Japanese Stocks: Daio Paper, Olympus, Sega Sammy, Yahoo Japan
Japan’s Nikkei 225 Stock Average (NKY) fell 88.47, or 1 percent, to 8,430.66 as of 9:30 a.m. in Tokyo. The following are among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Cybozu Inc. (4776) (4776 JT), an Internet software developer, slid 2.5 percent to 23,290 yen. Operating profit fell 27 percent to 544 million yen ($7 million) in the nine months ended Oct. 31 as sales declined 23 percent, the company said in a release. Net income rose 19 percent to 336 million yen, buoyed by a gain from sale of its affiliated stocks, Cybozu said.
Daio Paper Corp. (3880) (3880 JT), the papermaker that filed a criminal complaint against its former chairman for breach of trust, rose 3.3 percent to 563 yen. The company avoided delisting yesterday by meeting a deadline to announce its earnings. Daio had a 2.84 billion-yen loss in its first half ended Sept. 30, it said in a statement. The company also restated past earnings and said it plans to buy shares in units held by its founding family to strengthen corporate governance.
Kumiai Chemical Industry Co. (4996) (4996 JT), an agrochemical maker, gained 4.6 percent to 294 yen. The company forecast net income will rise by a quarter to 1.7 billion yen this fiscal year, with an 8.1 percent rise in sales.
Olympus Corp. (7733) (7733 JT), the scandal-hit camera maker, plunged 16 percent to 1,100 yen. Olympus yesterday filed its most recent earnings to avoid automatic delisting from the Tokyo Stock Exchange. It also corrected financial statements for more than five years, revealing a weakened balance sheet that sparked a downgrade of its debt to BBB-, the lowest investment grade, by Rating and Investment Information Inc. Olympus still faces delisting pending a review by the bourse.
Sega Sammy Holdings Inc. (6460) (6460 JT), a maker of video games and pachinko machines, advanced 3.3 percent to 1,591 yen. Mitsubishi UFJ Morgan Stanley Securities Co. boosted its investment rating to “outperform” from “neutral,” citing strong sales of the “Hokuto no Ken” pachinko game.
Yahoo Japan Corp. (4689) (4689 JT), the operator of the nation’s most-visited Internet portal, added 1.7 percent to 25,050 yen. Mitsubishi UFJ Morgan Stanley Securities raised its stock price estimate to 19,000 yen from 17,000 yen. Ji Asia, the Asian equity research and sales arm of Japaninvest Group Plc, lifted the equity rating on Yahoo Japan to “neutral” from “sell.”
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