Japanese Stocks: Mitsubishi Electric, Obayashi, Oki Electric
Japan’s Nikkei 225 (NKY) Stock Average fell 90.47, or 0.9 percent, to 9,558.30 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.
Alps Electric Co. (6770 JT), an electronic components maker, advanced 2.5 percent to 808 yen. The company forecast net income will increase 7.8 percent to 12 billion yen ($148.6 million) this fiscal year.
Bridgestone Corp. (5108) (5108 JT), the world’s biggest tiremaker, climbed 2.7 percent to 1,874 yen, the highest close since October 2008. The company raised its net income forecast for the year ending Dec. 31 by 15 percent to 94 billion yen, citing higher overseas prices.
Credit Saison Co. (8253 JT), a consumer lender, tumbled 6 percent to 1,235 yen, a level not seen since Nov. 5. The company’s full-year net income fell 31 percent to 12.8 billion yen, missing its forecast by 22 percent, citing a charge related to the March disasters.
Fukuyama Transporting Co. (9075 JT), a transportation company, jumped 4.3 percent to 391 yen. The company said it will buy back up to 1.21 percent of its outstanding shares for as much as 1.5 billion yen. It forecast a 25 percent gain to 10.5 billion yen full-year net income.
Marui Group Co. (8252 JT), a department-store operator and consumer lender, dropped 2.9 percent to 532 yen. The company had a 23.6 billion yen net loss for the year ended March 31, compared with profit of 5.1 billion yen a year earlier.
Medipal Holdings Corp. (7459) (7459 JT), a maker of medical tools and equipment, leapt 5 percent to 698 yen. The company said net income will probably jump to 10.1 billion yen from 1.7 billion yen in the year ending in March 2012.
Meidensha Corp. (6508) (6508 JT), an electrical machinery maker, advanced 2.1 percent to 349 yen. The company projected net income will more than double to 2.5 billion yen in the year ending in March 2012.
Mitsubishi Electric Corp. (6503) (6503 JT), an electronics goods maker, climbed 4.5 percent to 904 yen. The company reported a full-year net income of 124.5 billion yen, beating its forecast by 8.3 percent. It forecast profit will rise to 125 billion yen this fiscal year.
Nippon Soda Co. (4041 JT), a chemicals maker, lost 6.3 percent to 311 yen. The company posted 5.55 billion yen full- year net income, short of its forecast by 11 percent.
NOK Corp. (7240) (7240 JT), a maker of oil seals and rubber products, retreated 3.6 percent to 1,390 yen. The company booked full-year net income of 16.7 billion yen, down 14 percent from its forecast. NOK did not provide its profit forecast for this year, citing difficulty in assessing the effects of the March 11 disasters.
Obayashi Corp. (1802) (1802 JT), a general contractor, leapt 5.6 percent to 360 yen. The company said it returned to profit of 15.4 billion yen from a loss of 53.4 billion yen a year earlier. It forecast profit will increase 30 percent to 20 billion yen this fiscal year.
Oki Electric Industry Co. (6703 JT), a maker of communications equipment, rose 6.2 percent to 69 yen. The company forecast it will return to a net income of 7.5 billion yen this fiscal year from a loss of 27 billion yen.
Promise Co. (8574 JT), a consumer lender, plunged 11 percent to 639 yen. The company booked 96 billion yen in net loss for the year ended March 31, compared with a profit of 14.6 billion yen a year earlier.
Resona Holdings Inc. (8308) (8308 JT), a lender, retreated 2.1 percent to 369 yen. The company projected net income will drop 6.3 percent to 150 billion yen this fiscal year.
Sanrio Co. (8136 JT), the maker of Hello Kitty character goods, jumped 6.9 percent to 2,884 yen, the highest close since July 2000. The company projected net income will increase 14 percent to 10.7 billion yen in the year ending in March 2012. Sanrio plans to pay an annual dividend of 30 yen this year, compared with the previous year’s payout of 20 yen.
Square Enix Holdings Co. (9684 JT), a game software maker, slumped 2.5 percent to 1,343 yen. The company said e-mail addresses of 25,000 customers who had registered for its products and personal resumes of 350 people were leaked after its website was illegally accessed.
Sumitomo Electric Industries Ltd. (5802) (5802 JT), a component and wire maker, gained 2.9 percent to 1,141 yen. The company said full-year net income jumped to 70.6 billion yen from 28.7 billion yen a year earlier, beating its forecast by 18 percent.
Tokyo Electric Power Co. (9501 JT), the operator of the crippled Fukushima Dai-Ichi nuclear power plant, sank 7.3 percent to 420 yen. The company said fuel in the Fukushima Dai- Ichi No. 1 reactor melted at an early stage after the March 11 tsunami that caused widespread damage to Japan’s northeastern coast.
Standard & Poor’s Ratings Services said it lowered to BBB from BBB+ its long-term corporate credit and debt ratings on Tokyo Electric Power Co.
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