Elpida, Meitec, Shinsei, Takefuji, Tokyo Electric, Tokyu: Japanese Stocks
Japan’s Nikkei 225 Stock Average rose 63.62, or 0.7 percent, to 9,559.38 as of the close in Tokyo. The following were among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Daikin Industries Ltd. (6367 JT), an air-conditioner maker, rose 2.5 percent to 3,095 yen. The company was rated “outperform” in new coverage by Teruo Isozaki, an analyst at Mitsubishi UFJ Morgan Stanley Securities Co.
Elpida Memory Inc. (6665 JT), the world’s third-biggest maker of computer memory, rallied 8.1 percent to 985 yen on plans to start mass production of a new dynamic random access memory chip in December. The DRAM chip will have a width in the low 30-nanometer range, said Hideki Saito, a company spokesman, confirming a report in the Nikkei newspaper.
Honeys Co. (2792 JT), an apparel maker, plummeted 11 percent to 1,090 yen. The company was cut to “hold” from “buy” by Takahiro Kazahaya, a Tokyo-based analyst at Deutsche Bank AG. Honeys said its first-quarter net loss narrowed to 35 million yen ($418,160) from 219 million yen a year earlier.
International Television Films Inc. (9604 JQ), a movie maker, surged 24 percent to 99 yen, its biggest gain since January 2009. Toho Co. (9602 JT), a movie producer, plans to buy the shares it doesn’t already own in International Television for 100 yen apiece. Toho fell 0.2 percent to 1,349 yen.
Meitec Corp. (9744 JT), a provider of engineering staff, advanced 2.2 percent to 1,587 yen. The company increased its first-half net income outlook by 50 percent to 1.5 billion yen, citing higher-than-expected revenue and a gain from the sale of equity.
Pioneer Corp. (6773 JT), a maker of car-navigation systems and audio equipment, rose 3.4 percent to 302 yen. The company was raised to “neutral plus” from “neutral” by Takao Hattori, an analyst at Tokyo-based Toward the Infinite World Inc.
Shibaura Mechatronics Corp. (6590 JT), a maker of machines used to produce semiconductors, slumped 3.8 percent to 282 yen. The company slashed its full-year net income forecast by 78 percent to 450 million yen as cost cuts failed to offset lower- than-expected sales.
Shinsei Bank Ltd. (8303 JT), the Japanese lender partly owned by J. Christopher Flowers, advanced 6.9 percent to 62 yen. The lender raised its net income target for fiscal 2012 to 51 billion yen from 32 billion yen.
Takefuji Corp. (8564 JT), Japan’s third-largest consumer lender, plunged 43 percent to 66 yen, the most on record. The company filed for bankruptcy protection, becoming Japan’s biggest casualty of a four-year crackdown on coercive lending to consumers. Takefuji listed 433.6 billion yen in liabilities in a statement to the Tokyo Stock Exchange.
Tokyo Electric Power Co. (9501 JT), Asia’s biggest power company, tumbled 7.8 percent to 2,105 yen, its steepest drop since October 2008. The utility may raise as much as 600 billion yen in a sale of new shares, the Nikkei newspaper reported. The company will spend the funds to build nuclear power plants and expand overseas, the Nikkei said.
Other power utilities also declined. Kansai Electric Power Co. (9503 JT) sank 3 percent to 2,078 yen. Chubu Electric Power Co. (9502 JT) slid 2.4 percent to 2,115 yen. Okinawa Electric Power Co. (9511 JT) slipped 1.9 percent to 3,965 yen.
Toyo Engineering Corp. (6330 JT), a plant engineering company, jumped 6.1 percent to 280 yen. Marubeni Corp. (8002 JT), a trading house, gained 2.1 percent to 484 yen. The companies have won a $600 million contract with a local petroleum company to build Mongolia’s first oil refinery.
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