China Life, Fairfax, IOI, Jollibee, MediaTek: Asia Ex-Japan Equity Preview
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. Markets in Indonesia, Malaysia, Thailand, Singapore and India were closed yesterday for a holiday.
China Life Insurance Co. (2823 TT): The Taiwanese insurer raised NT$7.5 billion ($260 million) from selling 300 million new shares at NT$25 each, a stock exchange filing showed. The stock fell 1.8 percent to NT$32.80.
Fairfax Media Ltd. (FXJ) : The Australian media company was raised to “strong buy” from “underperform” with a 12- month share price estimate at A$1.26 by Mark McDonnell, an analyst at BBY Ltd. The stock was unchanged at A$1.04.
Ideal Jacobs (Malaysia) Corp. (IDJ MK): The manufacturer of industrial labels and name-plates will make its listing debut on the Kuala Lumpur stock exchange. The company sold shares at 27 sen each in its initial public offering, according to its prospectus.
IOI Corp. (IOI MK): The Malaysian palm-oil producer’s third-quarter net income rose 20 percent from a year earlier to 656.7 million ringgit, bolstered by higher prices of the commodity, the company said in a stock-exchange filing. IOI fell 0.6 percent to 5.19 ringgit.
Jollibee Foods Corp. (JFC) : The largest Philippine restaurant operator was cut to “sell” from “hold” by Jojo Gonzales, an analyst at Philippine Equity Partners Inc., after the company posted a 9.9 percent drop in first-quarter profit as higher costs squeezed margins. Jollibee is “well behind the stock brokerage’s full-year 2011 profit estimate of 3.2 billion pesos ($73.9 million) and even “further behind” consensus earnings forecast of 3.5 billion pesos for 2011, Gonzales wrote in a note. The stock sank 4.3 percent to 86.10 pesos.
MediaTek Inc. (2454) (2454 TT): The Hsinchu, Taiwan-based company’s chips will be used in Skyworth Digital Holdings Ltd.’s three-dimension televisions, a stock-exchange filing showed. The stock fell 3.2 percent to NT$334.50.
San Miguel Corp. (SMC) : The largest Philippine food and drinks-maker said its head of treasury Sergio Edeza will be president of Bank of Commerce effective June 13. San Miguel, which controls Bank of Commerce, fell 0.9 percent to 109.90 pesos.
SK Telecom Co. (017670 KS): South Korea’s largest mobile- phone company may win a permit to operate services in Brazil, Paulo Bernardo, Brazil’s communications minister said. SK Telecom will aim to offer fourth-generation mobile phone services in Brazil and would become the sixth service provider in the country, he said. The stock fell 0.3 percent to 163,500 won.
Woori Finance Holdings Co. (053000 KS): KDB Financial Group Inc. will talk with the South Korean government about making a possible bid for Woori, MoneyToday reported, citing an unidentified official at KDB. The stock fell 1.5 percent to 13,350 won.
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