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Asian Citrus, Citic Telecom, Elpida, Nexon, Megmilk: 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.

Asian Citrus Holdings Ltd. (73) (73 HK): The orange plantations operator said contents by the Next Magazine’s report today on the company are not true. The magazine said Asian Citrus overstated the number of trees it had on its farm. The stock sank 13 percent to HK$4.25.

Citic Telecom International Holdings Ltd. (1883) (1883 HK): The telecommunications operators said profit for the year ended Dec. 31 rose 14 percent to HK$458 million ($59.1 million). The stock gained 4.1 percent to HK$1.80.

Electric Power Development Co. (9513 JT): Japan’s largest power wholesaler shut a unit at its Takehara coal-fired power station in Hiroshima due to a small fire on Feb. 20, Rim Intelligence reported on its website. The utility also known as J-Power rose 1 percent to 2,123 yen.

Elpida Memory Inc. (6665) (6665 JT): Credit Suisse Securities Europe and five other firms in the group hold a combined 5.11 percent stake in the chipmaker, according to a filing with Japan’s finance ministry. When a shareholder’s interest in a listed company rises above 5 percent, it must be reported. Elpida climbed 1 percent to 310 yen.

Furukawa Electric Co. (5801 JT), Frontier Real Estate Investment Corp. (8964) (8964 JT): Furukawa Electric, a maker of wires and cables, will sell property in Yokohama to Frontier Real Estate Investment for 5.7 billion yen ($71 million), according to filings. Furukawa climbed 1.8 percent to 225 yen, while Frontier Real Estate lost 0.3 percent to 630,000 yen.

Harada Industry Co. (6904 JQ), Nippon Antenna Co. (6930 JQ): Harada said it will buy the rival auto antenna maker’s operations for 2.71 billion yen, they said in separate releases. Harada was unchanged at 173 yen. Nippon Antenna was unchanged at 605 yen.

Mazda Motor Corp. (7261) (7261 JT): Japan’s least profitable major carmaker plans to raise as much as 232.8 billion yen after forecasting its biggest annual loss in 11 years. Mazda may sell 1.22 billion new shares for as much as 162.8 billion yen and borrow 70 billion yen from banks, Mazda said in a statement. The stock gained 1.4 percent to 147 yen.

Megmilk Snow Brand Co. (2270 JT): The dairy company said it will set up an Indonesian venture with local company PT Rodamas and Tokyo-based Itochu Corp. (8001) (8001 JT). Megmilk rose 1.2 percent to 1,527 yen. Itochu added 0.7 percent to 912 yen.

Nexon Co. (3659 JT): The Internet gaming developer said it will buy a 20 percent stake in Korean social gaming producer Moyasoft Co. through a subsidiary. Nexon climbed 2.4 percent to 1,155 yen.

Nishimatsuya Chain Co. (7545) (7545 JT): The apparel retailer said same-store sales in the month ended Feb. 20 fell 4.5 percent from a year earlier on slumping sales of baby and maternity clothing. The stock rose 1.7 percent to 645 yen.

Panasonic Corp. (6752) (6752 JT): The electronics maker had its credit rating cut by one level to “A-” by Standard & Poor’s, which said a difficult business environment will delay recovery. Panasonic gained 2.3 percent to 726 yen.

Tobu Railway Co. (9001) (9001 JT): The company boosted its full- year net income forecast 17 percent to 14 billion yen, citing cost cuts and reversal of deferred tax liabilities. The railway’s stock advanced 1 percent to 398 yen.

To contact the reporters on this story: Norie Kuboyama in Tokyo at nkuboyama@bloomberg.net; Kana Nishizawa in Hong Kong at knishizawa5@bloomberg.net

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net

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