China Life, DeNA, Hitachi, JVC, San Miguel: Asia Stocks 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.
Australian retailers: Westpac Banking Corp. and the Melbourne Institute is due to release a monthly consumer confidence index for December. Harvey Norman Holdings Ltd. (HVN) , the country’s largest electrical retailer, rose 1 percent to A$1.99. JB Hi-Fi Ltd. (JBH) , an electronics retailer, gained 2.1 percent to A$12.
AIA Group Ltd. (1299) (1299 HK): The third-largest Asia-based insurer by market capitalization asked four investment banks to advise it on a potential offer for ING Groep NV’s Asian business, a purchase that may be worth more than $6 billion, said people with knowledge of the matter. AIA gained 1.7 percent to HK$24.40.
361 Degrees International Ltd. (1361 HK): The sportswear products maker said same-store sales grew 9.4 percent in the fourth quarter. The stock advanced 0.3 percent to HK$2.92.
China Life Insurance Co. (2628) (2628 HK): The nation’s biggest insurer by market value said premium income for the January to December period was about 318.3 billion yuan ($50.4 billion). The stock jumped 7.1 percent to HK$20.75.
City Developments Ltd. (CIT) : Singapore’s second-biggest homebuilder said its Sunmaster Holdings Pte unit and partners won a government auction for a residential site in the city. The group will pay S$388.1 million for the property on Mount Vernon Road. The shares added 0.9 percent to S$9.35.
DeNA Co. (2432) (2432 JT): The social media website operator said it will form a venture with China’s NetDragon Websoft Inc. (777) (777 HK) to develop games for smartphones for mainland users. DeNA sank 5.5 percent to 1,810 yen.
Hitachi Ltd. (6501) (6501 JT): The maker of electronic equipment and machinery said it will book a 33 billion yen ($431 million) charge on a standalone basis for the April-December period following a drop in the value of securities. The stock was unchanged at 410 yen.
JVC Kenwood Corp. (6632) (6632 JT): Panasonic Corp. (6752) (6752 JT) will sell shares of the home-electronics maker for 300 yen each, JVC Kenwood said. JVC Kenwood advanced 4.7 percent to 312 yen. Panasonic retreated 0.8 percent to 611 yen.
KB Financial Group Inc. (105560) (105560 KS): The company is interested in buying ING Groep NV’s life insurance unit in South Korea if ING puts the unit up for sale, Infomax reported. KB Financial, the owner of South Korea’s largest bank, advanced 5.3 percent to 39,650 won.
Posco (005490) (005490 KS): The world’s third-biggest steelmaker reported a 13 percent decline in profit for last year as the global economic slowdown reduced demand and prices for the metal used in cars, ships and construction. The shares rose 2.2 percent to 394,000 won.
San Miguel Corp. (SMC) : The largest Philippine food and drinks company submitted a proposal to the transport department to expand the capacity of the Metro Rail Transit commuter train, a stock exchange filing showed. The stock declined 1 percent to 118.10 pesos.
Shimano Inc. (7309) (7309 JO): The maker of bicycle parts and fishing gear said it plans to buy back as much as 1.2 percent of its outstanding shares. The stock gained 0.8 percent to 3,640 yen.
Sumitomo Metal Mining Co. (5713) (5713 JT): The copper producer will not purchase concentrate from BHP Billiton Ltd. (BHP) this year under an annual contract after failing to reach an agreement on processing fees, company spokesman Masashi Takahashi said. Sumitomo Metal gained 1.6 percent to 1,030 yen.
Tata Consultancy Services Ltd. (TCS) : The Indian company Asia’s largest software-services provider, reported net income that rose 23 percent to 28.9 billion rupees ($570 million) in the December quarter, beating analysts’ estimates, as businesses sought savings through outsourcing and the rupee’s decline boosted overseas earnings. Analysts predicted 28.3 billion rupees, the median of 35 estimates compiled by Bloomberg. Shares slid 0.5 percent to 1,103.95 rupees.
To contact the editor responsible for this story: Nick Gentle at email@example.com