Ashok, Cheung Kong, Hankyu, Nippon, Suzlon: Asia Stock 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.
AIA Group (1299 HK): Rafael Hui, a former chief secretary of Hong Kong, resigned as an independent director of AIA “in order to attend to other commitments.” The stock did not trade on March 29.
Asahi Broadcasting Corp. (9405) (9405 JO): The TV and radio broadcaster said it will book a charge of about 1.8 billion yen ($22 million) in the year ending March 31 as it plans to sell a concert hall in Osaka for 579 million yen, below its book value of 2.35 billion yen. The stock slid 0.4 percent to 451 yen.
Ashok Leyland Ltd. (AL) : The Indian maker of commercial vehicles is looking at opportunities in aerospace and is in talks with some firms for technology, V.Sumantran, chairman of the company’s defense systems division, said in New Delhi. The stock dropped 0.5 percent to 29.05 rupees.
Cheung Kong (Holdings) Ltd. (1) (1 HK): The developer controlled by Billionaire Li Ka-shing said net income for the year ended Dec. 31 rose to HK$46.1 billion ($5.94 billion) from a restated HK$26.8 billion a year earlier. That beat the average HK$40.5 billion estimate of 15 analysts compiled by Bloomberg. The stock fell 1.1 percent to HK$103.40.
Daio Paper Corp. (3880) (3880 JT): The paper producer will cut 900 jobs within three years by not replacing retiring workers, it said in a statement. Daio expects the job cuts to lead to about 5.5 billion yen of savings annually. The stock slipped 1.2 percent to 498 yen.
Hankyu Hanshin Holdings Inc. (9042) (9042 JT): The railway company cut its net-income forecast 7.5 percent to 37 billion yen in the year ending March 31, citing an asset impairment charge. Hankyu Hanshin raised its full-year operating profit projection 13 percent to 72 billion yen on cost cuts. The stock slid 0.8 percent to 354 yen.
Hokkaido Electric Power Co. (9509 JT): The utility will begin operations at a liquefied natural gas-fired power plant near Ishikari, northern Japan, in 2019, according to a statement. Separately, Hokkaido Electric said it expects a loss of 19 billion yen in the year ending March 31, compared with a 12 billion-yen profit in the previous period. The stock fell 0.3 percent to 1,226 yen.
Hutchison Whampoa Ltd. (13) (13 HK): Billionaire Li Ka-shing’s biggest company said net income climbed to HK$56 billion in 2011, from a restated HK$20.2 billion a year earlier. The stock slid 0.4 percent to HK$79.05.
Kansai Electric Power Co. (9503 JT): The utility can’t estimate annual supply and demand in the period between April 2012 and March 2022 because of power-saving efforts by consumers and difficulty in forecasting the resumption of nuclear-reactor operations, according to a statement posted on its website today. The stock slipped 0.2 percent to 1,281 yen.
Nippon Television Network Corp. (9404) (9404 JT): The TV broadcaster will conduct a 10-for-1 stock split and change its minimum trading unit to 100 shares from 10 shares. Nippon Television also said it will become a broadcasting holding company and merge with affiliates BS Nippon Corp. and CS Nippon Corp. in October. Nippon Television gained 2.5 percent to 13,110 yen.
PetroChina Co. (857) (857 HK): The country’s biggest energy producer said net income for the year ended Dec. 31 fell 5 percent to 133 billion yuan ($21 billion) from a year earlier. That compares with a mean estimate of 138 billion yuan in a survey of 20 analysts compiled by Bloomberg. The stock fell 2 percent to HK$10.74.
Shikoku Electric Power Co. (9507 JT): The utility said it will retire 5 million shares, or about 2.2 percent of those outstanding, on March 30. The stock retreated 0.3 percent to 2,336 yen.
Sumitomo Metal Mining Co. (5713 JT) and Hitachi Cable Ltd. (5812 JT): The companies will study integrating their lead-frame businesses and Hitachi Cable’s copper-products business, according to statements. Sumitomo Metal, a copper producer, lost 2.4 percent to 1,179 yen. Hitachi Cable Ltd. (5812), a maker of power cables, rose 2 percent to 208 yen.
Sumitomo Realty & Development Co. (8830 JT): Japan’s third- biggest property company by market value got approval from Tokyo for a 114.1 billion yen redevelopment project in the Roppongi district, according to statement on its website. The stock added 0.1 percent to 2,006 yen.
Sumitomo Seika Chemicals Co. (4008) (4008 JT): The maker of chemical products cut its net-income forecast 31 percent to 2 billion yen for the year ending March 31, citing higher fuel prices and a stronger yen. A drop in the value of fixed assets also hurt earnings, it said in a statement. The stock climbed 0.3 percent to 391 yen.
Suzlon Energy Ltd. (SUEL) : The Indian wind-turbine maker said about 200 workers at unit SE Forge’s manufacturing plant in the southern city of Coimbatore are on strike, according to an exchange filing. The shares slumped 3 percent to 26.1 rupees.
To contact the reporter on this story: Norie Kuboyama in Tokyo at firstname.lastname@example.org
To contact the editor responsible for this story: Nick Gentle at email@example.com