Cheung Kong, Hitachi Chemical, Kao, Nomura: Asia Stocks Preview
The following companies may have unusual price changes in Asian trading on Nov. 28. Stock symbols are in parentheses, and share prices (MXAP) are as of the latest close. The information in each item was released after markets shut unless stated otherwise.
Hong Kong developers: Home prices in the city fell 2.7 percent in the seven weeks ended Nov. 20, according to Centaline Property Agency Ltd. The Centa-City Leading Index, an indicator of housing prices, dropped 0.2 percent from a week earlier to 97.09, Centaline said in an e-mailed statement.
Sun Hung Kai Properties Ltd. (16) (16 HK RV Relative Value), the world’s biggest developer by market value, fell 0.8 percent to HK$91.30. Cheung Kong (Holdings) Ltd. (1) (1 HK HDS Largest Holders), controlled by billionaire Li Ka-shing, declined 0.4 percent to HK$84.85.
Celsys Inc. (3829) (3829 JT) and HI Corp. (3846 JQ): The companies agreed to merge in April, according to a statement. Each share in software developer Celsys will be exchanged for 100 shares in a newly formed holding company, while each of middleware developer HI will be worth 105 shares, the statement said. Celsys gained 4.1 percent to 45,700 yen. HI slid 0.1 percent to 44,400 yen.
Daewoo Engineering & Construction Co. (047040) (047040 KS): The South Korean builder won an order to build a 400 megawatt power plant in Nigeria, according to a regulatory filing today. The order may worth about 830 billion won ($712 million). The stock fell 3.5 percent to 8,470 won.
EGuarantee Inc. (8771) (8771 JQ): The company that analyzes the credit risk of loans plans to raise as much as 849.7 million yen ($11 million) by selling new shares, according to a filing with Japan’s finance ministry. The stock declined 2.5 percent to 927 yen.
Hannstar Board International Holdings Ltd. (667) (667 HK): The maker of components for consumer electronics said the Hong Kong stock exchange “conditionally” approved the proposed withdrawal of its shares, according to a statement to the bourse. Dealing in the shares ceased on Nov. 24 and the delisting is expected to take place on Dec. 9, the company said. The shares closed at HK$1.23 on Nov. 24.
HG Metal Manufacturing Ltd. (HGM) : The maker of flat steel bars said net profit for the three months ended Sept. 30 was S$1.5 million ($1.14 million), compared with a net loss of S$10.4 million a year earlier. The stock slid 7.1 percent to 7.8 Singapore cents.
Hitachi Chemical Co. (4217 JT), Shin-Kobe Electric Machinery Co. (6934 JT): Hitachi Chemical will pay as much as 36 billion yen to buy Shin-Kobe Electric Machinery in a tender offer at 1,710 yen per share, according to a statement. Hitachi Chemical gained 3.1 percent to 1,392 yen. Shin-Kobe Electric lost 3.7 percent to 1,213 yen.
Kao Corp. (4452) (4452 JT): The household products maker expects sales in China to reach 50 billion yen in the “near future” and to achieve 100 billion yen “eventually,” President Motoki Ozaki said in Shanghai. The company’s cooperation with Shanghai Jahwa Group, a Chinese state-owned cosmetics and household goods maker, will start in 2013, Ozaki said. Kao fell 0.4 percent to 2,024 yen.
Milbon Co. (4919 JT): The maker of hair-care products boosted its planned second-half dividend to 34 yen per share from 30 yen. The stock slipped 0.3 percent to 2,399 yen.
Misumi Group Inc. (9962) (9962 JT): The mail-order distributor of precision-machine parts said October sales rose 4.9 percent to 10.7 billion yen from a year earlier. The stock fell 0.1 percent to 1,597 yen.
Nomura Holdings Inc. (8604) (8604 JT): Japan’s largest brokerage started cutting jobs in its home market, said two people with knowledge of the matter. Nomura last week gave notice to about 15 employees in Tokyo, who were working at its equity-related businesses in the global markets division, said the people, declining to be identified as the matter is confidential. The unit faces more cuts and the investment banking operation could also see jobs eliminated, one of the people said. The stock gained 2.7 percent to 230 yen.
Panasonic Corp. (6752) (6752 JT): The electronics maker will spend 45 billion yen to build a solar-cell plant in Malaysia, according to a statement to the Tokyo Stock Exchange. The stock slid 0.2 percent to 685 yen.
Rhythm Watch Co. (7769 JT): The clockmaker said it will spend as much as 1 billion yen to buy back as much as 5.3 percent of its outstanding shares. The stock fell 1 percent to 98 yen.
Reliance Industries Ltd. (RIL) : India’s most valuable company and AXA SA (CS) ended talks with Bharti Enterprises Ltd. over their plans to buy Bharti’s 74 percent stake in their general and life insurance joint venture, according to emailed statements from Reliance and AXA. Reliance fell 2.5 percent to 753.8 rupees.
Suzuki Motor Corp. (7269) (7269 JT): The automaker will resume partial production of motorcycles at its plant in Thailand starting Dec. 1, after output was disrupted due to flooding, according to an e-mailed statement. The stock gained 0.7 percent to 1,543 yen.
Uchida Yoko Co. (8057 JT): The office-equipment trader said its first-quarter operating loss widened to 1.03 billion yen from 971 million yen a year earlier as sales fell. The loss in the quarter ended Oct. 20 narrowed to 796 million yen from 1.01 billion yen a year earlier. The stock fell 1.5 percent to 199 yen.
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