Chubu Electric, Honda Motor, Tata Metaliks: 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.
Hong Kong Lenders: The city’s banks approved HK$14.4 billion ($1.9 billion) of new housing mortgage last month, up 44 percent from January, a report from the Hong Kong Monetary Authority showed. Loan drawdowns increased 26 percent to HK$7.6 billion, the data showed.
Hang Seng Bank Ltd. (11 HK), controlled by HSBC Holdings Plc, slipped 0.2 percent to HK$103.30. BOC Hong Kong (Holdings) Ltd. (2388 HK) rose 0.5 percent to HK$21.40. Bank of East Asia Ltd. (23 HK) gained 0.4 percent to HK$28.85.
China Minsheng Banking Corp. (1988) (1988 HK): The nation’s first non-state lender nation’s first non-state lender, is seeking as much as HK$11.3 billion in a Hong Kong share sale. The Beijing- based bank is offering 1.65 billion shares at HK$6.65 to HK$6.86 each, according to terms for the deal obtained by Bloomberg News. That represents a discount of as much as 7 percent to the March 23 closing price of HK$7.15. The stock was suspended from trading today.
Chubu Electric Power Co. (9502 JT), Chubu Gas Co. (9540 JT), Shizuoka Gas Co. (9543 JT): The utilities will establish a gas pipeline venture in Japan on April 2, Chubu Electric said on its website. Chubu Electric fell 1.2 percent to 1,512 yen. Chubu Gas slid 0.4 percent to 231 yen. Shizuoka Gas lost 2.7 percent to 539 yen.
Hodogaya Chemical Co. (4112) (4112 JT): The chemicals maker cut its full-year net income forecast 40 percent to 1.2 billion yen ($15 million), with less-than-expected sales from slumping demand. The stock slipped 2.2 percent to 269 yen.
Honda Motor Co. (7267 JT): The carmaker may build a plant at a location high above sea level in Thailand as part of flooding countermeasures, the Yomiuri newspaper reported, citing the company. The stock fell 0.6 percent to 3,160 yen.
Korea Gas Corp. (036460) (036460 KS): Its Italian partner, Eni SpA, said it made new giant gas discovery in Mozambique. The world’s biggest importer of liquefied natural gas dropped 0.1 percent to 38,650 won.
Kyushu Electric Power Co. (9508 JT): The power company halted the No. 2 thermal power unit in Kagoshima prefecture, southwestern Japan, after it malfunctioned, Kyodo News reported, citing the utility. The stock lost 2 percent to 1,207 yen.
Oracle Corp. Japan (4716) (4716 JT): The Japanese unit of software maker Oracle Corp. said net income rose 7 percent to 16.6 billion yen in the nine months ended Feb. 29 on higher sales. The stock slid 0.9 percent to 2,951 yen.
Right On Co. (7445) (7445 JT): Net income at the casual wear retailer totaled 1.07 billion yen in the six months ended Feb. 20, beating its 700 million yen profit outlook on lower costs, Right On said in a release. The stock retreated 2.8 percent to 634 yen.
S.M. Entertainment Co. (041510) (041510 KS): The company plans to sell 22,120 new shares, according to a regulatory filing. S.M., which operates a singer management business, fell 1.4 percent to 47,350 won.
Sinopec Yizheng Chemical Fibre Co. (1033) (1033 HK): The distributor of polyester chips said full-year net income dropped to 839 million yuan ($133 million) from to HK$21.40. Bank of East Asia Ltd. (23 HK) gained 0.4 percent to HK$28.85.
Singapore Press Holdings Ltd. (SPH) : The biggest newspaper publisher in the city said it will invest 22 million ringgit ($7.2 million) in magazine publisher Blu Inc (Holdings) Malaysdia Sdn., increasing its stake in the company to 71 percent from 50 percent. Singapore Press slipped 0.8 percent to S$3.85.
Tata Metaliks Ltd. (TML) : The Indian company’s board approved the issue of 10 million redeemable preference shares to parent Tata Steel Ltd. on a preferential basis to raise 1 billion rupees, according to an exchange filing. Shares dropped 2.7 percent to 67.4 rupees.
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org