China Resources Land, SATS, Toppan, Toyota: 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.
Chinese developers: The People’s Bank of China pledged to increase support for affordable housing projects and continue a differentiated home loan policy, according to a statement on its website. The PBOC will ensure loan demand from first-home buyers is met, according to the statement.
China Resources Land Ltd. (1109) (1109 HK RELS Related Securities), a state-controlled developer, was unchanged at HK$13.54. Shimao Property Holdings Ltd. (813) (813 HK), which gets all its revenue from China, sank 6 percent to HK$8.21.
China Medical System Holdings Ltd. (867) (867 HK): The maker of pharmaceutical and medical products said it expects a “significant increase” in profit for the year ended Dec. 31 on sales growth and cost controls. The stock slid 2.1 percent to HK$5.14.
DeNA Co. (2432 JT): Japan’s biggest social-network website operator said it will spend as much as 10 billion yen ($130 million) to buy back up to 3.4 percent of its shares. DeNA forecast annual profit that was below analyst estimates as costs for labor and software suppliers rose. The stock rose 0.2 percent to 2,293 yen.
Dr. Reddy’s Laboratories Ltd. (DRRD IN): The Indian drugmaker’s stock rating was cut to “neutral” from “outperform” at Credit Suisse. Shares slid 0.8 percent to 1,633.6 rupees.
Ebara Corp. (6361 JT): The pump maker swung to a 930 million yen loss from net income of 10.2 billion yen a year earlier, partly hurt by foreign exchange losses. The stock gained 2.7 percent to 304 yen.
Furukawa Electric Co. (5801 JT): The maker of wires and cables tripled its full-year loss forecast to 15 billion yen, citing Thailand’s flooding. The stock added 1 percent to 207 yen.
Idemitsu Kosan Co. (5019 JT): The petroleum refiner cut its full-year net-income forecast 17 percent to 56 billion yen, citing lower petrochemical sales. The stock was unchanged at 8,480 yen.
Japan Petroleum Exploration Co. (1662) (1662 JT): The nation’s second-largest oil explorer has been extracting 60,000 cubic meters of natural gas and 60 kiloliters of crude oil per day in Hokkaido, according to a statement. The stock slipped 1.8 percent to 3,365 yen.
J.K. Lakshmi Cement Ltd. (JKLC IN): The Indian company’s board has approved a buyback of shares at a maximum price of 70 rupees apiece, according to an exchange filing. The stock lost 1.9 percent to 61.4 rupees.
Mitsui Mining & Smelting Co. (5706 JT): The metals producer slashed its full-year net-income forecast 39 percent to 8 billion yen, citing falling commodity prices. The stock was unchanged at 212 yen.
New Universe International Group Ltd. (8068 HK): The molds and plastic products maker said it expects a “significant increase” in net profit for the year ended Dec. 31 on higher revenue. The stock was unchanged at 11.2 Hong Kong cents.
Nippo Corp. (1881 JT): The road paver boosted its full-year net-income projection by about a third to 7.5 billion yen, citing more-than-expected sales and cost cuts. The stock slipped 1.4 percent to 852 yen.
Nippon Sheet Glass Co. (5202 JT): The glassmaker will cut 150 jobs in the U.K. as it plans to halt one of three production lines in the country by the end of April, according to a statement. The stock dropped 2.3 percent to 128 yen.
San Miguel Brewery Inc. (SMB PM): The largest Philippine beer-maker said profit rose 17.4 percent to 12.2 billion pesos ($287 million) last year from 10.4 billion pesos in 2010. San Miguel Brewery gained 0.4 percent to 28.50 pesos. San Miguel Corp. (SMC) , owner of the brewery, lost 0.8 percent to 116.60 pesos.
SATS Ltd. (SATS SP): The airline-services provider said third-quarter profit fell 25 percent from a year earlier to S$38.2 million ($31 million). The shares rose 1.7 percent to S$2.39.
Sumitomo Metal Mining Co. (5713 JT): Japan’s top nickel producer cut its full-year net-income forecast 19 percent to 54 billion yen, citing increased depreciation costs. The company also decreased its planned second-half dividend to 10 yen per share from 16 yen. The stock slumped 0.9 percent to 1,118 yen.
Takata Corp. (7312 JT): The maker of automobile safety equipment cut its full-year net-income forecast 17 percent to 12 billion yen, with lower sales. The stock slid 0.8 percent to 1,840 yen.
Toppan Printing Co. (7911 JT): The printing company slashed its full-year net income projection 54 percent to 6 billion yen, citing slumping demand from semiconductor and liquid crystal display makers. The stock was unchanged at 595 yen.
Toyota Motor Corp. (7203 JT): Japan’s biggest carmaker raised its net-income forecast 11 percent to 200 billion yen as rebounding sales in the U.S. help Japanese manufacturers emerge after a year marked by natural disasters at home and in Thailand. The stock was unchanged at 2,986 yen.
Yokogawa Electric Corp. (6841 JT): The maker of electronic measuring tools returned to profit with 1.22 billion yen in net income for the nine months ended Dec. 31, compared with a loss of 4.78 billion yen a year earlier. The stock lost 1.7 percent to 764 yen.
To contact the reporter on this story: Norie Kuboyama in Tokyo at firstname.lastname@example.org
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