China Life, Ayala Land, Tianjin: Asia Ex-Japan Equity Preview

By Anuchit Nguyen

March 17 (Bloomberg) -- The following companies may have unusual price changes in Asian trading, excluding Japan. Stock symbols are in parentheses, and share prices are from the previous close, unless noted otherwise.

China Life Insurance Co. (2628 HK): The nation’s biggest insurer said it had 67.2 billion yuan ($9.8 billion) in premium income for the first two months of this year. That was a 12.6 percent increase from the 59.7 billion yuan reported a year earlier, according to Bloomberg News calculations. The stock jumped 6.5 percent to HK$25.25.

Philippine builders: Funds sent home by Filipinos working overseas increased 0.1 percent to $1.27 billion in January, the central bank said yesterday. That’s the slowest pace since January 2004, according to Bloomberg data. Filipinos based overseas account for half of Philippine home purchase demand, Colliers International Inc. estimated in October. Ayala Land Inc. (ALI PM), the nation’s biggest developer, was unchanged at 5.20 pesos. Vista Land & Lifescapes Inc. (VLL PM), which relies on overseas Filipinos for 60 percent of its home sales, fell 2.7 percent to 73 centavos.

Pure Energy Resources Ltd. (PES AU): The Australian coal- seam gas explorer recommended shareholders accept a takeover offer from BG Group Plc after Arrow Energy Ltd. let its bid expire. Pure Energy slipped 0.2 percent to A$18.15.

Philippine Long Distance Telephone Co. (TEL PM): Moody’s Investors Service, which last week put the carrier’s local currency debt rating on review for possible upgrade, yesterday (MONDAY) said it changed the status of the review to “direction uncertain,” citing the company’s plan to buy 20 percent of Manila Electric Co., a “non-core business.” Shares dropped 12 percent to 1,895 pesos.

Samsung Heavy Industries Co. (010140 KS): The world’s second-largest shipyard plans to sell 700 billion won ($486 million) of bonds next week in its first local currency sale in seven years to expand docks. The three-year bonds will pay a 6.22 percent coupon in the domestic market, the Seoul-based company said in a regulatory filing. The stock dropped 2.9 percent to 23,600 won.

San Miguel Brewery Inc. (SMB PM): The nation’s biggest brewer borrowed 38.8 billion pesos ($800 million) in a record bond sale by a non-government Philippine borrower, two people with knowledge of the matter said. The company will pay about 250 basis points above comparable 3-, 5- and 10-year Treasuries. Shares fell 1.2 percent to 8.60 pesos.

Tianjin Port Development Holdings Ltd. (3382 HK): The Chinese container port operator agreed to buy a controlling stake in Shanghai-listed affiliate Tianjin Port Holdings Co. for HK$11 billion ($1.4 billion). Tianjin Port Development, whose shares will resume trade in Hong Kong after being suspended yesterday, jumped 11 percent to HK$2.25 on March 13.

Towngas China Co. (1083 HK): The mainland unit of Hong Kong’s largest gas supplier, posted a 40 percent increase in 2008 profit to HK$202 million ($26 million), or HK$10.32 a share, because of increased sales in mainland China. The stock rose 1.4 percent to HK$1.49.

Westpac Banking Corp. (WBC AU): Australia’s biggest lender by market value increased a government-guaranteed bond sale to A$3.27 billion ($2.1 billion). The Sydney-based lender sold A$210 million more of the floating-rate notes maturing in March 2012 at 60 basis points above the Australian bank-bill swap rate, arrangers Westpac and HSBC Holdings Plc said in an e-mailed statement. The stock rose 1.1 percent to A$17.13.

To contact the reporter on this story: Anuchit Nguyen in Bangkok at anguyen@bloomberg.net.