-US dollar denominated plays such as the ringgit-based CPO futures contract.

The ringgit was traded to a high of 3.1848 against the greenback yesterday – its best level in a decade. It stood at 3.362 to the dollar three months ago.

Despite the gains by CPO and the local currency, stock prices on Bursa Malaysia continued to weaken for a second day in a row.

The KL Composite Index fell 10.87 points to 1,357.4, the lowest since Jan 22 this year.

BURSA MALAYSIA:KL Shares Close Lower

2008-02-29T20:50:00.000+08:00

KUALA LUMPUR, Feb 29 (Bernama) -- Share prices on Bursa Malaysia closed lower on selling pressure today as investors cleared positions following the decline in Wall Street overnight after a slower than expected U.S. economic growth report and higher jobless claims, dealers said. At 5 pm, the benchmark Kuala Lumpur Composite Index (KLCI) fell 10.87 points or 0.79 percent to 1,357.40 after hovering between 1,369.54 and 1,354.79. It had opened slightly higher by 0.5 of a point at 1,368.32.

Dealers said selling pressure was seen in selected blue chips which dragged down the key index to negative territory after opening slightly higher today. They said there were bargain hunting activities in the afternoon session but this failed to wipe off earlier losses.

"Continued selling activities on key blue chips outweighed any buying activities," a dealer said.

On Thursday the overall U.S. markets fell, with the Dow Jones Industrial Average losing 0.88 percent or 112.10 points to 12,582.18, the S&P 500 Index dropping 0.89 percent or 12.34 points to 1,367.68 while the Nasdaq Composite Index declined 0.94 percent or 22.21 points to 2,331.57.

Regional markets also closed lower today on concerns that the U.S. economy is slipping into a recession, led by the Nikkei 225 Stock Index which fell 322.49 points or 2.3 percent to 13,603.02, as the KOSPI Index declined 24.55 points to 1,711.62, the Hang Seng Index eased 260.02 points to 24,331.67 and Singapore's STI slipped 47.70 points or 1.6 percent to 3,026.45.

On the local front, other indices also closed lower, with the Plantation Index falling 88.31 points to 8,421.24, the Industrial Index declining 36.73 points to 2,878.64 and the Finance Index dropping 68.52 points to 10,166.6.

The FBMEmas declined 47.84 points to 9,199.69, FBM30 dropped 86.70 points to 8,977.70, FBM2BRD fell 53.95 points to 6,203.30 and FBMMesdaq eased 23.39 points to 5,120.89.

Gainers led losers 383 to 357 while 261 counters were unchanged, 426 untraded and 31 suspended.

Overall volume however increased to 704.574 million shares valued at RM1.571 billion from 661.150 million shares worth RM1.370 billion yesterday.

Among actives, H-Display fell 14 sen to 29 sen while Winsun rose 5.5 sen to 19.5 sen.

MRCB gained 11 sen to RM2.01, TFP Solutions added 2.5 sen to 17 sen while Supercomal Technologies shed half sen to 15 sen.

Among top losers were DiGi, which fell 40 sen to RM23.90 as IOI Corp declined 25 sen to RM8.05 sen and Maybank lost 20 sen to RM9.10.

Of heavyweights, Sime Darby and Tenaga shed 10 sen each to RM11.60 and RM9.05 respectively, while Telekom was unchanged at RM11.40.

Public Bank added 10 sen to RM10.50 while Bumiputra-Commerce was flat at RM10.50.

Volume on the Main Board increased to 432.558 million shares worth RM1.5 billion from 412.710 million shares worth RM1.304 billion yesterday.

Turnover on the Second Board however declined to 45.889 million shares valued at RM31.163 million versus 54.710 million shares valued at RM29.436 million previously.

The Mesdaq Market's volume rose to 155.541 million shares valued at RM35.894 million from 99.528 million shares valued at RM27.350 million on Thursday.

Call warrants declined to 70.586 million shares valued at RM5.4 million against 94.202 million shares worth RM9.266 million previously.

Direct business deals however increased to 58.311 million shares worth RM43.190 million from 16.103 million shares worth RM20.460 million yesterday.

On a sectoral basis, consumer products accounted for 18.327 million shares traded on the Main Board, industrial products 55.235 million, construction 60.533 million, trade & services 122.542 million, technology 5.412 million, infrastructure 20.803 million, finance 49.946 million, hotels 951,500, properties 44.022 million, plantation 26.298 million, mining 31,000, REITS 1.502 million, closed/fund 62,800, ETF 838,000 and loans 26.055 million.

Skype to sell first cell phone through 3: source

2007-10-21T14:34:00.000+08:00

NEW YORK (Reuters) - EBay Inc's (EBAY.O: Quote, Profile, Research) Skype is expected to announce a deal soon with wireless service provider 3 to sell the Internet telephony company's first mobile phone, a person familiar with the matter said on Friday.

Skype plans to introduce the phone in the countries where 3 operates, the source said, without giving a timeframe or saying where the phone would be sold first.

3 is the mobile venture of Hong Kong's Hutchison Whampoa Ltd (0013.HK: Quote, Profile, Research) and operates in Australia, Hong Kong, Indonesia, Austria, Denmark, Italy, Ireland, Sweden and United Kingdom.

Skype spokesman Chaim Haas confirmed that 3 and Skype "are working together on a new product to make Skype completely mobile," but declined to give full details.

Skype is expected to reveal its plans in the last week of October, the source said.

The company's software, which allows users to make free phone calls over the Internet to other Skype users, already works on some phones sold by 3.

But the new phone is the first that Skype is having manufactured itself, and will be easier to use than existing cell phone models that support Skype, the source said.

According to its Web site, 3 has more than 10 million customers including more than 3.5 million in the United Kingdom. Representatives for 3 UK could not be reached for comment.

There are about 246 million registered Skype customers around the world, with about 10 million people using the service at any given moment, Haas said.

Earlier this week, eBay posted a third-quarter net loss, citing a $1.39 billion write-down of its Skype purchase.

Deals of the day -- mergers and acquisitions

2007-10-21T14:18:00.000+08:00

Oct 19 (Reuters) - The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 0530 GMT on Friday. (For Reuters columns on deals, click on [DEALTALK/])

** Japanese brewer Kirin Holdings Co (2503.T: Quote, Profile, Research) is in talks to buy a majority stake in drug maker Kyowa Hakko Kogyo Co (4151.T: Quote, Profile, Research), a source familiar with the matter said, in a deal local media said may top 300 billion yen ($2.6 billion). To read more, please double click on [nT8216]

** U.S. private equity firm TPG [TPG.UL] is examining the books of New Zealand casino operator Sky City Entertainment Group Ltd (SKC.NZ: Quote, Profile, Research), sources familiar with the matter said, with any bid seen worth over US$2 billion. [nSYD240027]

** Goodman Fielder Ltd (GFF.AX: Quote, Profile, Research) said New Zealand billionaire Graeme Hart will sell his 19.9 percent stake in the Australasian food group, in a deal that could be worth A$588 million ($526 million). [nSYD46899]

** Warren Buffett said his Berkshire Hathaway Inc (BRKa.N: Quote, Profile, Research) (BRKb.N: Quote, Profile, Research) insurance and investment company has sold its entire stake in PetroChina Co Ltd (0857.HK: Quote, Profile, Research), whose parent has been criticized for ties to Sudan. [nN18214626]

** Casual dining chain Applebee's International Inc (APPB.O: Quote, Profile, Research) said that advisory firm Glass Lewis & Co has recommended that its shareholders vote in favor of its proposed sale to IHOP Corp (IHP.N: Quote, Profile, Research). [nN18368492]

** Brazilian poultry and pork producer Perdigao SA (PRGA3.SA: Quote, Profile, Research) and local rival Eleva Alimentos SA (ELEV3.SA: Quote, Profile, Research) are in talks about a potential merger, the companies said. [nN18346327]

** Radio One Inc (ROIA.O: Quote, Profile, Research) said it will sell WTPS-AM, its radio station in Miami, Florida, to Salem Communications Corp (SALM.O: Quote, Profile, Research) for about $12.25 million. [nWNAS7065]

** Billionaire investor Warren Buffett denied rumors that Berkshire Hathaway Inc (BRKa.N: Quote, Profile, Research) was interested in buying a stake in struggling investment bank Bear Stearns Cos Inc (BSC.N: Quote, Profile, Research). [nN18215901]

** Cognizant Technology Solutions Corp (CTSH.O: Quote, Profile, Research) said it agreed to acquire marketRx Inc, a provider of software services to life sciences companies, for $135 million in cash. [nWNAS7042]

Buffett says has sold entire PetroChina stake

2007-10-21T14:15:00.000+08:00

NEW YORK (Reuters) - Warren Buffett said on Thursday his Berkshire Hathaway Inc (NYSE:BRK-A - News; NYSE:BRK-B - News) insurance and investment company has sold its entire stake in PetroChina Co Ltd (HKSE:0857.HK - News), whose parent has been criticized for ties to Sudan.

In an interview on Fox Business Network, Buffett said, "we sold based on price," adding that "it was 100 percent a decision based on valuation."

He also said he probably sold too soon because shares of PetroChina have risen since the sales began.

Berkshire once owned more than 11 percent of the Chinese oil company's publicly floated shares.

The shares were worth $3.31 billion at the end of 2006, well above the $488 million that Berkshire paid for them, according to Berkshire's latest annual report. Berkshire's selling first surfaced in July.

Critics have said PetroChina, through its government-owned parent China National Petroleum Corp, is too closely linked to Sudan. The Sudanese government has been blamed for what the White House has called genocide in the Darfur region.

Shareholders at Omaha, Nebraska-based Berkshire's annual meeting in May overwhelmingly defeated a proposal calling on Berkshire to divest its PetroChina stake.

Buffett had opposed the proposal, though he said conditions in Darfur were deplorable and that he sympathized with people who wanted to change them. He said selling would not improve conditions in Sudan, and that Berkshire should not divest automatically because it disagrees with a particular activity.

Separately, Buffett denied rumors that Berkshire might buy a stake in Bear Stearns Cos (NYSE:BSC - News). The investment bank has this year suffered the collapse of two hedge funds and asset write-downs, helping push its shares down 27 percent.

An article last month in the New York Times said investors including Buffett may buy part of Bear Stearns. This month, Bear Stearns Chief Executive James Cayne said he would consider selling a stake to an investor from China or the Middle East.

In Thursday's interview, Buffett said he has not bought shares of mortgage lender Countrywide Financial Corp (NYSE:CFC - News) or luxury homebuilder Hovnanian Enterprises Inc (NYSE:HOV - News), shares of which are down 61 percent and 70 percent respectively this year.

He identified the Brazilian real as the currency Berkshire owned in May, when Buffett told shareholders he had a stake in one "surprise" currency.

Berkshire Class A shares closed down $995 at $129,000 on Thursday. The company's market value is about $199 billion.

Sinopec, Aramco refinery on track, discuss reserves

2007-08-28T07:09:00.000+08:00

HONG KONG, Aug 27 (Reuters) - Asia's biggest oil refiner Sinopec Corp. (0386.HK: Quote, Profile, Research) said its plans with Saudi Arabia's Saudi Aramco for a refinery in east China were on track and the companies were also talking of building commercial oil reserves.

Sinopec is in talks with state oil company Saudi Aramco for a refinery in the coastal city of Qingdao.

Industry sources said earlier this month the project would be delayed and the 200,000 barrels per day (bpd) refinery would aim to start up around September 2008 or later.

Sinopec President Wang Tianpu Wang said on Monday the project, with a total investment of 12.5 billion yuan ($1.65 billion), was on course.

Construction of the refinery would be completed by the end of this year and it would come on stream in the first half of 2008, he said.

"To a very large extent we are cooperating with Saudi Aramco on crude trade and ... we are also discussing establishing commercial reserves in China," Wang told reporters.

Sinopec (SNP.N: Quote, Profile, Research), which imports 70 percent of the crude oil it refines, is building up its commercial crude reserves in the eastern cities of Shanghai and Ningbo, the southern city of Zhanjiang and the northern city of Caofeidian, Wang said.

Sinopec is also in negotiations with Kuwait Petroleum Corp on building a 12 million tonne-per-year refinery and 1.0 million tonne ethylene cracker in southern China.

Sinopec, also China's second largest oil and gas producer, would proceed jointly with the Saudi company to develop any major find it might make under its contract to explore a deep-layer natural gas block in Saudi Arabia, Wang said.

"We're pushing ahead according to the contract, and we've also made some discoveries with indications of oil and gas," Wang said.

"Once we make a big discovery, Sinopec will jointly develop it with Saudi Aramco." ($1=7.567 Yuan)

China Life profit soars on investments, premiums

2007-08-28T07:07:00.000+08:00

HONG KONG, Aug 27 (Reuters) - China Life Insurance Co (2628.HK: Quote, Profile, Research), the country's top life insurer, said on Monday its first-half profit more than doubled, topping forecasts, thanks to investment gains in a strong stock market and rising premiums in the fast-growing Chinese economy.

China Life and No. 2 rival Ping An Insurance (Group) Co (2318.HK: Quote, Profile, Research) (601318.SS: Quote, Profile, Research) have benefited on two fronts, as China's emerging wealthy buy more insurance policies and Beijing has relaxed investment rules to allow them to invest more in domestic stocks and higher-yielding securities.

China Life, which leads rival Ping An Insurance (Group) Co. in the mainland market, said it earned 23.29 billion yuan (US$3.08 billion) in the first half, compared with 8.97 billion yuan in the year-earlier period.

On average, four analysts polled by Reuters were expecting first-half profits of 16.7 billion yuan for China Life.

Michael Chung, a fund manager at Iventure Investment Management Ltd, said China Life's premium growth was in line with industry trends, so the key for future earnings would be its investment income, which is closely linked with the performance of China's stock markets.

"It is difficult for China Life to repeat such strong investment gains in the second half," Chung said. "Because the Shanghai stock market has soared since June last year, the comparison base is high."

The insurer said last month it expected its first-half profit to more than double based on domestic accounting standards, due to steady growth in its insurance business and a substantial increase in investment income.

Rival Ping An this month posted a 140 percent gain in first-half profit, driven by its fledgling banking operations and strong investment returns.

China Life's net investment income more than doubled to 24 billion yuan from 11.3 billion yuan a year earlier. Its gross written premiums and policy fees rose 17 percent to 63.7 billion yuan in the first half.

The company lifted its share of the mainland life insurance market by 1.59 percentage point from the end of 2006 to 46.86 percent.

The Shanghai composite index (.SSEC: Quote, Profile, Research) has risen 92 percent so far this year, good news for mainland insurers previously limited to low-yielding bank deposits and government bonds.

Analysts expect rural insurance will be a future earnings driver, thanks to relatively higher margins and an under penetrated market.

"Currently, about 40 percent of China Life's premium comes from rural insurance. We see this increasing to 50 percent in 2010," Merrill Lynch analyst Karen Chan said in a research note.

Hong Kong shares in China Life and Ping An have risen 32 percent and 84 percent this year, respectively. Both China Life and Ping An trade in Hong Kong at 39 times forecast earnings, as investors see the sector as a way to tap booming domestic consumption in China.

By comparison, American International Group (AIG.N: Quote, Profile, Research), the world's biggest insurer, trades at about 10 times 2007 profit.

Beijing recently allowed Chinese insurers to invest 10 percent of their assets in domestic stocks, up from 5 percent.

It also allowed insurers to invest up to 15 percent of their assets abroad. Previously, China Life and its peers could only invest a portion of their foreign currency holdings overseas.

However, because of anticipated appreciation in the yuan currency and a roaring domestic stock market, Chinese insurers are not expected to invest heavily overseas in the near term.

The assets of all insurance firms operating in China were 2.53 trillion yuan (US$335 billion) at the end of June, potentially making 380 billion yuan available for overseas investment. (US$1=7.5614 yuan)

PetroChina sets pipeline route to take Turkmen gas

2007-08-28T07:01:00.000+08:00

BEIJING, Aug 27 (Reuters) - PetroChina (0857.HK: Quote, Profile, Research) says it has set the route for a second massive gas pipeline linking its remote northwestern region to the booming coast, as the world's No. 2 oil producer by market value firms up plans to bring in gas from Turkmenistan.

The pipeline will stretch from the far western border of the Xinjiang region to Guangzhou, capital of southern China's Guangdong province and eastward to end at the financial hub of Shanghai, CNPC, parent of PetroChina, said on Monday on its Web site www.cnpc.com.cn.

PetroChina is set to complete by October the feasiblity study for the project, which is designed to take in 30 billion cubic metres of gas a year from Turkmenistan, CNPC said.

It did not give a value for the investment, but the country's first cross-country gas pipeline, the flagship 4,000-km West-to-East project cost some $5 billion.

CNPC said PetroChina would be the sole investor.

The trunk line will be 4,859 kilometres long, and including the branch lines, will span more than 7,000-km in length, CNPC said.

CNPC has agreed to import 30 billion cubic metres of gas, or 60 percent of the country's total consumption, a year from Turkmenistan with the first gas flow targeted for as early as 2009.

Beijing wants to more than triple the use of the green fuel, which now fuels barely 3 percent of China's energy, to 200 bcm a year by 2020.

China's Sinopec Q2 jumps 36 pct as oil price flags

2007-08-28T06:58:00.000+08:00

HONG KONG, Aug 26 (Reuters) - Top Asian oil refiner Sinopec Corp. (0386.HK: Quote, Profile, Research) posted a 36 percent surge in quarterly earnings as lower oil prices helped its refining arm turn around, but the firm warned that the now loftier cost of crude may pressure its second half.

Overall, Sinopec's (SNP.N: Quote, Profile, Research) first-half net profit leapt nearly two-thirds -- its best six-month performance since 2003 with oil prices nearly 4 percent lower, on average.

Crude prices (CLc1: Quote, Profile, Research) hit a 19-month nadir below $50 a barrel in January before recovering to a 10-month high above $70 a barrel at the end of June. Depressed prices translate into a windfall or refiners.

But analysts say the rebound in crude, which peaked at a record $78.77 at the beginning of this month, squeezed Sinopec's refining margins back into negative territory again in the third quarter, after moving into the black in the fourth quarter of last year.

The state-run firm has to contend with government caps on product prices and a national obligation to supply the fast-growing domestic market with fuel. Executives have signalled that Beijing is unlikely to raise retail fuel prices in the near term.

A government decree this month urged refineries to boost output and warned against unauthorised wholesale price rises, showing concern about fuel shortages and inflation.

Sinopec (600028.SS: Quote, Profile, Research), which vies with PetroChina Co Ltd (0857.HK: Quote, Profile, Research) (PTR.N: Quote, Profile, Research) and CNOOC Ltd (0883.HK: Quote, Profile, Research) (CEO.N: Quote, Profile, Research) to supply the world's second largest oil market, posted a second-quarter net profit of 16.79 billion yuan, based on Reuters' calculations off previously reported data.

That compared with a marginally restated 12.32 billion yuan and beat a forecast for 14.7 billion yuan, according to four analysts polled by Reuters.

For the first half, the firm said net profit came to 36.2 billion yuan under international financial reporting standards, versus a revised 21.9 billion yuan a year earlier.

"Looking into the second half of 2007, China's economy is expected to continue to grow rapidly, which will provide good external condition for expansion," Sinopec said late on Sunday.

"But unfavourable factors...remain outstanding, in particular the increasing pressure for guarantee of domestic market supply under circumstances where oil prices remain high."

For a full earnings statement, please click on http://main.ednews.hk/listedco/listconews/sehk/20070826/LTN20070826044.pdf.

ROOM AT THE TOP

Sinopec's shares rose a fifth from January to June, outpacing PetroChina's 4.5 percent rise and a 16 percent gain in the index (.HSCE: Quote, Profile, Research) of Chinese stocks listed in Hong Kong.

It trades at 10.2 times forecast earnings, in line with BP's (BP.L: Quote, Profile, Research) 10 and Exxon Mobil's (XOM.N: Quote, Profile, Research) 12.

Sinopec put the decline in average Brent crude oil prices at 3.7 percent in the first half, to $63.26 a barrel. It also credited 1.484 billion yuan in cost savings for propping up its bottom line, split evenly among its divisions.

Investors are looking now for strategy changes under new chairman Su Shulin. Predecessor Chen Tonghai stepped down two years early in June amid widespread reports of mismanagement.

The company repeated that he resigned for personal reasons.

The firm said on Sunday it aims to produce 20.74 million tonnes of crude oil, 4.05 billion cubic meters of natural gas, and intends to process 78.25 million tonnes of crude oil in the second half.

It hopes to sell 59.08 million tonnes of refined oil products domestically, and produce 3.27 million tonnes of ehtylene.

For a TABLE of the company's first-half operational highlights, please click on [ID:nHKG1766268].

Shanghai copper up 1.8 percent on LME gain, US data

2007-08-27T22:29:00.000+08:00

SINGAPORE, Aug 27 (Reuters) - Copper prices in Shanghai
rose nearly 2 percent on Monday following sharp gains in late
London trade on Friday ahead of a long weekend, and positive
data from the United States.

Solid U.S. housing and durable goods numbers on Friday
helped ease fears about a repeat of the paroxysms in world
credit markets that have cast a pall over the outlook for
global growth and corporate profits.

The data were reflected in equity markets in the region.
MSCI's measure of Asia Pacific stocks excluding Japan
(.MIAPJ0000PUS: Quote, Profile, Research) was up 2.1 percent at 0700 GMT. The index rose
almost 11 percent last week in its biggest weekly gain on
record, according to Reuters data going back to Dec. 31, 1987.

Aluminum Corp of China (2600.HK: Quote, Profile, Research) surged more than 30
percent to HK$21.40, after earlier setting a fresh record.
Jiangxi Copper (0358.HK: Quote, Profile, Research) rose around 20 percent to also hit a
record high.

Dual Shanghai-Hong Kong listed shares are rocketing on
expectations that mainland investors will pile into Hong
Kong-listed shares trading at a discount to their
mainland-listed counterparts.

Shanghai's most active November contract (SCFX7: Quote, Profile, Research) was up 1.8
percent or 1,190 yuan at 65,690 yuan ($8,681) a tonne at the
close.

"Physical demand looks good, with premiums for imported
copper rising. That could mean that there are expectations that
there won't be much stock around come September," a dealer in
Shanghai said.

He added that should London Metal Exchange prices rally
above $7,500, consumers would withdraw from the market.

"If prices get above $7,500, it will rip the bottom out of
consumer demand."

Copper for delivery for three months on the London Metal
Exchange (MCU3: Quote, Profile, Research) closed on Friday at $7,310, up $50, ahead of
the three-day weekend in the United Kingdom. In late electronic
dealing, prices rallied further to $7,470 .

The market reopens on Tuesday.

"Metals are still pretty sensitive to the problems in
financial markets and to credit constraints," ANZ analyst
Andrew Harrington said.

"People are looking for the next hiccup -- someone having
trouble rolling debt or problems at a bank, for example. That
could overshadow commodity prices but for now it looks like
markets have settled down a little," he said.

The risk of massive defaults on subprime mortgages and
heavy debts now poses a bigger threat to U.S. economic
prosperity than terrorism, a panel of U.S. business economists
said.

"The combined threat of subprime loan defaults and
excessive indebtedness has supplanted terrorism and the Middle
East as the biggest short-term threat to the U.S. economy," the
National Association for Business Economics said. [nN24366189]

A spate of data is due this week, notably U.S. existing
home sales, Midwest manufacturing, consumer confidence and U.S.
GDP numbers. (ECON: Quote, Profile, Research)

"There is a pretty busy data schedule for the next couple
of weeks. Those will add a lot of flavour to people's
expectations and could mean more volatility if they surprise,"
Harrington said.

Shanghai zinc (SZNX7: Quote, Profile, Research) rose 1.7 percent or 460 yuan to
27,420, but dealers said prices would be capped by weak spot
demand.

Australian zinc miner Zinifex Ltd (ZFX.AX: Quote, Profile, Research) posted a 24
percent rise in full-year net profit due to record high prices
for its zinc and lead, sending its shares up nearly 5 percent.

Melbourne-based Zinifex said output of zinc concentrate was
expected to grow in the current fiscal year as new mines come
onstream. [ID:nSYD225877]

Shares in Zinifex were up 2.7 percent at A$17.20.

Shanghai aluminium (SAFX7: Quote, Profile, Research) was half a percent higher at
19,480 yuan.

China produced 5.943 million tonnes of aluminium products
in the first seven months of this year, Pan Jiazhu, secretary
general of the China Nonferrous Metals Industry Association,
told a conference on aluminium held in Shanghai on Monday.

"On the basis of these figures, we can say China's output
in 2007 will possibly exceed 10 million tonnes," Pan said.

And much of that metal is making its way onto world
markets, especially in South Korea, where traders have talked
of significant rises in stocks of aluminium products.
[nPEK255599]

In industry news, global miner Rio Tinto Ltd/Plc
(RIO.L: Quote, Profile, Research)(RIO.AX: Quote, Profile, Research) said it has received U.S. antitrust clearance
for its $38.1 billion acquisition of Canadian aluminium maker
Alcan Inc (AL.TO: Quote, Profile, Research).

The U.S. approval follows Canada's Quebec Province
government approval for the takeover earlier this month.
[ID:nSYD217201]
Metal Prices by 0700 GMT:
Metal Last Change Pct Move End 2006 Pct chg
07
SHFE Cu* 65690.00 1180.00 +1.83 60080.00
9.34
SHFE Alum* 19480.00 100.00 +0.52 20550.00
-5.21
COMEX Cu** 336.50 0.00 +0.00 287.10
17.21
SHFE Zinc* 27420.00 460.00 +1.71 28915.00
-5.17
** 1st contract month for COMEX copper
* 3rd contact month for SHFE aluminium, copper and zinc

SHFE zinc began trading on March 26, 2007
($1=7.567 yuan)

ICBC, Bank of China profits surge, top forecasts

2007-08-24T08:31:00.000+08:00

HONG KONG, Aug 23 (Reuters) - Industrial and Commercial Bank of China Ltd (ICBC) (1398.HK: Quote, Profile, Research) and rival Bank of China (3988.HK: Quote, Profile, Research) reported forecast-beating profit gains as the country's big lenders feast on surging demand in a fast-growing economy.

Beijing has tightened liquidity to cool an economy growing by more than 11 percent, but the impact on the biggest banks has been limited because they benefit from rising interbank rates and have relatively low loan-to-deposit ratios.

Also on Thursday, the two state-run banks revealed combined exposure of $10.9 billion to U.S. subprime mortgage-backed debt and related holdings.

Shares in China's banks are some of the world's most expensive as investors buy them as a proxy for economic growth.

"As long as China's economic growth is stable and fast, these big banks will continue to benefit," said Huang Yan, an asset manager at Guotai Fund Management, which manages 70 billion yuan (US$9.2 billion).

ICBC, worth more than US$280 billion, last month overtook Citigroup (C.N: Quote, Profile, Research) as the world's biggest bank by market value.

Its Hong Kong shares trade at more than 23 times forecast earnings, and Bank of China trades at 19 times, compared with Citi's 10 times. The Shanghai-listed shares of ICBC (601398.SS: Quote, Profile, Research) and Bank of China (601988.SS: Quote, Profile, Research) trade at far richer premiums.

"I think share prices of big banks like ICBC and BOC are at reasonable levels nowadays as we can see their business performances are very strong," said Guotai's Huang Yan.

SUBPRIME EXPOSURE

ICBC posted a 62 percent jump in January-June profit to 41.04 billion yuan (US$5.4 billion), compared with 25.4 billion yuan a year ago -- beating the average forecast of five analysts polled by Reuters.

Rival Bank of China, the country's top foreign exchange lender, saw second-quarter profits surge 87 percent to 17.84 billion yuan from 9.52 billion yuan a year earlier, topping a 15.2 billion yuan forecast of six analysts polled by Reuters.

Bank of China said it held US$8.965 billion in U.S. subprime mortgage-backed bonds and US$682 million in collateralised debt obligations (CDOs) at the end of June and had set aside provisions of 388 million yuan (US$51 million) and 758 million yuan, respectively, to account for potential losses,

The subprime bonds account for 3.51 percent of its securities portfolio, while the CDOs account for 0.27 percent of the total.

ICBC said it held US$1.23 billion in subprime mortgage-backed securities, accounting for 4.32 percent of its foreign exchange investment portfolio. The bank, in which Goldman Sachs (GS.N: Quote, Profile, Research), Allianz Group (ALVG.DE: Quote, Profile, Research) and American Express (AXP.N: Quote, Profile, Research) hold stakes, said it had incurred no loss on the portfolio.

LOANS, WEALTH MANAGEMENT

ICBC's first-half net interest income from loans rose by a third to 102.2 billion yuan as Chinese firms borrowed heavily to fund expansion.

Rising demand for its wealth management from increasingly prosperous customers drove up six-month net fee and commission income by nearly 90 percent.

Six-month net interest income at Bank of China, in which Royal Bank of Scotland (RBS.L: Quote, Profile, Research) owns nearly 4.5 percent, rose around 30 percent.

Bank of China's BOC Hong Kong (2388.HK: Quote, Profile, Research) unit, Hong Kong's second-largest bank, topped forecasts with a 5.3 percent gain in first-half net profit to HK$7.47 billion.

China's central bank announced deposit and lending rate hikes on Tuesday, the fourth such move this year, reflecting continued efforts to curb excess liquidity.

Bank of China said it expected full-year loan growth to be in line with government targets, which are at 15 percent, while ICBC said it expected to maintain loan growth at about 10 percent.

Bank of Communications (3328.HK: Quote, Profile, Research) (601328.SS: Quote, Profile, Research) and China Merchants Bank (3968.HK: Quote, Profile, Research) (600036.SS: Quote, Profile, Research), the country's fifth- and sixth-largest lenders, both cut their loan growth forecasts to comply with Beijing's effort to cool the economy.

In October, ICBC raised US$21.9 billion in Hong Kong and Shanghai in the world's largest IPO. Its Hong Kong shares have since risen about 60 percent through Wednesday, while its Shanghai-listed shares have more than doubled.

Shares in Bank of China, the second-worst performer among the six Chinese banks listed in Hong Kong, have fallen more than 4 percent this year in Hong Kong, lagging a 15 percent gain in the Hang Seng Index (.HSI: Quote, Profile, Research).

(US$1=7.583 yuan=HK$7.8) (Additional reporting by George Chen and Zhou Xin)

PetroChina beats H1 forecasts, upbeat on H2

2007-08-24T08:23:00.000+08:00

HONG KONG, Aug 23 (Reuters) - PetroChina Co. Ltd. (0857.HK: Quote, Profile, Research) beat first-half earnings forecasts as an unexpected one-off gain offset lower oil prices and higher costs, and the company foresaw a better second half as prices and output rebound.

The largest of China's energy triumvirate, which includes top Asian oil refiner Sinopec Corp. (0386.HK: Quote, Profile, Research) (SNP.N: Quote, Profile, Research) (600028.SS: Quote, Profile, Research) and offshore specialist CNOOC Ltd. (0883.HK: Quote, Profile, Research) (CEO.N: Quote, Profile, Research), is heeding calls to wean itself off a dependency on imports from the volatile Middle East.

PetroChina said on Thursday it was making progress with securing resources abroad, having struck a production-sharing deal with Turkmenistan. It plans to build a pipeline to pump 30 billion cubic metres of gas a year from the central Asian state.

The company (PTR.N: Quote, Profile, Research) said its Turkmen output would reach 13 bcm a year and that it would buy a further 17 bcm a year from Turkmenistan for 30 years, although declining to give the price. It is examining the idea of extending the pipeline as far as Shanghai in the east and Shenzhen in southern China, or even Hong Kong.

Its net profit rose to 81.83 billion yuan ($10.8 billion) for January to June, from 80.68 billion a year earlier and beat an average forecast of 76.7 billion in a Reuters poll of six analysts.

Profit was boosted by a 4.482 billion yuan reduction in tax charges in the first six months because of a change in tax rules. PetroChina also paid 14.9 billion yuan in a windfall tax during the period.

Citigroup analyst Graham Cunningham said in a note that excluding the windfall tax, exploration and production costs fell to $20.8 per barrel from $22.3 in the same period of 2006.

Despite that cost control and a good performance in the refining, chemicals and pipeline divisions, he still saw few share-price drivers for PetroChina in the near term.

REBOUNDING CRUDE

Resurgent crude prices (CLc1: Quote, Profile, Research), which peaked at a record $78.77 at the beginning of this month, may give the firm some uplift in the second half, compared with the first half when they reached a 19-month low in January below $50 a barrel.

To fill its expansion war chest, the world's second-largest oil and gas producer plans to sell up to 4 billion shares in Shanghai, potentially raising 42 billion yuan ($5.5 billion) based on its Hong Kong share price on Tuesday.

Analysts hope acquisitions will help revitalise its output and earnings growth. The Beijing-backed firm pumped 3.7 percent more oil and gas in the first six months of this year, lagging its own target of 5.3 percent growth for the full year.

But Chairman Jiang Jiemin expected the pace of crude oil production to accelerate in the second half, saying its 0.1 percent output expansion in the first six months was an anomaly.

In May, PetroChina surprised the market when it said its Jidong Nanpu discovery in the shallow waters off Bohai Bay contained proven reserves of 405.07 million tonnes of oil equivalent, nearly 3 billion barrels.

But the Chinese agency that certifies reserves revealed this month that economically recoverable oil reserves at the field -- hailed as the country's biggest discovery in decades -- came to only about 86.6 million tonnes, or 632 million barrels.

The new Nanpu figures mean a recovery rate of just 19 percent by economic standards, sharply lower than a 40 percent target the company gave months ago.

Warren Buffett, the world's second-richest person, sold 16.9 million PetroChina shares in July, trimming his share of freely tradable shares to 10.96 percent from 11.05 percent.

He remains the firm's No.2 shareholder, and Jiang said he was unfazed by Buffett's sale of some shares.

"Warren Buffett has given much support to our company and we really appreciate that support. But if he sells more shares, I think there will be lots of people prepared to buy," he told a news briefing.

Shares in PetroChina rose 4.5 percent in January-June, lagging Sinopec's and CNOOC's 20 percent gain and a 16 percent rise in the index of Chinese stocks listed in Hong Kong (.HSCE: Quote, Profile, Research).

The firm trades at above 12 times forecast earnings, in line with Exxon Mobil's (XOM.N: Quote, Profile, Research) 12 times and BP's (BP.L: Quote, Profile, Research) 10 times. ($1=7.591 Yuan)

For a full first-half earnings statement, please click on http://main.ednews.hk/listedco/listconews/sehk/20070823/LTN2007082316

PetroChina's H1 net rises paltry 1.4 percent

2007-08-24T08:19:00.000+08:00

HONG KONG, Aug 23 (Reuters) - PetroChina Co Ltd (0857.HK: Quote, Profile, Research) (PTR.N: Quote, Profile, Research), the world's No.2 oil producer by market value, posted a mere 1.4 percent rise in first-half earnings due to lower crude oil prices and climbing costs.

The largest of China's energy triumvirate, which includes top Asian oil refiner Sinopec Corp (0386.HK: Quote, Profile, Research) (SNP.N: Quote, Profile, Research) (600028.SS: Quote, Profile, Research) and offshore specialist CNOOC Ltd (0883.HK: Quote, Profile, Research) (CEO.N: Quote, Profile, Research), said its January-June net profit was 81.83 billion yuan ($10.79 billion) versus 80.68 billion yuan a year earlier.

The result beat a mean forecast of 76.7 billion yuan, according to six analysts polled by Reuters.

Analysts say a rebound in crude prices (CLc1: Quote, Profile, Research), which peaked at a record $78.77 early this month, could fuel earnings growth for the country's largest oil producer in the second half.

2007-08-08T20:42:00.000+08:00

KLSE Composite

2007-08-08T20:28:00.000+08:00

Hang Seng

2007-08-08T20:26:00.001+08:00

DOW JONES INDUSTRIAL AVERAGE

2007-08-08T19:38:00.001+08:00

S&P 500

2007-08-08T19:28:00.000+08:00

2007-08-06T23:39:00.000+08:00

KLSE Composite

2007-08-06T22:03:00.001+08:00

Straits Times

2007-08-06T22:01:00.000+08:00

Hang Seng

2007-08-06T21:59:00.000+08:00

Nikkei 225

2007-08-06T21:56:00.000+08:00

PBBANK

2007-05-29T08:53:00.000+08:00

NSOP