Hyundai Motor, Metro Pacific, Neptune, YTL: Asia Ex-Japan Equity Preview
The following companies may have unusual price changes today in Asian trading, excluding Japan. Stock symbols are in parentheses, and share prices are from the previous close, unless noted otherwise.
Coastal Contracts Bhd. (COCO) : The Malaysian shipbuilder said it’s seeking to collaborate with a partner to diversify into the offshore structure fabrication business, according to a company statement. Coastal Contracts has been in “exploratory” talks with parties which have expressed interest in a merger and acquisition, it said. Coastal Contracts hasn’t decided on whether to sell a stake, it said. The stock jumped 11 percent to 3.41 ringgit.
Esso Malaysia Bhd. (ESSO) : The Malaysian petroleum products retailer said it’s unaware of any plans for Boustead Holdings Bhd. (BOUS MK) and its parent to acquire a stake in itself. Esso said this in a statement in response to a report in the Edge weekly newspaper on the potential stake sale. Esso advanced 4 percent to 4.20 ringgit. Boustead climbed 0.7 percent to 5.85 ringgit.
GS Holdings (078930) Corp. (078930 KS): GS Caltex Corp., South Korea’s second-largest oil refiner, is considering cutting local prices of gasoline and diesel, according to an e-mailed statement from the company. GS Holdings, the parent company, plunged 7.5 percent to 87,900 won.
Hyundai Motor Co. (005380) (005380 KS): Hyundai Motor Group raised the 2011 global sales target of its Hyundai Motor and Kia Motors Corp. (000270) (000270 KS) to about 6.5 million vehicles from an initial estimate of 6.33 million, the Maeil Business Newspaper reported, citing an unidentified official at the group. Hyundai Motor, South Korea’s largest carmaker, dropped 1 percent to 201,500 won and affiliate Kia Motor rose 0.6 percent to 69,100 won.
Jardine Cycle & Carriage Ltd. (JCNC) : The automotive distributor said it bought an additional 0.48 percent interest in Truong Hai Auto Corp. for $2.6 million, raising its stake in the Vietnamese company to 29.5 percent. Jardine Cycle lost 0.3 percent to S$36.76.
Metro Pacific Investments Corp. (MPI) : Maynilad Water Services Inc., a venture of the Philippine unit of Hong Kong’s First Pacific Co., said it signed a 7 billion peso ($162 million) notes facility agreement to partly fund capital spending this year and in 2012. Metro Pacific rose 3 percent to 3.47 pesos. DMCI Holdings Inc. (DMC PM), a partner of Metro Pacific in Maynilad, increased 2 percent to 38.60 pesos.
Neptune Orient Lines Ltd. (NOL SP): Southeast Asia’s largest container shipping line said average freight rates in the four weeks to March slipped 0.6 percent from a year earlier as rates on the Asia-Europe routes declined. The company said it transported 12.5 percent more cargo during the period. The stock gained 2.1 percent to S$1.99.
YTL Cement Bhd. (YTLC) : The Malaysian cement producer said it scrapped a $200 million exchangeable bond sale after “taking into consideration its current operational requirements and funding options,” according to a company statement. YTL Cement lost 0.4 percent to 4.85 ringgit.
To contact the reporter on this story: Berni Moestafa in Jakarta at bmoestafa@bloomberg.net
To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net
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