Chimei, Haier, HPI, Hyundai, Vista: Asia Ex-Japan Stock Preview
Taiwan’s flat panel-makers: Haier Electronics Group Co. (1169) , TCL Corp. (000100) , and other Chinese appliance companies plan to buy $5.5 billion of flat panels from Taiwanese makers, according to a statement from the economic ministry’s trade council today. Local suppliers include AU Optronics Corp. (2409) , Chimei Innolux Corp. (3481) and Chunghwa Picture Tubes Ltd. (2475 TT), Taiwan External Trade Development Council said.
TCL declined 1.3 percent to 3.04 yuan. Haier rose 0.1 percent to HK$8.86. AU Optronics fell 0.2 percent to NT$22.40. Chimei decreased 1.4 percent to NT$27.40. Chunghwa increased 1.4 percent to NT$3.74.
Cooper Energy Ltd. (COE) : The company’s board has initiated the search for a managing director to replace Michael Scott, who has offered to step down, a filing with Australia’s stock exchange showed. The stock was unchanged at 35 Australian cents.
Hanshin Construction Co. (004960) : Hanshin, a South Korean company, signed an accord with Vietnam Oil & Gas Group to buy 10 percent of PetroVietnam Construction Corp. (PVX VN), a unit of Vietnam Oil & Gas Group, according to an e-mailed statement from the Vietnamese company . The statement didn’t give a value for the deal. Hanshin rose 0.5 percent to 9,800 won. PetroVietnam decreased 3.8 percent to 12,700 dong.
HPI Resources Bhd. (HPI MK): Oji Paper Co., Japan’s biggest maker of paper and forest products, made a takeover offer for Malaysia’s HPI Resources at 4.40 ringgit per share in cash. That’s a 12 percent premium to the stock’s closing price of 3.93 ringgit in Kuala Lumpur on June 14 before its shares were suspended, said a statement from RHB Investment Bank Bhd., which is acting for Oji Paper. HPI is a manufacturer of corrugated board and packaging products.
Hyundai Motor Corp. (005380) : Beijing Hyundai Motor Co. will recall 9,280 vehicles in China because of problems with an engine coolant temperature sensor, according to a statement on China’s General Administration of Quality Supervision, Inspection and Quarantine’s website. Hyundai fell 0.6 percent to 234,500 won.
Vista Land & Lifescapes Inc. (VLL) : The Philippine property developer’s board approved a plan to buy back shares over the next 24 months and will spend as much as 1.5 billion pesos for this, a stock exchange filing showed. The stock gained 1 percent to 3.11 pesos.
Wesfarmers Ltd. (WES) : India’s Lanco Infratech Ltd. (LANCI) won’t bid for the Premier Coal unit of Wesfarmers, Chairman L. Madhusudhan Rao said in New Delhi. Wesfarmers, an Australian company with businesses ranging from mining to insurance and retail, gained 0.4 percent to A$31.90.
To contact the reporter on this story: Ian C. Sayson in Manila at firstname.lastname@example.org
To contact the editor responsible for this story: Darren Boey at email@example.com