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Brilliance China (Hong Kong Stock Code 1114) said its FY12 net profit increase by 27% to CNY 2.301 billion, but no dividend will be given. The company forecasts a 20% increase in BMW sales for 2013 to 750,000 – 770,000 units, which is much lower than its previous forecast of a 42% increase for 2013. The stock dived 11.4% to HK$9.09 at midday.

Goldman Sachs cut its target price to HK$10.18 from HK$11.25.

Haitong Securities cut its target price to HK$9.50 from HK$10.60 and downgraded it to Hold from Buy.

Hutchison Whampoa (OTC: HUWHY, Hong Kong Stock Code 0013) rose HK$1.20 to HK$81.90 in late trade Wednesday, after posting a 19% on-year increase in FY12 underlying profit to HK$26.82 billion, benefited from utility investments in Europe.

Goldman Sachs tweaked slightly its target price for Hutchison Whampoa to HK$100 from HK$97, and maintained its “buy” call. It said Hutch’s 2012 core net profit came in at HK$26.8bn, 7% above estimate. Goldman said Hutch’s valuation remains attractive at 35% NAV discount, which has not priced in CROCI improvement from 8% in 2012 to 9.4% in 2015.

Credit Suisse says that Hutchison Whampoa’s FY12 underlying earnings beat its forecasts by 11.5%, driven by lower-than-expected taxation. However, despite 19% growth in earnings, its DPS has been maintained, which “could be interpreted as a cautious outlook for FY13-14.” CS says Hutch’s growth profile should be supported by its China properties, retail, infrastructure and narrowing of losses from Australia; it revises Hutch’s FY13/14 earnings forecasts by 16%/12%, to factor in higher China properties booking. CS says Hutch is trading at 11.5X FY13 P/E and a 28% discount to its estimated NAV of HK$112 (HK$109.60 previously). “We believe the stock is undervalued,” hence keeping its Outperform call, with a higher target price of HK$112.00 vs HK$109.60.

JP Morgan raised its target price for Hutchison Whampoa to HK$90 from HK$85, and maintained its “overweight” call. The research house believes the investment case of Hutch remains solid despite a strong share price performance over the past months. It forecast 2012-2015 CAGRs of 4%, 8%, 11% for revenue, EBIT and net profit thanks to the healthy growth across the board, resilient European business and positive contribution from M&A. JPM added that valuation remains compelling given a 34% discount to NAV (versus historical average of 11%) and a 3% dividend yield.

Nomura expects Hutchison’s FY13 recurring EPS growth to accelerate to 18% as most global economies improve sequentially; while news flows from Europe macro front might remain an occasional swing factor to Hutch’s share price, “we view these as buying opportunities since Hutch has proven over the last two years that it could still deliver growth, even for its Europe operations.” Nomura says share price in the range of HK$75-HK$80 (representing 35%-40% NAV discount) offers attractive risk-reward, and it keeps the stock at Buy with a HK$96.40 target. Hutchison slipped 0.5% to HK$80.70 Tuesday pre-results.

BofA Merrill Lynch lowered its target price for COSCO Pacific (Hong Kong stock code 01199) to HK$13.8 from HK$14.5, and maintained its “overweight” call. The research house expects in 2013, port and leasing units to continue stable growth at 5%/14% YoY and forecast CIMC will recover from a low base by growing at 48% YoY. But BofAMLe trimmed its 2013/14 earnings by 3%/8%.

PICC Group (Hong Kong stock code 01339) bucked the H-Share Index’s 1.14% rise at midday Wednesday, down 5 cents to HK$4.14. Credit Suisse lowered its target price for PICC Group to HK$4.1 from HK$4.3 given lower expectation for its life and health divisions, and maintained its “underperform” rating noting that it is trading at 1.7x P/EV, the high end of peer range. The research house cut its earnings estimate by 25%, mainly because of a 17-18% earnings reduction of PICC P&C (02328).

Macquarie lowered its target price for PICC Group by 3% to HK$3.5, and maintained its “underperform” call. It said PICC’s FY2012 EPS was 14% below forecasts, due largely to disappointing 2H2012 performance from the life & health (L&H) units. The house thinks the result poses more questions than answers for investors. Macquarie reduced its FY2013/14 EPS forecasts by 9%/8%. It had noted that PICC’s L&H businesses are low-quality, opaque, risky and overvalued, and believes the messy FY2012 L&H result supports this view.

Henderson Land (Hong Kongstock Code 00012) bucks the HSI’s 0.54% decline on early Tuesday, rises 3.2% to HK$51.60. Henderson said its profit attributable to equity shareholders for the year ended 31 December 2012 rose 18% year-on-year to HK$20.21 billion. The turnover was HK$15.59 billion, an increase of 2.7% from a year earlier. The underlying profit attributable to equity shareholders (before the fair value change of investment properties) amounted to HK$7,098 million, up 28% year-on-year. Such increase was mainly attributable to the increase in profit contributions from operations of HK$1,003 million during the year as well as the increase in the Group’s share of post-tax underlying profits from associates and jointly controlled entities in the aggregate amount of HK$363 million. The Group plans to launch ten projects for sale and, together with the remaining unsold units from the major developments, a total of about 2.27 million square feet of space will be ready for sale in 2013 and they are expected to bring satisfactory returns to the Group. The proposed final dividend is HK74 cents (2011: HK70 cents) per share. The Board also proposes to make a bonus issue of one new share credited as fully paid for every ten shares held. The dividend and bonus shares will be issued on 15 July.

UOB KayHian says that Henderson Land’s proposed 1-for-10 bonus share issue and strong contract sales in China (surged 224% on-year to HK$6.6 billion) came as positive surprises, and management’s efforts to speed up asset turn in the past six months have been encouraging. “Henderson Land is finally coming back as one of the major local developers. We Buy also for the NAV accretion potential of its farmland holding and urban redevelopment projects,” UOB says and trims its target price to HK$62.86 from HK$63.19. It adds that although the bonus share issue does not, in theory, affect the value of the company, “we expect it will serve as a sentimental boost.”

Goldman Sachs keeps Henderson’s Neutral rating and trims its target to HK$50.30 from HK$50.50.

Singamas Container (Hong Kong Stock Code 00716) announced after morning session ended its profit attributable to owners for the year ended 31 December 2012 dropped 56.5% year-on-year to US$60.35 million. Its basic and diluted earnings per share were US2.49 cents. The revenue was US$1.54 billion, a decrease of 15.5% from a year earlier. The proposed final dividend is HK2 cents (2011: HK5 cents) per share, payable on or before 31 July. The stock is down 7% to HK$2.03 in early afternoon session.