Canon, Fujifilm, Hanjin Shipping, Neptune, Zoomlion: Asian Stocks Preview
The following companies may have unusual price changes in Asian trading tomorrow. 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.
Canon Inc. (7751) (7751 JT): The world’s largest camera maker said its president is resigning as it forecast profit will rise this year by less than 1 percent. President and Chief Operating Officer Tsuneji Uchida will step down effective March 29 and be replaced by Chairman Fujio Mitarai, the Tokyo-based company said in a statement. The stock fell 1 percent to 3,435 yen.
East Japan Railway Co. (9020) (9020 JT): Net income fell to 102 billion yen for the nine months ended Dec. 31, down from a 138 billion yen the previous year, the railway company said in a statement, citing competition from freeways and the impact of the March earthquake and tsunami. The stock gained 1.5 percent to 4,700 yen.
Fortune REIT (778) (778 HK): The owner of retail and car-parking properties said income available for distribution climbed 8.8 percent to HK$442 million ($57 million) in the year to Dec. 31. The shares were unchanged at HK$3.90.
Fujifilm Holdings Corp. (4901) (4901 JT): The seller of films and digital cameras proposed a partnership with scandal-hit Olympus Corp. (7733 JT) and may invest in the company, Fujifilm Executive Vice President Shigehiro Nakajima said at a press conference. Fujifilm slid 2.6 percent to 1,941 yen. Olympus fell 1.3 percent to 1,259 yen.
Hanjin Shipping Co. (117930) (117930 KS): The South Korean shipping line posted a net loss of 823.9 billion won ($728 million) for 2011, according to a regulatory filing. The stock added 7.3 percent to 13,200 won.
Kyushu Electric Power Co. (9508) (9508 JT): The utility reported a 90.5 billion yen net loss for the nine months ended Dec. 31, after a 29.5 billion profit the previous year, the company said in a statement. The company refrained from issuing an earnings forecast amid uncertainty over supply and demand conditions in the wake of the March catastrophe. The stock dropped 1.5 percent to 1,143 yen.
Neptune Orient Lines Ltd. (NOL) (NOL SP): Southeast Asia’s biggest container carrier said freight rates in the six weeks ended Dec. 30 dropped 14 percent from a year earlier. The stock fell 3 percent to S$1.28.
Olam International Ltd. (OLAM) : The Singapore-based supplier of agricultural commodities said it and Rusmolco, a Russian dairy company, agreed to invest $400 million in a milk and grains venture in Russia. The shares dropped 4.2 percent to S$2.53.
Sumitomo Mitsui Financial Group Inc. (8316) (8316 JT): Japan’s second-biggest lender by market value posted a 0.4 percent drop in third-quarter profit. Declines in lending income overshadowed gains from bond trading, it said. The share rose 0.3 percent to 2,389 yen.
Tata Global Beverages Ltd. (TGBL) : The Indian company formed an equal joint venture with Starbucks Corp. to operate Starbucks cafes in India, according to an exchange filing. The venture will be called Tata Starbucks Ltd. Tata Global shares added 0.8 percent to 97.9 rupees.
Zoomlion Heavy Industry Science & Technology Co. (1157 HK): The Chinese maker of cranes and construction equipment expects 2011 net income to rise as much as 75 percent to 8.16 billion yuan ($1.29 billion), according to a statement to the Shenzhen Stock Exchange today. The median estimate of 18 analysts surveyed by Bloomberg was for a net income of 7.5 billion yuan. The shares fell 6.1 percent to HK$10.54.
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