China Petroleum, Higashi Nihon, Pioneer TEC: 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.
China Petroleum and Chemical Corp. (386 HK), ENN Energy Holdings Ltd. (2688 HK): The companies said they have submitted required applications or notifications related to their acquisition bid for China Gas Holdings Ltd. (384 HK) to the Chinese government. China Petroleum rose 1 percent to HK$8.80. ENN Energy dropped 2.8 percent to HK$25.80. China Gas slid 1.6 percent to HK$3.69.
Dream International Ltd. (1126) (1126 HK): The toy manufacturer said it expects “considerably lower” profit for the year ended Dec.31 from a year earlier on lower market demand in Japan after its March 11 earthquake. The stock rose 1.8 percent to 56 Hong Kong cents.
Higashi Nihon House Co. (1873) (1873 JQ): The homebuilder said its loss for the three months ended Jan. 31 narrowed 51 percent to 578 million yen ($7.16 million) from a year earlier. The stock rose 4.7 percent to 269 yen.
Kachikaihatsu Co. (3010) (3010 JT): The property developer cut its forecast to an 800 million yen loss for the year through March 31 from an earlier projection for a 100 million yen profit. The stock declined 2.9 percent to 34 yen.
Pioneer Corp. (6773) (6773 JT): The maker of car-navigation systems and audio equipment said it won’t pay a year-end dividend, citing the effects of the March 11 earthquake and floods in Thailand. The stock gained 2.1 percent to 398 yen.
Power Assets Holdings Ltd. (6) (6 HK): The electricity supplier said net income for the year ended Dec. 31 rose to HK$9.08 billion ($1.17 billion) from HK$7.19 billion from a year earlier. The stock climbed 0.4 percent to HK$57.45.
Toshiba TEC Corp. (6588) (6588 JT): The maker of electronic equipment was cut to “neutral” from “buy” by Ryosuke Katsura, an analyst at Mizuho Securities Co. The stock rose 1.7 percent to 301 yen.
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