Cosco, Elpida, Mitsubishi, Noble, Rico Auto: Asia Stocks Preview
Stock Chart for Elpida Memory Inc (6665)
The following companies may have unusual price changes in 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.
Shipping stocks: Companies in the sector may decline as the largest drop in Japan’s oil consumption since last year’s record earthquake may drive tanker rates down 42 percent next quarter, according to Bloomberg estimates. Kawasaki Kisen Kaisha Ltd. (9107) (9107 JT) fell 2.8 percent to 176 yen, while Mitsui O.S.K. Lines Ltd. (9104 JT) slid 1.1 percent to 374 yen. Nippon Yusen K.K. (9101) (9101 JT) slid 2.4 percent to 242 yen.
Cosco Corp. Singapore Ltd. (COS) : The shipbuilding unit of China’s biggest shipping company said it won contracts, valued at $190 million, to build seven bulk carriers for a European customer. The stock rose 2.2 percent to S$1.175.
Elpida Memory Inc. (6665) (6665 JT): The Tokyo Stock Exchange said it will start to remove bidding and offer limits on the chipmaker’s shares, which are set to be delisted on March 28. Elpida filed for bankruptcy on Feb. 27 with debts of 448 billion yen ($5.6 billion), according to a filing with the finance ministry. Elpida fell by its daily limit of 80 yen, or 24 percent, to 254 yen.
JX Holdings Inc. (5020) (5020 JT): JX Nippon Oil & Energy Corp., Japan’s largest refiner and a unit of JX Holdings, plans to process 21 percent more crude in March compared with a year earlier, according to a company official who declined to be identified. Shares of the parent fell 0.1 percent to 507 yen.
Mitsubishi Corp. (8058) (8058 JT): The trading house agreed to pay $280 million for a 20 percent interest in Talisman Energy Inc.’s natural gas and oil projects in Papua New Guinea, according to a report from ABC Radio Australia. The stock fell 1.1 percent to 1,986 yen.
Noble Group Ltd. (NOBL) (NOBL SP): The Hong Kong-based commodities supplier said fourth-quarter net income tumbled 57 percent from a year earlier to $105.7 million. That compares with the average estimate of $122.9 million by seven analysts compiled by Bloomberg. The shares added 0.4 percent to S$1.375.
NEC Capital Solutions Ltd. (8793) (8793 JT): The leasing company, which is partly owned by NEC Corp, said it may not recover 5.89 billion yen ($73 million) owed by bankrupt chipmaker Elpida Memory. NEC Capital fell 3.1 percent to 1,267 yen.
Rico Auto Industries Ltd. (RAI) : The Indian auto-parts supplier’s board has approved the sale of its entire 50 percent stake in the venture Continental Rico Hydraulic Brakes India to Continental Automotive Holding Netherlands BV, according to an exchange filing. Rico’s shares rallied 4.3 percent to 10.85 rupees.
Sino Land Co. (83) (83 HK): The developer controlled by billionaire Robert Ng said profit for the six months ended Dec. 31 fell to HK$4.3 billion ($554.5 million) from HK$5.34 billion a year earlier. The stock gained 2 percent to HK$14.08.
Sun Hung Kai Properties Ltd. (16) (16 HK): Hong Kong’s largest developer by market value said underlying profit for the six months ended Dec. 31 rose 13 percent to HK$11.8 billion a year earlier. The stock climbed 2.6 percent to HK$120.40.
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