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Astra, Daewoo, Keppel Land, LG Chem, PLUS: 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.
Ayala Land Inc. (ALI PM): The largest Philippine builder offered 6,000 residential properties for sale in the first half of this year, President Antonino Aquino told reporters. The developers will spend 4 billion pesos ($86 million) to build residential condominiums in its Fort Bonifacio project, said Melissa Gil, head of the company’s Premier residential building group. The stock fell 1.7 percent to 14.25 pesos.
Daewoo Shipbuilding & Marine Engineering Co. (042660 KS): The world’s second-biggest shipbuilder said it received an order to build four oil tankers worth about $440 million from American Eagle Tanker Inc. of Malaysia. The 320,000-deadweight-ton vessels will be delivered by October 2013, the South Korean shipyard said in an e-mailed statement. The stock increased 1 percent to 19,400 won.
Dongkuk Steel Mill Co. (001230 KS): South Korea’s third- biggest steelmaker was raised to “buy” from “hold” by DBS Vickers analyst Eun Young Lee, who increased the stock’s 12- month share-price estimate to 29,000 won. The stock gained 2.9 percent to 24,600 won.
Keppel Land Ltd. (KPLD SP): The property developer partly owned by the world’s largest builder of oil rigs said second- quarter net income rose 20 percent to S$70.1 million ($51 million). Keppel Land gained 2.4 percent to S$4.21.
LG Chem Ltd. (051910 KS): South Korea’s biggest maker of chemicals said net income jumped 36 percent to 645.7 billion won ($535 million) in the three months ended June 30 from a year earlier. The company posted a record quarterly profit as the global economic recovery led to an increase in demand for materials used to make plastics and synthetic rubber. The stock fell 1.2 percent to 321,500 won.
PLUS Expressways Bhd. (PLUS MK): Malaysia’s biggest toll- road operator said traffic volume on its North-South expressway operated by a unit rose 10 percent in June from a year earlier. Traffic volume on Linkedua, a highway in southern Johor connecting Singapore, climbed 17.8 percent, it said in a statement. PLUS gained 0.8 percent to 3.63 ringgit.
PT Astra International (ASII IJ): Indonesia’s June domestic vehicle sales rose to 70,384 units from 60,516 units in May, the company said. Domestic motorcycle sales climbed to 653,390 units from 640,234 a month earlier, it said. Astra, Indonesia’s largest automotive retailer, rose 1 percent to 49,800 rupiah.
PT Tambang Batubara Bukit Asam (PTBA IJ): The company said it has reached an agreement to sell coal to two power plants at higher prices than last year. Bukit Asam increased the price for the fuel it sells to the Tarahan power plant by 8.6 percent and by 5.5 percent for the Bukit Asam power plant, it said. Bukit Asam, an Indonesian state-run coal producer, climbed 0.3 percent to 16,700 rupiah.
Rio Tinto Group (RIO AU): Alcan Global Aerospace, Transportation and Industry, a unit of the world’s third-biggest mining company, has signed a contract agreement to supply Airbus with a low-density alloy suited for aircraft, according to PR Newswire. Rio’s stock gained 2.3 percent to A$66.50.
Time Engineering Bhd. (TIM MK): The Malaysian telecommunications services provider said it sold 6.1 million shares of its Time dotcom Bhd. (TDC MK) affiliate. Time Engineering sold the shares in the open market, trimming its stake in Time dotcom to 26.9 percent, according to a stock- exchange filing. Time Engineering dropped 4.2 percent to 45.5 sen. Time dotCom lost 4.2 percent to 56.5 sen.
Universal Robina Corp. (URC PM): The second-largest publicly traded Philippine food and drinks company was raised to “buy” from “hold” by ATR KimEng Securities Inc. analyst Lovell Sarreal. He raised his 12-month share price estimate to 38 pesos from 27 pesos. The stock increased 3.1 percent to 33 pesos.
To contact the reporter on this story: Ian C. Sayson in Manila at isayson@bloomberg.net
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