China Banks, Fujitsu, LG Chem, SBI, Scotgold, Woodside: Asia Stock Preview
The following companies may have unusual price changes in Asian trading tomorrow. 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.
Banks: China may reduce reserve ratios for medium and small lenders in November to help bolster economic growth, Shen Jianguang, a Hong Kong-based economist at Mizuho Securities Asia Ltd., wrote in an e-mailed note today.
China Citic Bank Corp. (601998 CH) added 1.6 percent to 4.46 yuan. China Minsheng Banking Corp. (600016 CH) fell 0.5 percent to 5.97 yuan.
Developers: China is unlikely to roll back property price controls in the next six months, Standard & Poor’s said in a report today. Refinancing risks for Chinese property developers are increasing because of tight monetary policy and narrowing financing channels, said Bei Fu, an analyst at the rating company, in the report.
China Vanke Co. (000002 CH), China’s biggest developer by market value, jumped 3.5 percent to 7.66 yuan. Poly Real Estate Group Co. (600048 CH) surged 5.5 percent to 9.79 yuan.
Agricultural Bank of China Ltd. (1288) (1288 HK): The nation’s third-biggest lender by market value said third-quarter profit rose 40 percent to 34.1 billion yuan ($5.38 billion) from a year earlier. The stock jumped 4.1 percent to HK$3.33.
Bank of China Ltd. (3988) (3988 HK): The nation’s third-largest lender by assets said third-quarter profit increased to 29.8 billion yuan from 27.2 billion yuan a year earlier. That compares with the 31.6 billion yuan median estimate of eight analysts surveyed by Bloomberg News. The stock advanced 1.1 percent to HK$2.85.
BOC Hong Kong (Holdings) Ltd. (2388 HK): The unit of Bank of China Ltd. said third-quarter net operating income excluding impairment allowances was HK$7.48 billion, with operating expenses of HK$2.54 billion. The stock rose 0.4 percent to HK$18.40.
Capcom Co. (9697 JT): The game developer and amusement center operator said net income fell 49 percent to 906 million yen ($12 million) in the six months ended Sept. 30 on a 28 percent drop in revenue. The stock rose 3.2 percent to 2,052 yen.
Fujitsu Ltd. (6702) (6702 JT): Japan’s biggest computer-services provider said first-half net income plunged 70 percent to 5.77 billion yen, missing its break-even outlook. The company said profit was dragged down by foreign exchange losses. The stock advanced 2 percent to 414 yen.
Heiwa Corp. (6412) (6412 JT), PGM Holdings K.K. (2466) (2466 JT): Heiwa, a maker of pachinko machines, will bid for shares of golf-course operator PGM Holdings. Heiwa will offer 52,000 yen for each share, spending as much as 65 billion yen, according to a statement from Heiwa. Heiwa gained 3.7 percent to 1,426 yen. PGM lost 1.5 percent to 39,850 yen.
Komeri Co. (8218 JT): The home-center chain raised its full-year net-income forecast 8.4 percent to 9.7 billion yen, saying earthquake-restoration demand is boosting sales. The stock lost 3.4 percent to 2,397 yen.
LG Chem Ltd. (051910) (051910 KS): The company is considering delaying an investment project in the polysilicon business, according to a regulatory filing. South Korea’s biggest chemicals maker added 5.3 percent to 369,000 won.
LG Electronics Inc. (066570) (066570 KS): The company expects its earnings will “slightly” improve in the fourth quarter from the previous quarter, Chief Financial Officer David Jung said. The world’s third-largest maker of mobile phones climbed 2.2 percent to 77,500 won.
Namco Bandai Holdings Inc. (7832) (7832 JT): The toymaker boosted its full-year net-income forecast 77 percent to 15 billion yen on higher-than-expected sales. The stock rose 1.5 percent to 1,054 yen.
Nippon Electric Glass Co. (5214 JT): The glassmaker said first-half net income fell 42 percent to 24.9 billion yen, citing sluggish sales of its goods used for flat-panel displays. The stock jumped 4.1 percent to 816 yen.
Premier Investment Corp. (8956) (8956 JT): The real estate trust plans to raise as much as 15.1 billion yen by selling shares to the public, according to a filing with Japan’s finance ministry. The stock rose 0.3 percent to 277,900 yen.
SBI Holdings Inc. (8473 JT): The venture-capital fund manager said net income jumped 62 percent to 1.11 billion yen, while operating profit fell 30 percent to 2.51 billion yen in the first half. The company also said it plans to acquire SBI Net Systems Co. (2355 JT), a developer of Internet security software, in a stock transaction. SBI Holdings slid 0.2 percent to 6,570 yen. SBI Net rose 0.1 percent to 7,590 yen.
Scotgold Resources Ltd. (SGZ) : The gold mining and exploration company received permission to mine for gold and silver in Scotland’s Loch Lomond National Park, the Financial Times reported. The shares dropped 4.8 percent to 10 Australian cents.
Shimano Inc. (7309) (7309 JO): The maker of bicycle equipment and fishing gear said net income fell 21 percent to 11.4 billion yen in the nine months ended Sept. 30. The stock slipped 2 percent to 3,915 yen.
Shinhan Financial Group Co. (055550 KS): South Korea’s largest financial services group by market value said profit dropped 4.1 percent last quarter after selling stakes in two companies last year. The shares slipped 0.7 percent to 44,750 won.
Shinko Electric Industries Co. (6967 JT): The maker of semiconductor packages swung to a first-half loss of 2.67 billion yen from a 2.17 billion yen profit a year earlier. Shinko cited sluggish demand for personal computers and digital home appliances as well as the yen’s appreciation against the dollar. The stock gained 3.1 percent to 606 yen.
United Microelectronics Corp. (2303) (2303 TT): The world’s second-largest contract maker of chips said third-quarter net income fell 78 percent to NT$1.95 billion ($65 million) from NT$8.72 billion a year earlier. That’s the Taiwanese company’s largest earnings decline since posting a loss in the first quarter of 2009. The average of 15 analyst estimates compiled by Bloomberg was for profit of NT$1.43 billion. The stock advanced 0.8 percent to NT$12.80.
Woodside Petroleum Ltd. (WPL) : Australia’s second- largest oil and gas producer said it has renewed talks with East Timor over development of the Sunrise liquefied natural gas resource. A decision to develop the project was not imminent, Peter Coleman, chief executive officer, said at a press conference in Perth yesterday. The stock rose 1 percent to A$34.83.
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