Hi-Lex, KDDI, Nippon Sheet, Panasonic: Japanese Stocks Preview

The following companies may have unusual price changes in Japanese trading on March 12. 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.

Century Tokyo Leasing Corp. (8439) (8439 JP): The leasing company, 25 percent held by Itochu, will buy a 16.7 percent stake in Jetstar Japan from Mitsubishi Corp., Nikkei reported. The stock rose 0.5 percent to 1,679 yen.

Chubu Electric Power Co. (9502) (9502 JP): The utility will borrow a total of 600 billion yen ($7.3 billion) from banks to pay for fuel costs and repayment of debts, the Nikkei reported. The stock rose 0.6 percent to 1,562 yen.

Hi-Lex Corp. (7279) (7279 JO): The control cables maker said net income for the three months ended Jan. 31 fell 18 percent from a year earlier to 1.52 billion yen. The stock rose 0.5 percent to 1,427 yen.

KDDI Corp. (9433) (9433 JT): The mobile-phone operator said it signed an agreement to buy out Tokyo Electric Power Co. (9501)’s (9501 JT) stake in Japan Cablenet Holdings Ltd. KDDI rose 1.3 percent to 533,000 yen.

Kuraray Co. (3405) (3405 JP): The synthetic and chemical fiber maker’s operating profit will likely exceed 60 billion yen for the year ending March 13, 5 percent greater than its forecast of a record 57 billion yen for the 12 months ending March 31, Nikkei reported. The stock rose 0.9 percent to 1,199 yen.

Nippon Sheet Glass Co. (5202) (5202 JT): The company’s issuer rating was cut to B1 from Ba1 by Moody’s Investors Service with negative outlook prior to withdrawal of rating. The glassmaker has not been able to improve its earnings and cash flow due to the weak European economy and “severe” competition in emerging markets, Moody’s said. The stock rose 0.8 percent to 129 yen.

Panasonic Corp. (6752) (6752 JT): The electronic products maker said it plans to boost sales of appliances to 1.8 trillion yen in the year ending March 2016 from an estimated 1.3 trillion yen this fiscal year. The stock rose 3.5 percent to 735 yen.

Toyota Motor Corp. (7203) (7203 JP): The automaker will increase production of its Aqua model by as much as 20 percent starting in May, Asahi said. The stock rose 2.7 percent to 3,420 yen.

To contact the reporter on this story: 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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