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Astellas, Hitachi, Honda, Tokyo Electron: Japan Equity Preview

The following companies may have unusual price changes in Japanese trading today. Stock symbols are in parentheses, and share prices are from the previous close. The information in each item was released after markets shut, unless stated otherwise.

Asatsu-DK Inc. (9747) (9747 JT), Dentsu Inc. (4324) (4324 JT): The companies said they’ll form a digital business venture with Asatsu-DK, Japan’s third-largest advertising company, holding 51 percent and a unit of larger Dentsu the rest, according to the statement. Asatsu-DK jumped 4.2 percent to 2,246 yen. Dentsu climbed 3.9 percent to 2,452 yen.

Astellas Pharma Inc. (4503) (4503 JT): The drugmaker will sell Pfizer Inc. (PFE)’s Caduet cholesterol and hypertension treatment in Japan starting Oct. 1., according to a statement to the Tokyo Stock Exchange. Astellas increased 0.2 percent to 3,135 yen.

Chiyoda Co. (8185 JT): The specialty retailer’s net income rose 15 percent from a year earlier to 491 million yen ($6 million) in the three months ended May 31, it said in a statement to the Tokyo Stock Exchange. Chiyoda said cuts in sales and administrative expenses and the closure of unprofitable stores offset a decline in sales because of the March earthquake. The stock advanced 3.7 percent to 1,294 yen.

Daikin Industries Ltd. (6367) (6367 JT): The maker of air conditioners will buy Turkey’s Airfel Isitma & Sogutma Sitemleri AS from Sanko Holding AS for about $260 million to take advantage of growth in the company’s home market, Sanko Chairman Abdulkadir Konukoglu said in a phone interview. The stock rose 2.2 percent to 2,913 yen.

Harmonic Drive Systems Inc. (6324) (6324 JQ): The maker of precision instruments said first-quarter orders dropped 1.4 percent from a year earlier as demand decreased for products used in manufacturing equipment for semiconductors and flat- panel displays. The stock rose 0.3 percent to 1,942 yen.

Hitachi Ltd. (6501) (6501 JT): The maker of products from electronics to nuclear reactors will set up a joint venture with LG Electronics Inc. for a water infrastructure business this year, the Nikkei Newspaper reported. The stock fell 0.6 percent to 483 yen.

Honda Motor Co. (7201 JT): The carmaker will likely have a 70 billion yen ($868 million) operating loss for the year ending March 2012, the Nikkei newspaper reported. The report is “based on speculation,” said Atsushi Nemoto, a Honda spokesman. The stock gained 1.4 percent to 3,260 yen.

Japan Wool Textile Co. (3201 JT): Net income at the textile maker fell 15 percent to 1.28 billion yen for the six months to May 31, according to a statement to the Tokyo Stock Exchange. The company plans to spend as much as 880 million yen to repurchase up to 1.42 percent of its outstanding shares. The stock gained 1.7 percent to 658 yen.

Onward Holdings Co. (8016 JT): The apparel maker reported a 17 percent drop in net income to 2.16 billion yen for the three months ended May 31, citing costs to repair stores. The stock gained 1 percent to 691 yen.

Ryohin Keikaku Co. (7453 JT): The operator of the Muji retail chain raised its first-half profit forecast by 55 percent to 4.31 billion yen after the March 11 earthquake has less impact on sales than expected. The stock slid 0.3 percent to 3,915 yen.

Tohoku Electric Power Co. (9506 JT): Japanese lenders including Mizuho Corporate Bank Ltd. and government-backed Development Bank of Japan are preparing to lend as much as 550 billion yen ($6.8 billion) to the utility as early as this month, the Asahi newspaper reported. The stock gained 2.6 percent to 1,114 yen.

Tokyo Electric Power Co. (9501 JT): Japan’s government has shelved a plan to sell the utility’s transmission assets, to avoid panicking financial markets and to maintain the utility as a viable company, the Wall Street Journal reported. Japanese banks won’t waive loans made to the company even though a government rescue plan may hinge on them doing so, the head of the Japanese Bankers Association told the Financial Times. The stock gained 4 percent to 419 yen.

Tokyo Electron Ltd. (8035) (8035 JT): The maker of semiconductor equipment said orders in the three months ended June fell to 120 billion yen from 182 billion yen in the preceding quarter. The Tokyo-based company announced the preliminary figure in a statement on its website. The stock advanced 1.2 percent to 4,565 yen.

Toyota Motor Corp. (7203) (7203 JT): The cost of insuring Toyota’s debt is approaching the cheapest relative to Asian peers in 10 months. The stock increased 1.3 percent to 3,445 yen.

To contact the reporters on this story: Akiko Ikeda in Tokyo at; Stuart Biggs in Tokyo at

To contact the editor responsible for this story: Nick Gentle at

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