Mitsubishi Corp., Dydo Drinco, Taiyo: Japan Equity Preview
The following companies may have unusual price changes in Japanese trading today. Stock symbols are in parentheses and share prices are as of the latest close. The information in each item was released after markets shut unless stated otherwise. Japan’s market was closed for a public holiday yesterday.
Asahi Tec Corp. (5606 JT): The iron products maker for automobiles said the Pension Benefit Guaranty Corp. in the U.S. has filed a lawsuit against the company. Asahi Tec shares dropped 3.7 percent to 26 yen.
Dydo Drinco Inc. (2590 JT): The drinks company said nine- month net income fell 2.1 percent to 2.48 billion yen for the period ended Oct. 20 from a year earlier, according to a preliminary earnings statement. Operating profit grew 35 percent to 5.93 billion yen from a year earlier for the same period, the company said. The stock climbed 2.1 percent to 2,833 yen.
Furukawa Electric Co. (5801 JT): The company will begin mass production in Indonesia and Vietnam of aluminum wire harnesses for cars as early as next year, the Nikkei newspaper reported. The stock rose 1.2 percent to 346 yen.
Honda Motor Co. (7267 JT): Officials of Honda Motor and India’s Hero Group are likely to meet soon to discuss the break- up of their venture in Hero Honda Motors Ltd., the Economic Times reported, citing people it didn’t name. Honda fell 0.5 percent to 3,120 yen.
Marubeni Corp. (8002 JT): The trading company will likely receive a contract from the Angolan government to rebuild textile plants abandoned during the country’s civil war, Nikkei English News reported. The contract is worth more than 100 billion yen ($1.2 billion), Nikkei said. The stock climbed 0.7 percent to 543 yen.
Mitsubishi Corp. (8058 JT): The company will invest $20 million with Chinese car rental company Zhejiang Cheeyo to form a car leasing venture, the official Xinhua News Agency reported, citing Zhang Xiaolin, chairman of Zhejiang Cheeyo. The stock gained 1.4 percent to 2,145 yen.
Mitsubishi (8058 JT): Mitsubishi and Baosteel Group Corp. agreed to form an alliance related to new energy and the environment, Nikkei English News reported, without saying how it obtained the information.
Mitsui & Co. and Mitsubishi (8031 JT, 8058 JT): OAO Gazprom, Russia’s gas-export monopoly, is in talks to buy out Sakhalin-2 partners Mitsui and Mitsubishi, RBC Daily reported, citing an unidentified official from Russia’s budget watchdog. Mitsui rose 1.6 percent to 1,340 yen.
NTT DoCoMo Inc. (9437 JT): Japan’s largest mobile-phone operator will start sales of a Japanese-market version of Samsung Electronics Co.’s Galaxy Tab smart media device in Japan on Nov. 26, DoCoMo said. The stock slid 0.4 percent to 137,300 yen.
Rokko Butter Co. (2266 JO): The dairy products maker will sell 1.07 million existing shares to Mitsubishi (8058 JT). Rokko increased 0.2 percent to 451 yen.
Shin-Kobe Electric Machinery Co. (6934 JT), the maker of storage batteries, was rated “neutral plus” in new coverage by Cosmo Securities Co. The share price estimate was set at 1,120 yen. The shares climbed 1.2 percent to 882 yen.
Shinsei Bank Ltd. (8303 JT): The lender will form separate alliances with Yes Bank Ltd. (YES IN) of India and Bao Viet Holdings (BVH VN) of Vietnam, the Nikkei newspaper reported. Shinsei rose 2.6 percent to 79 yen.
Sumitomo Corp. and Mitsui (8053 JT, 8031 JT): The companies plan to pay more profits to shareholders, Nikkei English News reported, without saying how it got the information. Sumitomo rose 0.7 percent to 1,133 yen.
Sumitomo Mitsui Financial Group Inc. (8316 JT): The lender will add 40 bankers outside Japan specializing in acquisitions by March 2012 as it starts a cross-border mergers advisory business to compete with Nomura Holdings Inc. (8604 JT). Sumitomo Mitsui climbed 0.1 percent to 2,655 yen. Nomura rose 1.4 percent to 502 yen.
Taiyo Holdings Co. (4626 JT): The maker of ink for circuit boards said it will buy back up to 1.93 percent of its shares for up to 1.5 billion yen, the company said. The company also plans to resume construction of a plant in China to meet demand. The shares slipped 0.3 percent to 2,314 yen.
Toshiba Corp. (6502 JT): The electronics maker is working on motor magnets that would not use dysprosium, a type of rare- earth metal which China has a near-monopoly on, Nikkei English News reported. The stock increased 1.2 percent to 429 yen.
Toyota Motor Corp. (7203 JT): Hyundai Motor Group’s (005380 KS) sales in Europe during the first 10 months of this year exceeded those of Toyota’s, according to data released by the European Automobile Manufacturers’ Association. Toyota rose 1.1 percent to 3,300 yen.
To contact the editor responsible for this story: Nick Gentle at email@example.com.