Brother, DIC, JFE, Nissan, Toyota, Sanyo, Unidux: Japanese Equity Preview
The following companies may have unusual price changes in Japanese trading today. Stock symbols are in parentheses, and share prices are from the previous close. The information in each item was released after markets shut, unless stated otherwise.
Brother Industries Ltd. (6448 JT): The office-equipment maker raised its first-half net income forecast by 62 percent to 10.5 billion yen ($117 million), saying higher sales of industrial equipment will offset the negative impact of a stronger yen, the company said. The stock declined 1.9 percent to 928 yen.
DIC Corp. (4631 JT): The ink and pigment maker will sell new shares for 144 yen each to raise as much as 17.4 billion yen, the company said. The stock plunged 7.5 percent to 149 yen.
FujiStaff Holdings Inc. (2147 JQ): The employment agency operator increased its half-year net income forecast by 25 percent to 650 million yen, following better-than-estimated sales. The stock gained 2.5 percent to 13,930 yen.
JFE Holdings Inc. (5411 JT): The steel producer will spend about 700 billion yen ($7.79 billion), mostly in steel investments, in the next two years to expand in emerging nations, Nikkei English News reported, without saying where it obtained the information. The shares fell 4.1 percent to 2,887 yen.
Mitsubishi Corp. (8058 JT): Japan’s government will provide insurance for a Venezuelan oil-field project involving Mitsubishi Corp. and a loan to a Toshiba Corp. (6502 JT) affiliated uranium-enrichment company in the U.S., Nikkei English News reported, without saying how it obtained the information. Mitsubishi Corp. slipped 2.5 percent to 1,914 yen. Toshiba declined 4.5 percent to 443 yen.
Mitsubishi Motors Corp. (7211 JT): The carmaker plans to produce 40,000 i-MiEV electric cars during fiscal 2012, four times the number for this year, the Nikkan Jidosha newspaper said, without saying where it obtained the information. The stock was unchanged at 116 yen.
Nippon Steel Corp. (5401 JT): Japan’s biggest maker of the alloy and Kobe Steel Ltd. (5406 JT) will invest 10 billion yen to build a steel-dust-recycling facility, according to statements by the companies. Nippon Steel lost 3.5 percent to 306 yen. Kobe Steel dropped 4.3 percent to 179 yen.
Nissan Motor Co. (7201 JT): The carmaker’s Chief Executive Officer Carlos Ghosn defended his plan to sell 500,000 electric cars worldwide annually by 2012, saying comments from analysts and competitors won’t deter him. The shares declined 4.7 percent to 647 yen.
Nof Corp. (4403 JT): The chemical maker will pay 4.3 shares for each share it doesn’t already own of Nichiyu Giken Kogyo Co. (4961 JQ) to make the subsidiary wholly owned, NOF said. NOF shares fell 1.7 percent to 339 yen. Nichiyu Giken Kogyo was placed in a trading halt. It last traded at 1,020 yen.
Panasonic Electric Works Co. (6991 JT): The maker of building materials and Daiken Corp. (7905 JT) agreed to form a business alliance. They will supply products to each other and jointly develop products, the companies said. Panasonic Electric Works slipped 1.7 percent to 920 yen. Daiken surged 13 percent to 234 yen.
Sanyo Electric Co. (6764 JT): The maker of electrical appliances will sell its 57.67 percent stake in Sanyo Electric Logistics Co. (9379 JQ) to a Longreach Group Ltd. (LRG AU) unit for 1,750 yen a share, and acquire a 5 percent stake in the Longreach unit, Sanyo said.
In a separate statement, Longreach Group, an investment group focused on Japan and China, said it offered to pay as much as 17.9 billion yen for the logistics unit of Sanyo Electric Co. Sanyo Electric declined 3.8 percent to 126 yen. Sanyo Electric Logistics advanced 2.4 percent to 1,579 yen.
Toshiba Corp. (6502 JT): Toshiba, Japan’s biggest?supplier of nuclear reactors, will invest $100 million in USEC Inc. (USU US), a Bethesda, Maryland-based energy company. Toshiba said in a press release that it will start buying enriched uranium from USEC. Babcock & Wilcox Co. will also invest $100 million in USEC, the release said. Toshiba declined 4.5 percent to 443 yen.
Toyota Motor Corp. (7203 JT): Toyota vehicles in unintended acceleration crashes may be linked to 89 deaths since 2000, up from 52 reported in March, the U.S. National Highway Traffic Safety Administration said, citing data through May 20.
Separately, Toyota told parts suppliers that it may produce 13,000 vehicles a day in June at its domestic factories, an increase of 4 percent from an earlier plan, the Nikkan Jidosha newspaper said, without saying where it obtained the information. The stock lost 1.8 percent to 3,305 yen.
Unidux Inc. (9897 JT): The seller of semiconductors will raise up to 528.7 million yen in a private share sale, the company said. Also, Ryoyo Electro Corp. (8068 JT), a wholesaler of electronic parts, will sell its entire stake in Unidux to Avnet Inc. (AVT US), Ryoyo said. Unidux increased 1.6 percent to 452 yen. Ryoyo shares climbed 0.7 percent to 834 yen.
Universe Co. (3078 JT): The supermarket chain operator forecast net income for this fiscal year to be 1.77 billion yen, compared to a 1.93 billion yen profit a year earlier. The stock declined 2.6 percent to 1,216 yen.