Aplus, Chiba Bank, JGC, Kintetsu, Nisshin Oillio, Tachi-S: 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.
Aplus Financial Co. (8589 JO): The consumer lender forecast full-year net income of 5.5 billion yen ($64.9 million), up 38 percent from its earlier projection of 4 billion yen. The company cited lower operating expenses for the forecast revision. The stock was unchanged at 43 yen.
Chiba Bank Ltd. (8331 JT): The regional lender will spend as much as 6 billion yen to repurchase up to 1.1 percent of its outstanding shares. The stock dropped 1.6 percent to 503 yen.
Dai-ichi Life Insurance Co. (8750 JT): The insurer plans to start a 1 billion yen socially responsible investment fund next month, Nikkei English News reported. The stock fell 1.1 percent to 103,100 yen.
Hitachi Ltd. (6501 JT), Panasonic Corp. (6752 JT): The electronics makers agreed to cooperate in setting up so-called smart electric power grids, according to their websites. Hitachi sank 2.1 percent to 366 yen. Panasonic retreated 1.1 percent to 1,125 yen.
Hyakugo Bank Ltd. (8368 JT): The regional bank said it plans to cancel 2.29 percent of its outstanding shares on Sept. 29. The stock declined 1.9 percent to 363 yen.
JGC Corp. (1963 JT): The plant engineering company plans to produce and sell fuel from low-grade coal in Indonesia through a partnership with Sinar Mas Group, Nikkei English News reported. JGC dropped 0.7 percent to 1,500 yen.
Kintetsu Corp. (9041 JT): The railway and retail concern more than doubled its first-half net income forecast to 4.5 billion yen from 2 billion yen because of cost cuts and reduced interest payments. The stock was unchanged at 285 yen.
Kuraray Co. (3405 JT): The fiber maker’s operating profit for the six months ended in September may more than double from a year earlier to better than 24 billion yen, Nikkei News reported. The stock sank 2.9 percent to 1,056 yen.
Kyokuyo Co. (1301 JT): The seafood company will purchase food processor Shin Tokyo International Inc. for about 600 million yen, Nikkei English News said. Kyokuyo fell 0.6 percent to 176 yen.
Mars Engineering Corp. (6419 JT): The maker of equipment for pachinko parlors more than halved its full-year net income forecast to 1.6 billion yen from 3.87 billion yen as sales declined. The stock slid 0.5 percent to 1,444 yen.
Mitsubishi Corp. (8058 JT): The trading house may pull out from a A$4 billion ($3.8 billion) iron-ore port venture with Australia’s Murchison Metals Ltd. because of doubts on its economic viability, the Australian newspaper reported. Mitsubishi lost 1.1 percent to 1,915 yen.
Mitsubishi Motors Corp. (7211 JT): The automaker and LG Chem Ltd. of South Korea will jointly develop lithium-ion battery technology for electric vehicles the Japanese company aims to begin selling as early as 2012, the Nikkei newspaper reported. The stock lost 0.9 percent to 109 yen.
Nissan Motor Co. (7201 JT): The automaker said it will show a new electric-powered concept vehicle Sept. 30 at the Paris motor show. The stock fell 0.6 percent to 698 yen.
Nisshin Oillio Group Ltd. (2602 JT): The cooking-oil maker reduced its profit forecast by 30 percent to 5.2 billion yen for the year ending March 31. The company separately said it will sell subsidiary Nisshin Marinetech Co. to Higashimaru Co. (2058 JF). Nisshin Oillio was unchanged at 388 yen. Higashimaru rose 1.6 percent to 645 yen.
Nomura Co. (9716 JT): The commercial-display contractor said net income for the six months to Aug. 15 narrowed 26 percent to 354 million yen while sales increased 16 percent. The company separately said it will spend as much as 200 million yen to buy back up to 1.24 percent of its outstanding shares. The stock fell 1.6 percent to 243 yen.
Ryohin Keikaku Co. (7453 JT): The retailer plans to cut all prices by 10 percent at its Mujirushi Ryohin stores for a limited period starting next month, Nikkei English News reported. The stock slid 0.6 percent to 2,924 yen.
Seven & I Holdings Co. (3382 JT): The retailer plans to open its Internet site to other vendors to create an online mall, Nikkei English News said. The stock lost 2.1 percent to 1,946 yen.
Tachi-S Co. (7239 JT): The maker of seats for passenger cars and trucks said it will establish a company in China to manufacture parts for car seats in October. The stock gained 0.5 percent to 1,108 yen.
Takefuji Corp. (8564 JT): The consumer lender may file for bankruptcy protection amid rising refunds to borrowers for interest overpayments, Nikkei English News said. The company’s liabilities were 430 billion yen as of June 30, the report said. The stock tumbled 6.6 percent to 171 yen.
Toshiba Corp. (6502 JT): The maker of computers and telecommunication system will enter the electronic publishing business as it begins services in the U.S. with contents provided by K-NFB Reading Technology, the Nikkei newspaper reported. The stock lost 1 percent to 396 yen.
To contact the editor responsible for this story: Darren Boey at email@example.com.