Japan Stocks: Alfresa, GS Yuasa, Isuzu, Matsuya NTN, Prap, Star Micronics
Japan’s Nikkei 225 Stock Average fell 90.67, or 0.8 percent, to 11,161.23 as of the close in Tokyo. The following were among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Shipping lines: Mitsui O.S.K. Lines Ltd. (9104 JT) slid 2.6 percent to 667 yen, while Kawasaki Kisen Kaisha Ltd. (9107 JT) lost 1.6 percent to 372 yen. Mitsui O.S.K. was cut to “outperform” from “strong outperform” by Ryota Himeno, an analyst at Mitsubishi UFJ Financial Group Inc. The brokerage also lowered Kawasaki Kisen’s rating to “market perform” from “outperform.” Nippon Yusen K.K. (9101 JT), whose rating was maintained at “market perform,” fell 0.5 percent to 375 yen.
Able Inc. (8872 JQ) jumped 7.6 percent to 853 yen. The real estate brokerage and Chintai Corp. (2420 JX), a publisher of property information magazines, will merge under a holding company on Nov. 1. Chintai rose 0.9 percent to 38,450 yen.
Alfresa Holdings Corp. (2784 JT) gained 4.7 percent to 4,425 yen, the highest since Aug. 27. The drug wholesaler was boosted to “overweight” from “equal-weight” by Shinichiro Muraoka, a Tokyo-based analyst at Morgan Stanley.
Bank of Saga Ltd. (8395 JT) rallied 4.8 percent to 283 yen. The regional bank’s full-year net income rose to 5.1 billion yen ($54.9 million), more than the 3 billion yen forecast by the lender, because of lower-than-expected credit costs, according to a preliminary earnings statement.
Create SD Holdings Co. (3148 JT) declined 5.7 percent to 1,810 yen. The drugstore operator reduced its full-year net income forecast by 20 percent to 3.65 billion yen as it failed to offset a drop in sales by cutting costs.
GS Yuasa Corp. (6674 JT), a battery maker, leapt 4.8 percent to 677 yen. The government set the target for next- generation cars that includes hybrids and electric vehicles to account for as much as 50 percent of new car sales by 2020, the Ministry of Economy, Trade and Industry said in a 2010 car strategy report on its Web site yesterday.
Hogy Medical Co. (3593 JT) advanced 3.5 percent to 4,650 yen. The maker of surgical tools expects profit will rise 4.4 percent this year to 5.14 billion yen.
Isuzu Motors Ltd. (7202 JT) gained 3.1 percent to 264 yen, the highest since October 2008. Nomura Holdings Inc. boosted its equity rating ion Isuzu to “buy” from “neutral,” saying the truck maker’s earnings may have greatly exceeded its own projection for the fiscal year ended in March.
Kajima Corp. (1812 JT) slumped 3 percent to 230 yen after the Nikkei English News reported the general contractor may post an operating loss of more than 10 billion yen for the year ended March because of losses on overseas projects.
Kohnan Shoji Co. (7516 JT) gained 4.4 percent to 1,169 yen. The home-center chain said it forecast net income will jump to 4.9 billion yen this fiscal year. Profit in the year ended Feb. 28 amounted 2.19 billion yen.
Matsuya Co. (8237 JT) dropped 2.8 percent to 912 yen. The department-store chain’s net loss widened to 6.34 billion yen from 1.73 billion yen a year earlier as sales fell. The company forecast a profit of 400 million yen this fiscal year.
Mizuho Securities Co. (8606 JT) slid 2.7 percent to 287 yen. The brokerage had its stock price estimate lowered to 320 yen from 340 yen by Azuma Ohno, a Tokyo-based analyst at Credit Suisse Group AG, who maintained its “neutral” rating.
NTN Corp. (6472 JT) slumped 3.4 percent to 403 yen. The world’s third-largest bearings maker was cut to “sell” from “neutral” by Kei Nihonyanagi, a Tokyo-based analyst at Goldman Sachs Group Inc.
Prap Japan Inc. (2449 JQ) surged 14 percent to 793 yen. The international public relations company said in a preliminary earnings statement first-half net income totaled 121 million yen, beating its 49 million yen profit outlook, on new contracts and cost cuts.
Star Micronics Co. (7718 JT) lost 3.9 percent to 1,022 yen. The maker of electronic cards said it had a net loss of 8.56 billion yen in the year ended Feb. 28, compared with profit of 4.34 billion yen a year earlier. The company projected the loss will narrow to 1.8 billion yen with an increase in sales this fiscal year.