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Aug. 27 (Bloomberg) -- Asian stocks gained, led by commodities producers and shipping companies, after Woodside Petroleum Ltd.'s earnings beat estimates and China Cosco Holdings Co. and Jiangxi Copper Co. said profit climbed.
Woodside, Australia's No. 2 oil and gas producer, climbed 2.8 percent as a new project and higher prices boosted profit. China Cosco, Asia's largest shipping company by market value, jumped 3.2 percent in Hong Kong after surging Chinese demand for raw materials helped net income more than double. Jiangxi Copper Co., China's biggest smelter of the metal, rose 2.4 percent.
``We're positive on commodities companies in the longer term as emerging-market usage of raw materials continue to grow,'' said Michael Foo, Singapore-based head of Asian portfolio management at Clariden Leu AG, which manages the equivalent of $126 billion in assets globally. ``Still, we remain cautious as a slowing economy is going to have a negative impact on earnings in the next few months.''
The MSCI Asia-Pacific Index gained 0.5 percent to 123.01 as of 12:15 p.m. in Tokyo, rebounding from a loss of as much as 0.2 percent. The regional measure has dropped 22 percent this year as the world's largest financial companies posted writedowns and credit losses of more than $500 billion, and inflation soared.
Japan's Nikkei 225 Stock Average slipped 0.1 percent to 12,764.01, paced by Mitsubishi Estate Co., after rival developer Sohken Homes Co. filed for bankruptcy. About half the region's stock indexes declined.
Ratings Downgrade
Macquarie Group Ltd. dropped to the lowest in almost four years as UBS AG downgraded Australia's biggest securities firm, saying the operating environment remains ``difficult.'' Hyundai Heavy Industries Co., the world's No. 1 shipbuilder, slumped after saying it plans to bid for a stake in Daewoo Shipbuilding & Marine Engineering Co.
U.S. stocks advanced yesterday, rebounding from the biggest drop in a month. Fannie Mae and Freddie Mac, the largest U.S. mortgage-finance companies, jumped after Citigroup Inc. analysts said the companies have enough capital to last the year. Futures for the Standard & Poor's 500 Index rose 0.1 percent today.
Woodside gained A$1.58 to A$58.08, set for its highest close since July 17. The company posted first-half profit of A$1.02 billion ($874 million) on record prices, topping the median forecast of A$939.3 million in a Bloomberg survey of analysts.
The shares also gained after crude oil for October delivery rose 1 percent to $116.27 a barrel in New York yesterday on forecasts showing that Hurricane Gustav may enter the Gulf of Mexico, home to more than a fifth of U.S. oil production. Futures were at $116.39 today.
Oil Producers
Inpex Holdings Inc., Japan's largest oil explorer, added 2 percent to 1.151 million yen. PetroChina Co., China's biggest explorer, climbed 2 percent to HK$10.16 in Hong Kong.
Cnooc Ltd., China's No. 1 offshore oil company, rose 2.7 percent to HK$11.50 in Hong Kong. The company may say today first-half net income rose 52 percent to 22.1 billion yuan ($3.2 billion), according to the median estimate of five analysts surveyed by Bloomberg.
China Cosco climbed 32 cents to HK$14.86 in Hong Kong. Net income rose to 15.1 billion yuan ($2.2 billion) in the first half from 7.2 billion yuan a year earlier, the shipping line said.
Jiangxi Copper rose 2.3 percent to HK$11.80, poised for its highest close since Aug. 7. First-half profit rose 32 percent to 2.77 billion yuan ($404 million) because of a surge in byproduct prices, the company said
Macquarie dropped 6.7 percent to A$42.70, on course for its lowest close since November 2004, after UBS cut its rating to ``neutral'' from ``buy,'' saying that weaker stock and commodities trading and fewer investment bank deals will hurt earnings. The company also has ``less capital flexibility'' amid the global credit crunch, UBS said.
Property Revaluations
Also in Sydney, GPT Group dropped 2.4 percent to A$1.66 after reporting a first-half loss on writedowns to property and goodwill. The Australian real estate investment trust may sell as much as A$4.4 billion ($3.8 billion) of assets, GPT said today.
``People are expecting another reasonably large round of write-offs to come out of the investment banks,'' said Angus Gluskie, who helps oversee $500 million at White Funds Management in Sydney. ``It's been a weak time for the property market. We're expecting to see continued downward revaluations on property assets over upcoming periods.''
Mitsubishi Estate, Japan's second-biggest property developer, dropped 1.7 percent to 2,385 yen. Sumitomo Realty & Development Co., the third-largest, fell 1.3 percent to 2,215 yen.
The deteriorating Japanese property market and difficulty refinancing debt have been exacerbated by failures of other developers, Sohken said yesterday after markets shut. The company filed for court protection from creditors with liabilities of 33.9 billion yen ($309 million).
Developer Defaults
Bankruptcies among Japanese property companies more than doubled to 60 in July from a year earlier, according to Tokyo Shoko Research Ltd.
In South Korea, Hyundai Heavy plunged 3.5 percent to 235,500 won after the world's largest shipbuilder said it plans to bid for a controlling stake in Daewoo Shipbuilding & Marine Engineering Co. It's competing with Posco, GS Group and Hanwha Group to acquire a 50.4 percent holding being sold by state-run Korea Development Bank and Korea Asset Management Corp.
``We question Hyundai Heavy's rationale in buying another shipbuilder at this point in the cycle amid its own capacity expansion,'' Sanjeev Rana, an analyst at Merrill Lynch & Co., wrote in a report today. Hyundai Heavy's bid ``is likely to intensify the bidding war,'' said Rana, who rates the shipbuilder's stock ``underperform.''
Daewoo Shipbuilding, the world's third-largest maker of ships, rose 1.6 percent to 35,250 won.
To contact the reporter for this story: Chen Shiyin in Singapore at schen37@bloomberg.net
errr.... contra players ar.. okay.. noted.
My investment plan is different from you. I am in for some kopi$$, and some say my way of 'investing' is like gambling. Well, say whatever, as far as we make $$, why bother...hehehe...I am out liao @2.11. Sometimes have to learn not to be too greedy, a little crumps from the BB is good enuf for small retail investor like myself....cheers!
jackjames ( Date: 27-Aug-2008 09:34) Posted:
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since you bought it, why bother to check the price every minutes.. just put below your pillow and have a good sleep, the weather is so nice to sleep recently... hee hee hee..
idesa168 ( Date: 27-Aug-2008 09:06) Posted:
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Seems to me that mkt today is sluggish, may not have much of action to see...
OK, bought some @205 to see hot luck today or not!
ha ha if DJ tonite moody, then any lorong u can find her liao. good luck.
both are lousy in this kind of mkt sentiment. When mkt is good, both are good...hehehe, got say like no say! LOL! Cheers!
jackjames ( Date: 26-Aug-2008 17:24) Posted:
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YanZhiJiang vs Cosco, which one better ar?
I waited for this sexy babe at lor 202 but she did not come to me! Tomorrow I may have to wait for her at lor 206-209!
Now @2.04-2.08, nobody interested in collecting? All see red these few days scared liao!...hehehe!!!
10-5MA approaching to meet now. Williams-7 is also towards 50 now. Strong green candle stick but with not high vol. Also, short term support is still not formed yet.
Maybe can fire the 1st salvo now in a limited way. My opinion only.
Maybe can fire the 1st salvo now in a limited way. My opinion only.
I was indeed very tempted to buy COSCO @2.09 but did not press the enter button this morning. Not knowing that hesitation, I had missed the kopi$$ for today...sigh! No guts lah! Well, who knows, tomorrow or next week might be cheaper than 2.09...hehehe. Congratulation to those bought COSCO this morning. Cheers!
You did not miss it. Just only 0.15 only. Compare with those holding at 5,6,7 or even 4.
Count your blessings. Good time in my opinion.
limhpp ( Date: 20-Aug-2008 16:21) Posted:
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Too bad, I missed the boat of bottom fishing............
Cosco bottom out already? Free fall ended.
times are diff now. FD is only giving 1% so I reckon stock with 3% return is ok. But like what I said, need to decide shipping industry can give good return in middle term. Otherwise, SPH is still the best in terms of divvy.
i didnt perform a detail TA. generally, indicators reveal that it is way oversold. but share price is a reflection of market sentiments and i know everyone feels it will further drop and so it will realize. any further drop will offer an opportunity.
not vested. look look cc only.
I have different view... historically dividend yield of companies were rate fare if it's in the range of 2.5-3.5%. Any price that will give better than 4% will be deem cheap. I see COSCO now as fairly priced. If across the board the dividend of all blue chips counters is more than 5%, pang sim and just buy and wait. In order for COSCO to have ield of 5%, it muts trade at $1.20 or they increase the divvy...hehehe!!!
ngchunleng ( Date: 19-Aug-2008 14:50) Posted:
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I agreed with you. But TA shows can wait for a few more days.
Some analysts gave a TP of about $4 !! Wow, if one day it can hit this value, those who dare to take risk and accumulate will be rewarded.
It is still one of the best players in China, with about 7 yards and good book order. I think cannot be very bad. As i have mentioned before, ship repair/building etc depends on labour costs a lot. In the long run, Spore yards cannot beat them (my opinion only). If you are in for long term, a strong buy, i think.
All the best.
ngchunleng ( Date: 19-Aug-2008 14:50) Posted:
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This is an opportunity. At current price PE is about 13x and Dividend Yield is near 3%. Any further drop in price offers an opportunity to take long position. Ultimately, you only need to decide if shipping industry can give you good return in the middle term...