Jtekt, Kobe Bussan, Kanamoto, Nippon Parking, Uchida Yoko: 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.
Asahi Kasei Corp. (3407 JT) and Mitsubishi Chemical Holdings Corp. (4188 JT): The chemical makers will merge ethylene operations, the Nikkei newspaper reported. Asahi Kasei advanced 1.1 percent to 472 yen. Mitsubishi Chemical rose 0.5 percent to 430 yen.
Hitachi Ltd. (6501 JT): The maker of products from nuclear power systems to kitchen appliances said it aims to generate 200 billion yen ($2.2 billion) in sales from waterworks projects in fiscal 2015 to meet growing global demand. Hitachi is seeking to raise to 35 percent the proportion revenue from such projects earned overseas, compared with 8 percent last fiscal year, the Nikkei newspaper reported. The stock rose 0.5 percent to 370 yen.
Jtekt Corp. (6473 JT): The maker of car parts said it plans to raise 19.4 billion yen from the sale of shares to the public and Toyota Motor Corp. (7203 JT). Jtekt increased 0.3 percent to 955 yen.
Kobe Bussan Co. (3038 JO): The supermarket operator and Okuwa Co. (8217 JO) said they will form a food venture. Kobe Bussan increased 2.2 percent to 1,544 yen. Okuwa rose 1.4 percent to 879 yen.
Kanamoto Co. (9678 JT): The leaser of construction machinery raised its full-year net income forecast to 330 million yen from its previous outlook of 110 million yen. The stock rose 2.4 percent to 386 yen.
Mitsubishi Heavy Industries Ltd. (7011 JT): The heavy machinery maker will probably generate operating cash flow of as much as 160 billion yen for the year ending March 2011, an increase from 117.9 billion yen in fiscal 2009, Nikkei English News reported. The stock advanced 2.1 percent to 334 yen.
Mitsubishi Materials Corp. (5711 JT): The company will develop a copper mine in western Canada with the aid of a combined 30 billion yen in loans from government-backed and private-sector financial institutions, the Nikkei newspaper reported. The stock was unchanged at 245 yen.
Nihon Unisys Ltd. (8056 JT): The wholesaler of computers and peripheral equipment will offer to libraries a system to provide electronic books via the Internet for about 150,000 yen a month, half the usual price, Nikkei English News said. The stock rose 0.9 percent to 658 yen.
Nippon Parking Development Co. (2353 JT): The parking-lot services company’s nine-month net income rose to 736 million yen from 363 million yen a year earlier. The shares rose 0.8 percent to 4,235 yen.
Nissan Motor Co. (7201 JT) and three other Japanese automakers were rated “buy” in new coverage by BNP Paribas analyst Andrew Phillips, who cited the stocks’ “attractive” valuations and the prospects of volume growth and earnings recovery. Nissan is the analyst’s top pick, according to the report. He also initiated coverage of Suzuki Motor Corp. (7269 JT), Toyota Motor Corp. (7203 JT) and Honda Motor Co. (7267 JT). Nissan rose 1.1 percent to 662 yen. Suzuki advanced 1.7 percent to 1,828 yen. Toyota climbed 0.8 percent to 3,300 yen. Honda increased 0.1 percent to 2,778 yen.
NKSJ Holdings Inc. (8630 JT): The insurer plans to sell more than 250 billion yen of stock in client companies by the end of fiscal 2012, Nikkei English News said. The stock gained 3 percent to 557 yen.
Osaka Titanium Technologies Co. (5726 JT): The titanium smelter is scheduled to restart a polysilicon plant in Hyogo, western Japan, by the end of August. The company said in a press release that it halted the factory on May 21. The shares increased 5 percent to 3,030 yen.
Tomoe Engineering Co. (6309 JT): The chemical materials maker raised its full-year net income forecast by 18 percent to 1.3 billion yen following an increase in orders. The stock climbed 1.5 percent to 1,091 yen.
Uchida Yoko Co. (8057 JT): The office-equipment trader reported a nine-month net loss of 1.56 billion yen following net income of 260 million yen a year earlier. The stock was unchanged at 240 yen.