China Unicom, Canon, Fanuc, KDDI, ZTE: 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.
China Unicom (Hong Kong) Ltd. (762) (762 HK): The nation’s second-largest mobile phone company said first-quarter net income rose to 1 billion yuan ($159 million) from a restated 145 million yuan a year earlier. That compared with the 1.1 billion yuan median of six analysts’ estimates in a Bloomberg News survey. The stock increased 0.2 percent to HK$13.02.
Canon Inc. (7751) (7751 JT): The world’s biggest camera maker raised its profit forecast for the year ending Dec. 31 after the yen weakened. Net income may be 290 billion yen ($3.57 billion), compared with 250 billion-yen forecast in January, the company said in a statement. The stock added 1.5 percent to 3,800 yen.
Chikuho Bank Ltd. (8398) (8398 JF): The regional bank operating in Fukuoka prefecture reported net income of 360 million yen for the year ended March 31, according to a preliminary earnings report, citing security valuations. That compared with its forecast of 260 million yen. The stock was unchanged at 216 yen.
Fanuc Corp. (6954) (6954 JT): The maker of factory automation systems forecast its operating profit will fall 3.1 percent to 113 billion yen for the six months ending September, according to a statement. The fiscal year ending March 2013 has started “with a downward risk in the economy,” the company said. The stock rose 2.7 percent to 14,800 yen.
JCL Bioassay Corp. (2190) (2190 JQ): The trial service provider for pharmaceutical companies reported a net loss of 186 million yen lower than its forecast of 392 million yen for the year ended March, according to a preliminary earnings statement, citing a weaker yen and cost cuts. The stock added 1.3 percent to 320 yen.
KDDI Corp. (9433) (9433 JT): Japan’s second-largest mobile-phone operator, said net income will rise 4.8 percent this fiscal year, lower than analyst estimates, as competition intensifies in its main wireless business. Net income will probably increase to 250 billion yen in the year through March 31, 2013, the Tokyo-based carrier said in a statement. The shares rose 0.6 percent to 524,000 yen.
Maruwn Corp. (9067) (9067 JT): The provider of heavyweight transportation services reported net income of 560 million yen for the year ended March, according to a preliminary earnings statement, citing an increase in corporate taxes. That compared with its forecast of 580 million yen. The stock slid 0.5 percent to 206 yen.
Nihon Housing Co. (4781) (4781 JT): The manager of residential and office buildings reported net income of 1.83 billion for the year ended March, up from its forecast of 1.78 billion yen, the company said in a preliminary earning statement, citing streamlining and cost-cutting measures. The stock fell 0.1 percent to 2,089 yen.
Nippon Steel Corp. (5401) (5401 JT): Japan’s largest steelmaker, said it sued Posco in Tokyo District Court seeking 100 billion yen in damages from the South Korean company for allegedly using trade secrets acquired illegally by a former employee. The stock gained 0.5 percent to 201 yen.
Nestle India Ltd. (NEST) : The food-and-milk products maker posted first-quarter profit that rose 8 percent from a year ago to 2.76 billion rupees, missing the median estimate of 2.99 billion rupees in a Bloomberg News survey of 20 analysts. The stock advanced 1.1 percent to 4,935.7 rupees.
Oki Electric Cable Co. (5815) (5815 JT): The cable maker said its net income for the year ended March was 95 million yen, down from 308 million yen a year earlier, according to a preliminary statement, as the Japanese economy dealt with last year’s earthquake and a strong yen. The stock added 1.3 percent to 159 yen.
Syswave Holdings (6636 JQ): The system developer reported a net loss of 295 million yen for the year ended March, according to a preliminary earnings statement, citing last year’s natural disasters, Thailand floods, a strong yen and Europe’s financial crisis. That’s bigger than its forecast of a 63 million yen net loss. The stock gained 0.8 percent to 6,380 yen.
Sterlite Industries (India) Ltd. (STLT) : The nation’s biggest copper producer posted a worse-than-estimated 34 percent drop in fourth-quarter group profit to 12.8 billion rupees. The median profit estimate in a Bloomberg survey of 24 analysts was 13.3 billion rupees. The stock closed 2.1 percent higher at 107.95 rupees.
Zhaojin Mining Industry Co. (1818) (1818 HK): The gold producer reported net income for the first quarter was 216 million yuan, compared with 224 million yuan a year earlier. The stock fell 1.7 percent to HK$11.44.
ZTE Corp. (000063) (763 HK): The Chinese maker of mobile-phone equipment said profit for the three months ended March 31 rose 19 percent to 151 million yuan from a year earlier. The stock gained 2 percent to HK$19.60.
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