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Hong Kong shares may start steady, Galaxy Entertainment in focus

Source : REUTERS
Last Updated: Wed, May 15, 2013 01:10 hrs

HONG KONG, May 15 (Reuters) - Hong Kong shares could start steady on Wednesday, with the Macau casino sector in focus after Galaxy Entertainment posted a record first quarter adjusted EBITDA of HK$2.8 billion.

Chinese internet giant Tencent Holdings and Parkson Retail Group are among companies due to report quarterly earnings later in the day.

On Tuesday, the Hang Seng Index closed down 0.3 percent at 22,930.3 points, in its second straight loss after closing last Friday at its highest since mid-February. The China Enterprises Index of the top Chinese listings in Hong Kong shed 0.7 percent.

Elsewhere in Asia, Japan's Nikkei was up 1.9 percent, while South Korea's KOSPI was flat at 0053 GMT.

FACTORS TO WATCH:

* Macau casino Galaxy Entertainment Group Ltd said it booked a record first-quarter adjusted EBITDA of HK$2.8 billion ($360.76 million), up 29 percent from a year earlier.

* Sun Art Retail Group Ltd, China's largest hypermarket chain by market capitalisation, said first-quarter net profit rose 16 percent from a year earlier as it continued to expand into lower-tier Chinese cities.

* The Las Vegas Sands Corp, parent of Sands China Ltd, said a Nevada state court had awarded Hong Kong businessman Richard Suen $70 million after he sued the company claiming it had failed to make good on a promise to pay him for helping it get permission to operate a Macau casino.

* Europe's largest bank HSBC said it may sell its private banking business in Monaco as part of an ongoing strategic review.

* Sports shoe maker Yue Yuen Industrial (Holdings) Ltd said its profit attributable to owners of the company fell 49.9 percent to $61.6 million for the first quarter from a year earlier.

* ANTA Sports Products Ltd said it recorded a 5 to 15 percent year-on-year decrease in order value for the fourth quarter of 2013 in its trade fair held in April. It said same-store sales growth of ANTA branded products for the first quarter of 2013 remained flat against the same period a year ago.

* Golden Eagle Retail Group Ltd said it would issue $400 million 4.625 percent senior notes due 2023, raising proceeds to refinance short-term bank loans and to fund capital expenditure.




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