China Southern, Hi-P, Sun Hung Kai: Asian Stocks Preview
The following companies may have unusual price changes in Asian trading on April 16. 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.
Hong Kong developers: Hong Kong’s secondary private residential property prices rose 0.6 percent in the week ended April 8 from a week earlier, Centaline Property Agency said on its website.
Sun Hung Kai Properties Ltd. (16) (16 HK), the world’s second- largest real estate company by value, rose 0.8 percent to HK$95.95. Cheung Kong (Holdings) Ltd. (1) (1 HK), controlled by billionaire Li Ka-shing, advanced 3 percent to HK$100.
Able & Partners Inc. (3272) (3272 JQ): The provider of brokerage services for real estate properties said it will be acquired in a management buyout for 580 yen per share. The stock added 0.7 percent to 432 yen.
Best Denki Inc. (8175) (8175 JT): The electronics retailer said net income fell 44 percent to 589 million yen ($7.3 million) in the year ended Feb. 29 as sales dropped 23 percent. The company forecast profit will jump to 2.75 billion yen this fiscal year. The shares slipped 1 percent to 190 yen.
China Southern Airlines Co. (1055) (1055 HK): The Guangzhou-based airline said it expects net profit for the three months ended March 31 to drop by more than 50 percent from a year earlier on slowdown in domestic economic growth and increase of jet fuel prices. The stock was unchanged at HK$3.58.
Doutor Nichires Holdings Co. (3087) (3087 JT): The coffee-shop chain said profit fell 38 percent to 2.51 billion yen in the year ended Feb. 29, dragged by devalued investment securities and disaster-related costs. The company expects a 62 percent jump in net income to 4.08 billion yen this fiscal year. The stock gained 1.7 percent to 1,069 yen.
Hi-P International Ltd. (HIP) : The assembler of Blackberry smartphones said higher sales in the first quarter of 2012 mean it will deliver a “small net profit after tax” instead of a loss, as previously forecast. The shares fell 1.6 percent to 94 Singapore cents.
Japan Tobacco Inc. (2914) (2914 JT): The world’s fourth-biggest cigarette maker by market value said it will conduct a 200-for-1 stock split, adopting minimum trading of 100 shares. Separately, the company said it will delist shares from the Nagoya, Fukuoka and Sapporo bourses on April 16 due to “very low” trading volumes on the exchanges. The stock climbed 2.9 percent to 466,000 yen.
Kohnan Shoji Co. (7516) (7516 JT): The home improvement retailer said profit rose 40 percent to 9.3 billion yen in the year ended Feb. 29, missing its forecast by 7 percent. The stock rose 0.8 percent to 1,266 yen.
Meiji Electric Industries Co. (3388) (3388 JQ): The industrial machinery distributor said net income was 510 million yen for the year ended March 31, beating its forecast of a 360 million yen gain, according to a preliminary earnings statement. The company cited rising sales and cost-cutting measures for the gain. Meiji added 0.3 percent to 375 yen.
Pasco Corp. (9232) (9232 JT): The surveying company specializing in aerial photography said there was a “high possibility” 799.3 million yen of software-related costs incurred in October were erroneously booked as assets. Pasco increased 1 percent to 320 yen.
Plenus Co. (9945) (9945 JT): The boxed-meals distributor said profit fell 19 percent to 1.96 billion yen in the year ended Feb. 29 after taking a charge to change accounting methods. The company forecast profit will more than double to 4.1 billion yen this fiscal year. The stock advanced 2.1 percent to 1,517 yen.
Sakata Seed Corp. (1377) (1377 JT): The seed wholesaler said profit fell 24 percent to 1.52 billion yen in the nine months through Feb. 29, dragged by higher taxes. Shares were unchanged at 1,109 yen.
Yoshinoya Holdings Co. (9861) (9861 JT): The restaurant chain famous for serving bowls of rice with beef said it expects a 45 percent jump in profit to 1.9 billion yen in the year started March 1. Yoshinoya advanced 0.6 percent to 105,000 yen.
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