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DMCI, EA Holdings, Hyundai, Cathay Financial: Asia Ex-Japan Equity Preview
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.
AWB Ltd. (AWB AU): Australian wheat sales will benefit from adverse weather conditions affecting Russia, Kazakhstan, Canada and Europe, AWB General Manager Commodities Mitch Morison said in a statement. AWB, Australia’s former monopoly wheat exporter, fell 2.5 percent to 97.5 Australian cents.
Cathay Financial Holding Co. (2882 TT): Cathay Life Insurance Co. isn’t selling its stake in a property insurance venture in China, as reported by Taipei-based Commercial Times on July 17, parent Cathay Financial said in a filing to the Taiwan Stock Exchange. The stock decreased 2.7 percent to NT$50.90.
DMCI Holdings Inc. (DMC PM): The largest Philippine construction company plans to borrow 5 billion pesos ($108 million) from a group of banks led by Banco de Oro Unibank Inc. (BDO PM) to finance real-estate projects, President Isidro Consunji told reporters. The stock was unchanged at 18.75 pesos. Banco de Oro, the nation’s biggest bank by assets, decreased 1.1 percent to 47 pesos.
EA Holdings Bhd. (EAHB MK): The Malaysian computer software company will make its trading debut on the Kuala Lumpur stock exchange. The company sold shares at 25 sen each in its initial public offering.
Hyundai Motor Co. (005380 KS): South Korea’ largest automaker and affiliate Kia Motors Corp. (000270 KS) are considering raising their full-year sales target after first- half sales were more than half the current target of 5.4 million units, Yonhap News reported, without citing anyone. Hyundai gained 0.4 percent to 134,000 won. Kia climbed 0.7 percent to 30,650 won.
JG Summit Holdings Inc. (JGS PM): Cebu Air Inc. said it will start flights to Brunei in August and to Beijing in September. JG Summit, which owns Cebu Air, was unchanged at 16.75 pesos.
Rio Tinto Group (RIO AU): The world’s third-largest mining company said initial output at its A$1.86 billion ($1.62 billion) Argyle diamond mine underground expansion will start within two years as global demand recovers. About 50 percent of the underground project is complete, London-based Rio said in an e- mailed statement. Initial output is planned for May 2012 and it should be at full production rate at 2013, it said. The stock fell 1.1 percent to A$65.03.
Samsung Heavy Industries Co. (010140 KS): The world’s second-largest shipyard by sales was lowered to “neutral” from “overweight” by HSBC Holdings Plc analyst Tarun Bhatnagar, who has a 26,000 won 12-month share price estimate for the stock. The stock decreased 2.9 percent to 23,900 won.
United Microelectronics Corp. (2303 TT): The world’s second-largest maker of custom chips sold NT$352 million ($11 million) of shares in Mega Financial Holding Co. (2886 TT), the Hsinchu, Taiwan-based chipmaker said in an exchange filing. United Microelectronics booked a gain of NT$136 million from the sale, which cut its holding in Mega to 0.69 percent, it said. United Microelectronics fell 0.7 percent to NT$14.70. Mega climbed 0.5 percent to NT$19.20.
To contact the reporter on this story: Ian C. Sayson in Manila at isayson@bloomberg.net
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