Aderans, BOC, Kagome, MRPL, Olympus, Sony: 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.
Aderans Co. (8170) (8170 JT): The wig-maker said it returned to profit with 1.13 billion yen ($14 million) in net income for the year ended Feb. 29, beating its 400 million yen forecast. The company cited domestic sales and cost cuts for the results. It expects a 12 percent drop in net income to 1 billion yen this fiscal year. The stock slipped 1.8 percent to 853 yen.
BOC Hong Kong (Holdings) Ltd. (2388) (2388 HK): The lender is best positioned to gain from development of offshore yuan market as lower expectations of the appreciation of the Chinese currency may boost demand for yuan loans in Hong Kong, Goldman Sachs Group Inc. analysts Gurpreet Singh Sahi and Vincent Chang said. The stock rose 3.5 percent to HK$22.45.
Fast Retailing Co. (9983) (9983 JT): Asia’s biggest clothing retailer raised its net-income forecast to 81.5 billion yen, saying it expected higher sales overseas in the year ending Aug. 31. The company earlier projected a 70 billion yen gain. Shares rose 1.5 percent to 17,470 yen.
Kagome Co. (2811) (2811 JT): The food processor said net income was 4.2 billion yen for the year ended March 31, compared with its forecast of 3.3 billion yen. Kagome gained 0.3 percent to 1,564 yen.
Mangalore Refinery & Petrochemicals Ltd. (MRPL) : The refiner, a unit of India’s largest explorer, partially shut its plant in southern India because of a water shortage, according to U.K. Basu, the company’s managing director. MRPL may have to close the facility fully in five days if the water supply is not restored, he said. Shares rose 2.8 percent to 66.80 rupees.
Olympus Corp. (7733) (7733 JT): Former President Michael Woodford submitted a written query seeking a detailed explanation from President-designate Hiroyuki Sasa and other board members for his firing in October. The stock fell 0.4 percent to 1,300 yen.
Sony Corp. (6758) (6758 JT): Japan’s leading exporter of consumer electronics will cut 10,000 jobs, or about 6 percent of its workforce, two days after reporting a record loss as new Chief Executive Officer Kazuo Hirai implements the company’s biggest labor reduction in three years. Sony gained 0.9 percent to 1,528 yen.
Sun Hung Kai Properties Ltd. (16) (16 HK): The developer’s Chinese branch started talks with banks in January to refinance a 2.7 billion yuan ($428 million) three-year loan from October 2009, Thomson Reuters Basis Point reported, citing unidentified people. The stock fell 0.2 percent to HK $95.20.
To contact the editor responsible for this story: Nick Gentle at email@example.com