Daikyo, Honeys, Kinki, Kureha, Nissin Kogyo, Pal, Tokyu Land: Japan Stocks
Japan’s Nikkei 225 Stock Average rose 165.74, or 1.7 percent, to 9,805.46 at the 11 a.m. trading break in Tokyo. The following are among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Daikyo Inc. (8840 JT) jumped 5.8 percent to 182 yen. Anabuki Construction Inc. is finalizing a plan to reorganize with the backing of Daikyo and J-Will Partners, Nikkei English News reported, without citing a source for the information.
Dwango Co. (3715 JT) gained 3.7 percent to 155,000 yen. The Internet content provider said it will have a special profit of 104 million yen ($1.15 million) due to a merger of its subsidiary and an affiliate company.
Honeys Co. (2792 JT) surged 14 percent to 1,075 yen, the highest since July 2008. The clothing company was rated “buy” in new coverage by Deutsche Bank AG analyst Takahiro Kazahaya. The share price estimate was set at 1,350 yen.
Kinki Nippon Tourist Co. (9726 JT) gained 2.5 percent to 83 yen. The travel agency said it sold land and a building in Tokyo for 3.2 billion yen to Kaga Electronics Co. (8154 JT), which makes parts for computers and electronics. Kaga Electronics rose 0.6 percent to 887 yen.
Kinugawa Rubber Industrial Co. (5196 JT) rose 3.5 percent to 360 yen. The rubber and resin processor said it will set up a subsidiary in Dalian, China, to manufacture molds used to make autoparts in the region.
Kura Corp. (2695 JT) advanced 5 percent to 1,479 yen. The sushi restaurant chain increased its full-year net income forecast by 9.1 percent to 2.98 billion yen on a parent basis, citing a decline in fish prices.
Misumi Group Inc. (9962 JT) advanced 3.4 percent to 1,714 yen. The mail-order distributor of precision machine parts said its sales in April jumped 68.1 percent to 9.8 billion yen. That was 6.8 percent higher than the company’s target.
Mitsubishi Pencil Co. (7976 JT) jumped 6.4 percent to 1,282 yen. The maker of writing instruments forecast full-year net income will rise to 3.2 billion yen on higher sales, 19 percent higher than its earlier projection.
Mitsui Mining & Smelting Co. (5706 JT) increased 6 percent to 267 yen. The company was raised to “buy” from “neutral” by Atsushi Yamaguchi, an analyst at UBS AG. The share price estimate was increased to 330 yen from 280 yen.
Nissan Motor Co. (7201 JT), the sixth-largest automaker by U.S. sales, gained 2.6 percent to 672 yen. The company will offer a $500 cash rebate on most car and truck models through to May 31, a U.S. holiday, to boost sales.
Nissin Kogyo Co. (7230 JT) surged 11 percent to 1,471 yen. The brake system maker forecast full-year net income will be 6 billion yen, compared to a 2.59 billion yen profit the year earlier.
Obic Co. (4684 JT) increased 4.9 percent to 17,480 yen. The office support company was raised to “outperform” from “neutral” by Nobumasa Morimoto, an analyst at Credit Suisse Group AG. The share price estimate was also raised to 20,340 yen from 16,950 yen.
Panasonic Electric Works Co. (6991 JT) rose 2.1 percent to 943 yen. The manufacturer of building materials and light equipment will invest 2 billion yen to build a production line in Suzhou, China, to make light-emitting diode materials, according to a statement on the Japanese company’s website.
Pal Co. (2726 JT) jumped 13 percent to 3,350 yen. The casual store operator was rated new “buy” by analyst Takahiro Kazahaya, an analyst at Deutsche Bank AG. The share price estimate was set at 4,600 yen.
Sony Corp. (6758 JT) rose 2.9 percent to 2,869 yen. Sony will reintroduce an electronic book reader in the Japanese market, Fujio Noguchi, a senior vice president at the Tokyo- based company, told reporters, without giving a date.
Tokyu Land Corp. (8815 JT) jumped 5.6 percent to 342 yen. The developer’s share price estimate was raised to 500 yen from 410 yen by Kazuya Takeuchi, an analyst at Mizuho Securities Co.