China Life, Indian Oil, Posco, San Miguel: Asia 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.
China Life Insurance Co. (2628) (2628 HK FA): The nation’s biggest insurer said premium income for the three months ended March 31 was 113.8 billion yuan ($18.1 billion). The stock fell 0.2 percent to HK$20.40.
China Overseas Land & Investment Ltd. (688) (688 HK ): The state- owned builder said property sales for the three months ended March 31 rose 32 percent to HK$26.1 billion ($3.36 billion) from a year earlier. The stock declined 1.8 percent to HK$16.02.
Ichiyoshi Securities Co. (8624) (8624 JT): The brokerage’s net loss narrowed to 222 million yen ($2.8 million) in the year ended March 31 from 1.58 billion yen a year earlier, according to a preliminary earnings statement. The stock slid 0.2 percent to 510 yen.
Indian Oil Corp. (IOCL) : India’s largest refiner seeks to raise gasoline price by 8.04 rupees a liter and a reduction in gasoline excise duty and sales tax, the company said in an e- mailed statement. Shares climbed 1.5 percent to 256.2 rupees.
Marusan Securities Co. (8613) (8613 JT): The brokerage’s loss widened to 797 million yen in the year ended March 31 from 92 million yen a year earlier, according to a preliminary earnings statement. The stock was unchanged at 330 yen.
Nojima Corp. (7419) (7419 JQ): The electronics retailer’s profit was 1.8 billion yen in the year ended March 31, missing its forecast by 44 percent, according to a preliminary earnings statement. The company cited slumping sales after the government’s eco-point program ended as well as falling product prices for the result. The stock fell 1.5 percent to 590 yen.
Posco (005490) (005490 KS): Its unit Posco Specialty Steel Co. hired four brokerages including Tong Yang Securities Inc. and Goldman Sachs Group Inc. to arrange the initial public offering, MoneyToday reported, without citing anyone. The IPO size is estimated at more than 500 billion won ($440 million), the report said. Posco, South Korea’s biggest steelmaker, was unchanged at 381,000 won.
Tadano Ltd. (6395) (6395 JT): The crane manufacturer said it booked 3.1 billion yen in net income, beating its projection for a 1.5 billion yen gain. Reconstruction demand from last year’s earthquake drove up earnings, the release said. The company raised its planned full-year dividend to 7 yen from 5 yen per share. The stock declined 0.4 percent to 558 yen.
Tosoh Corp. (4042) (4042 JT): The chemical products maker said it will push back the restart of its Yokkaichi ethylene plant until after April 21. The facility, which has annual processing capacity of 493,000 metric tons, has been closed since March 15 for maintenance with the delay caused by the need to clean pipes, Hoover said. The stock rose 1.4 percent to 213 yen.
San Miguel Corp. (SMC) : The largest Philippine food and drinks company said its purchase of indirect 49 percent stakes in Philippine Airlines and Air Philippines will have no immediate impact on its finances. San Miguel fell 1.1 percent to 112.30 pesos. PAL Holdings Inc. (PAL PM), parent of Philippine Airlines, declined 1 percent to 7.62 pesos.
Yusen Logistics Co. (9370 JT): The air freight forwarding provider said it booked a 1.3 billion yen charge in the year ended March as a provision for fines due to an ongoing U.S. investigation for possibly violating antitrust law. Yusen’s profit was 2.52 billion yen, short of its forecast by 39 percent, according to its preliminary earnings statement. The stock advanced 0.8 percent to 1,216 yen.
Zensho Holdings Co. (7550) (7550 JT): The restaurant chain’s profit was 3 billion yen, 65 percent less than its forecast, according to a preliminary earnings statement. The company cited impaired goodwill value in a U.S. subsidiary for the results. The stock slid 0.1 percent to 1,014 yen.
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