Corona, Japan Tobacco, Mitsubishi Motors: Japan Equity Preview
The following companies may have unusual price changes in Japanese trading today. Stock symbols are in parentheses, and share prices are as of the latest close. The information in each item was released after markets shut unless stated otherwise.
Corona Corp. (5909) (5909 JT): The maker of air-conditioners, heaters and household equipment boosted its full-year dividend forecasts to 24 yen per share from 18 yen. The stock advanced 1.4 percent to 1,200 yen.
Hoosiers Corp. (8907) (8907 JT): The firm that designs and sells condominiums boosted its net income forecast for the year ending March 31 by 16 percent to 3.55 billion yen ($46.3 million). The stock fell 0.2 percent to 24,660 yen.
Japan Tobacco, Inc. (2914 JT): Japan’s government will reduce its 50 percent stake in the tobacco company to generate money for post-earthquake reconstruction, the Yomiuri newspaper reported. The sale would bring in as much as 600 billion yen, according to the report. The stock dropped 1.7 percent to 342,000 yen.
Mitsubishi Heavy Industries Ltd. (7011) (7011 JT): The heavy machinery maker has halted discussions on buying a stake in Areva SA, the largest provider of nuclear equipment and services, because the French company says it doesn’t need extra capital, La Tribune reported, citing Mitsubishi Heavy Chairman Kazuo Tsukuda. The companies have a joint venture that is bidding to build reactors in Jordan and Turkey, the newspaper quoted Tsukuda as saying. The stock gained 1.6 percent to 317 yen.
Mitsubishi Motors Corp. (7211) (7211 JT): The carmaker and Malaysia’s Proton Holdings Berhad are in talks to expand their alliance. Under the plan, Proton may make vehicles for sale under the Mitsubishi brand, and the companies may also jointly produce engines. Mitsubishi made the announcement in a statement distributed through the Tokyo Stock Exchange. The stock rose 2 percent to 101 yen.
Mizuho Financial Group, Inc. (8411 JT): Japan’s third largest banking group by market value plans to merge Mizuho Bank and Mizuho Corporate Bank in the first half of fiscal 2013, the Nikkei newspaper reported. The stock rose 1.8 percent to 113 yen.
Shoei Co. (3003 JT): The property developer expects a net loss of 2 billion yen for the year ending Dec. 31, compared with a previous forecast for net income of a 1.6 billion yen. The stock gained 1.8 percent to 676 yen.
Tokyo Electric Power Co. (9501): The head of Japan’s banking lobby reiterated the country’s lenders won’t forgive loans to Tokyo Electric if asked to do so by the government. Katsunori Nagayasu, head of the Japanese Bankers Association, spoke at a news conference in Tokyo. The utility dropped 1.7 percent to 356 yen.
Mitsubishi UFJ Financial Group Inc. (8306) (8306 JT), Japan’s biggest lender, advanced 1.5 percent to 330 yen. Sumitomo Mitsui Financial Group Inc. (8316 JT), the No. 2, gained 1.1 percent to 2,095 yen.
Tyo Inc. (4358) (4358 JQ): The producer of TV-commercials reported net income of 688 million yen for the year ended July 31, compared with a net loss of 322 million yen a year earlier. The stock fell 2.2 percent to 91 yen.
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