Chimei, Hyundai, Jollibee: Asia Ex-Japan Preview
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The following companies may have unusual price changes today in Asian trading, excluding Japan. Stock symbols are in parentheses, and share prices are from the previous close, unless noted otherwise.
Aquarius Platinum Ltd. (AQP) : The company reported the purchase of platinum group metal mineral rights by way of the acquisition of Afarak Platinum (Proprietary) Ltd., a private company incorporated in South Africa, following the fulfillment of all conditions including the granting of Competition Commission approval last week. Aquarius will hold both directly and indirectly 74 percent of Afarak, a regulatory filing showed. The stock rose 0.4 percent to A$5.44.
Chimei Innolux Corp. (3481) (3481 TT): The Taiwanese company’s board approved a plan to sell as many as 1 billion new shares or global depositary receipts to help fund expansion, purchase raw materials overseas, and repay bank loans, a stock-exchange filing showed. The stock increased 2.9 percent to NT$32.20.
Glorious Property Holdings Ltd. (845) (845 HK): The developer said property sales in March rose 229 percent to 1.1 billion yuan ($168 million) from a year earlier, according to an e- mailed statement. The stock fell 0.5 percent to HK$2.14.
Hon Hai Precision Industry Co. (2317 TT): Foxconn Technology Group, the world’s largest contract manufacturer of electronics, may expand its facilities in Brazil as it seeks to follow its customers into the market, Louis Woo, a spokesman for the Taipei-based company said. Hon Hai, the flagship company of Foxconn Technology, advanced 1 percent to NT$106.50.
Hyundai Motor Co. (005380) (005380): The South Korean automaker’s Indian unit will introduce two new models a year until 2014 in the south Asian country to retain its No. 2 sales ranking there, the Wall Street Journal reported today, citing Arvind Saxena, the company’s sales head. Hyundai plans to sell at 400,000 cars and sport utility vehicles in India in 2011, the report said. The stock increased 6.3 percent to 212,500 won.
Jollibee Foods Corp. (JFC) : The largest Philippine fast- food company said profit rose 20 percent last year to 3.20 billion peso as sales increased 10.2 percent. Profit growth in the first half will “likely not be strong” due to higher raw material and operating costs, Chief Financial Officer Ysmael Baysa said. The stock fell 1.3 percent to 93.75 pesos.
Megawide Construction Corp. (MWIDE PM): The Philippine construction company was rated “buy” with a 12-month share price target of 10.10 pesos by Richard Laneda, an analyst at CitisecOnline.com Inc. The stock was unchanged at 8.47 pesos.
Woodside Petroleum Ltd. (WPL) : The North West Shelf liquefied natural gas venture has A$7 billion ($7.4 billion) in proposed redevelopment, said Woodside Petroleum, the operator of the project. The venture is at a “critical juncture,” Woodside’s North West Shelf Executive Vice-President Kevin Gallagher said. The stock fell 0.5 percent to A$46.62.
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