China Insurers, Dr. Reddy’s, SembCorp Marine, Yamaha: Asia Stocks Preview
The following companies may have unusual price changes in Asian trading tomorrow. Stock symbols are in parentheses, and share prices (NKY) are as of the latest close. The information in each item was released after markets shut unless stated otherwise.
Insurers: China Insurance Regulatory Commission issued reform requests to 14 insurance companies to fix violations regarding their intermediary businesses, according to a statement posted on the commission’s website. The companies include New China Life Insurance (2628) Co. and China Life Insurance Co., according to the statement.
Arc Land Sakamoto Co. (9842) (9842 JT): The home-center operator raised its full-year net-income forecast 4.9 percent to 4.3 billion yen ($55 million), citing rebuilding efforts after the record March earthquake for increased demand. Shares added 1 percent to 1,445 yen.
Dr. Reddy’s Laboratories Ltd. (DRRD) : The Indian drugmaker plans to build a new manufacturing facility at Vizag for $100 million, Chief Executive Officer G.V. Prasad said in Hyderabad today. The company is also looking to set up a new injectables facility at the location, he said. Shares dropped 1 percent to 1,590 rupees.
Fujimi Inc. (5384) (5384 JT): The maker of silicon wafer-polishing materials said it will buy back up to 3.71 percent of its outstanding shares. The stock slipped 1.4 percent to 845 yen.
Global Logistic Properties Ltd. (GLP) , the owner of warehouses in Japan and China, said it China Investment Corp. agreed to buy 15 warehouses in Japan for 122.6 billion yen ($1.57 billion) from LaSalle Investment Management. The properties are being bought by a 50-50 joint venture owned by Global Logistic and CIC, the Singapore-based company said. GLP lost 0.6 percent to S$1.64.
Kenedix Realty Investment Corp. (8972) (8972 JT): The real estate investment trust will acquire eight properties in Japan, including office buildings, for 28.6 billion yen, according to a statement. The REIT rose 2 percent to 218,000 yen.
Lee & Man Paper Manufacturing Ltd. (2314) (2314 HK): The pulp and paper manufacturer is planning on signing a HK$3.5 billion ($450 million) loan with 20 banks on Dec. 21, according to a person familiar with the matter, who asked not to be identified because the details are private. The stock slid 0.4 percent to HK$2.44.
NGK Insulators Ltd. (5333) (5333 JT): The maker of electrical insulators and industrial ceramic products said it will book about 60 billion yen in charges due to costs related to accidents with its batteries. The company expects a net loss of 40 billion yen in the fiscal year ending March 31. The stock slid 2.2 percent to 871 yen.
PT Garuda Indonesia (GIAA IJ): The Indonesian state-owned carrier allocated $5.3 billion for capital expenditures over five years for fleet maintenance and rejuvination, Chief Financial Officer Elisa Lumbantoruan said. Garuda expects passenger traffic to rise 20 percent in 2012 from an estimated 17 million people this year, Lumbantoruan said. The stock was unchanged at 425 rupiah.
Sembcorp Marine Ltd. (SMM) , the world’s second-biggest builder of oil rigs, said it won a contract valued at $140 million to convert a ship into an accommodation and repair vessel for Equinox Offshore Accomodation Ltd. Sembcorp Marine dropped 1.9 percent to S$3.69.
Tokyo Electric Power Co. (9501 JT): The utility known as Tepco said its 13-megawatt Ohgishima solar power plant near Tokyo has started operating. The stock advanced 0.4 percent to 230 yen.
Yamaha Corp. (7951) (7951 JT): The manufacturer of musical instruments cut its net-income forecast 39 percent to 4 billion yen, due to reversal of deferred tax assets. The stock declined 1.7 percent to 697 yen.
To contact the editor responsible for this story: Nick Gentle at email@example.com