Cheung Kong, KDDI, Nippon Sheet, Panasonic: Asian Stocks Preview
The following companies may have unusual price changes in Asian trading on March 12. 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.
Hong Kong developers: The city’s home prices rose 1.62 percent for the week ended March 4 from the previous seven-day period, Centaline Property Agency said.
Sun Hung Kai Properties Ltd. (16) (16 HK), Hong Kong’s biggest developer by market value, rose 0.3 percent to HK$116.80. Cheung Kong (Holdings) Ltd. (1 HK), controlled by billionaire Li Ka- shing, retreated 1 percent to HK$106.90.
China Resources Land Ltd. (1109) (1109 HK): The state-owned developer said net income for the year ended Dec. 31 rose 34 percent to HK$8.07 billion ($1 billion) from a year earlier. The stock rose 2.1 percent to HK$13.82.
Geely Automobile Holdings Ltd. (175) (175 HK): The unit of the Chinese automaker that owns Volvo Cars Corp. said total sales volume last month rose 23 percent from the previous year. The stock climbed 0.3 percent to HK$3.37.
Hi-Lex Corp. (7279) (7279 JO): The control cables maker said net income for the three months ended Jan. 31 fell 18 percent to 1.52 billion yen ($18.6 million) from a year earlier. The stock rose 0.5 percent to 1,427 yen.
KDDI Corp. (9433) (9433 JT): The mobile-phone operator said it signed an agreement to buy out Tokyo Electric Power Co. (9501)’s (9501 JT) stake in Japan Cablenet Holdings Ltd. KDDI rose 1.3 percent to 533,000 yen.
Nippon Sheet Glass Co. (5202) (5202 JT): The company’s issuer rating was cut to B1 from Ba1 by Moody’s Investors Service with negative outlook prior to withdrawal of rating. The glassmaker hasn’t been able to improve its earnings and cash flow due to the weak European economy and “severe” competition in emerging markets, Moody’s said. The stock rose 0.8 percent to 129 yen.
Panasonic Corp. (6752) (6752 JT): The electronic products maker said it plans to boost sales of appliances to 1.8 trillion yen in the year ending March 2016 from an estimated 1.3 trillion yen this fiscal year. The stock rose 3.5 percent to 735 yen.
Rural Electrification Corp. (RECL) : An Indian state- controlled lender to power projects has signed $150 million of loans denominated in yen. The stock rose 8.5 percent to 212.80 rupees.
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