Nissan, Oji Paper, Renown, Tepco, Toyota: 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.
Doutor Nichires Holdings Co. (3087 JT): The coffee-shop chain said net income declined 82 percent to 226 million yen ($2.8 million) in the quarter ended May 31. The company expects a 16 percent drop in profit to 3.39 billion yen this fiscal year. The stock advanced 1.8 percent to 1,064 yen.
Fuji Electric Co. (6504 JT), Sumitomo Corp. (8053) (8053 JT): Sumitomo, a trading house, won an order from Turkey worth as much as 3 billion yen for power-generating equipment to be supplied by Fuji Electric, the Nikkei newspaper said. Fuji Electric slid 0.8 percent to 247 yen. Sumitomo rose 0.7 percent to 1,089 yen.
J. Front Retailing Co. (3086 JT): The operator of department stores and supermarkets has proposed a redevelopment plan for an area in Ginza to the Tokyo government, according to a statement from the retailer. The stock advanced 1.6 percent to 381 yen.
Kintetsu Department Store Co. (8244 JO): The retailer said operating profit more than doubled to 408 million yen in the quarter ended May 31 from 174 million yen a year earlier. The stock gained 2.8 percent to 181 yen.
Mitsubishi Motors Corp. (7211) (7211 JT), Nissan Motor Co. (7201 JT): Nissan will produce its Navara 1-ton pickup truck at Mitsubishi Motors’ plant in Thailand starting in 2012, according to a statement on Mitsubishi’s website. Nissan slid 1.4 percent to 840 yen. Mitsubishi Motors rose 2 percent to 104 yen.
Nissan Motor Co. (7201 JT): Japan’s No. 3 carmaker by revenue had the outlook on its long-term corporate credit rating raised to stable from negative by Standard & Poor’s Rating Service. Parts shortages after the March 11 earthquake will affect Nissan less than rivals and the company has recovered production more quickly than expected, according to a statement from the ratings service. Nissan lost 1.4 percent to 840 yen.
Oji Paper Co. (3861 JT): The papermaker will raise prices for printing paper by at least 10 percent, starting with shipments on Oct. 1, to pass on an increase in the costs of raw materials, the Nikkei newspaper reported. The company will raise prices for the first time in about three years, the newspaper said. The stock advanced 1 percent to 405 yen.
Pocket Card Co. (8519 JT): The provider of credit-card services doubled its net income projection to 1.2 billion yen for the six months ending Aug. 31, citing lower costs related to bad loans. The stock increased 0.7 percent to 274 yen.
Renown Inc. (3606) (3606 JT): The apparel maker said net income in the quarter ended May 31 plunged 89 percent to 149 million yen, dragged down by lower sales and disaster-related charges from the March earthquake. The stock jumped 4.5 percent to 163 yen.
Tokyo Electric Power Co. (9501 JT): The owner of the crippled Fukushima Dai-Ichi nuclear power plant may take a 126 billion yen charge in the first quarter, the Nikkei newspaper reported. The utility known as Tepco will announce results near the end of this month, the report said. The stock rose 2.1 percent to 448 yen.
Toyota Motor Corp. (7203) (7203 JT): The world’s biggest carmaker by market value will pay 0.45 shares for each share of Toyota Auto Body Co. (7221 JT) and 0.25 share for each share of Kanto Auto Works Ltd. (7223) (7223 JT) to turn the subsidiaries into wholly owned units in January, according to a statement. Toyota rose 0.3 percent to 3,365 yen. Toyota Auto climbed 2.7 percent to 1,355 yen. Kanto Auto gained 2.2 percent to 794 yen.
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