Cheung Kong, PetroChina, Posco, Sun Hung Kai: Asia Stock Preview
The following companies may have unusual price changes in Japanese trading on Oct. 24. Stock symbols are in parentheses, and share prices are as of the last close. The information in each item was released after markets shut unless stated otherwise.
Sun Hung Kai Properties Ltd. (16) , the world’s biggest developer by market value, gained 0.8 percent to HK$98. Cheung Kong (Holdings) Ltd. (1) , controlled by billionaire Li Ka-shing, rose 0.1 percent to HK$88.75.
China oil producers: China’s diesel stockpiles fell the most in at least 20 months as refiners shut plants for repairs and lowered output to cut losses from processing crude, according to a newsletter by the official Xinhua News Agency. Inventories fell about 13 percent at the end of September from a month earlier, the biggest decline since at least the start of 2010, according to data from Xinhua’s China Oil, Gas and Petrochemicals.
Blue Dart Express Ltd. (BDE) : The Indian courier company controlled by DHL Worldwide Express said third-quarter profit jumped 42 percent from a year earlier to 297.5 million rupees. Sales rose 32 percent to 3.89 billion rupees. Shares advanced 1.8 percent to 1,625.8 rupees.
CapitaLand Ltd. (CAPL) , Southeast Asia’s biggest developer, said third-quarter net income decline to S$80.2 million ($63 million) from S$460.1 million a year earlier. The stocks gained 1.7 percent to S$2.45.
Daewoo Shipbuilding & Marine Engineering Co. (042660) : The shipyard failed to win a bid for a Canadian Navy project, according to a regulatory filing. The shares added 1.7 percent to 24,350 won.
Dayang Enterprise Holdings Bhd. (DEHB) : The Malaysian oil and gas services provider received an extension of a maintenance services contract valued at between 50 million ringgit ($16 million) and 100 million ringgit from Murphy Sabah Oil Co. and Murphy Sarawak Oil Co., it said in a statement. Dayang fell 0.6 percent to 1.70 ringgit.
Hana Financial Group Inc. (086790) : Third-quarter profit fell 20 percent on costs related to an early retirement program. The financial company gained 2.8 percent to 36,800 won.
Hitachi Zosen Corp. (7004) : The manufacturer of environmental equipment said its first-half net income ended Sept. 30 was 1.6 billion yen ($21 million), less than the 3 billion yen it forecast, according to a preliminary earnings statement. The stock gained 0.9 percent to 110 yen.
Hyundai Mobis Co. (012330) : Hyundai Motor Group units, including Mobis and Kia Motors Corp. (000270 KS), will buy a combined 93.6 percent of Green Cross Life Insurance Co., according to regulatory filings. Mobis rose 2.7 percent to 342,000 won, while Kia advanced 1.5 percent to 72,400 won. Green Cross Holdings Corp. (005250 KS) jumped 11 percent to 19,400 won.
Hyundai Securities Co. (003450) : The company is considering acquisition of a brokerage in Indonesia as it seeks to expand overseas business, according to a regulatory filing. The South Korean brokerage climbed 0.8 percent to 9,450 won.
Nippon Yusen K.K. (9501) : The Japanese shipping company said its net loss for the six months ended September was 12 billion yen, more than double its forecast for a loss of 5 billion yen, in a preliminary earnings statement. The company cited lower freight rates and the effects of the strong yen for the wider loss. The stock slid 2.5 percent to 199 yen.
Olympus Corp. (7733) : The maker of endoscopes and cameras said it will form a third-party committee including attorneys and accountants to investigate the company’s past acquisitions. The company received letters from some shareholders asking about the takeovers and is preparing to respond to the queries, it said. The stock closed 6.8 percent lower at 1,231 yen.
Petron Corp. (PCOR) : The Philippines’ largest oil refiner said it had a net income of 1.56 billion pesos and revenue of 67 billion pesos in the third quarter. Petron posted a 1.81 billion peso profit on 54.4 billion pesos of sale in the third quarter last year. The stock climbed 1.5 percent to 13.90 pesos.
Posco (005490) : The world’s third-biggest steelmaker reported a 78 percent decline in third-quarter profit from a year earlier because of foreign-currency losses and weaker demand for the alloy used in cars and construction. The shares added 0.3 percent to 360,500 won.
Tanjung Offshore Bhd. (TOFF) : The Malaysian oil and gas services provider won a charter contract valued at 27 million ringgit to provide three offshore support vessels to Petronas Carigali Sdn. for up to two years, it said in a statement. Tanjung fell 1.8 percent to 84 sen.
Thomas Cook (India) Ltd. (TC IN): The travel company posted third-quarter profit of 250.5 million rupees, compared with 224.5 million rupees a year earlier. Revenue rose to 1.02 billion rupees from 898 million rupees. The stock declined 1.9 percent to 49.7 rupees.
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