Anhui Conch, Canon Electronics, Keppel: Asian 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.
Anhui Conch Cement Co. (914) (914 HK): The maker of the building material said net profit for the first quarter of 2012 fell 44 percent to 1.25 billion yuan ($198 million) from a year ago. The stock rose 1.2 percent to HK$25.20.
Ambuja Cements Ltd. (ACEM) : A unit of Holcim Ltd. had a first-quarter profit of 3.12 billion rupees, compared with 4.07 billion rupees a year earlier, according to an exchange filing. That was below the 4.52 billion-rupee estimate in a Bloomberg survey. The shares fell 0.9 percent to 164.85 rupees.
Canon Electronics Inc. (7739) (7739 JT): The maker of office electronics said net income rose 42 percent to 2.14 billion yen ($26 million) in the quarter ended March 31, buoyed by lower sales and administration costs. The stock rose 0.9 percent to 2,000 yen.
Eiken Chemical Co. (4549) (4549 JT): The maker of clinical diagnostic aids had 1.46 billion yen in profit for the year ended March 31, 35 percent more than its forecast, according to a preliminary earnings statement. The company cited cost cuts and a gain from sale of an office for the result. The stock declined 0.6 percent to 1,094 yen.
Huaneng Power International Inc. (902) (902 HK): The Chinese power producer said it expects net profit for the three months ended March 31 to rise by more than 50 percent from a year earlier on adjustments to the nation’s on-grid tariffs and higher profit from its Singapore business. The stock rose 0.7 percent to HK$4.39.
Ichigo Group Holdings Co. (2337 JQ): The real estate asset manager forecast net income will fall 44 percent to 1 billion yen in the year started March 1. The company also expects a 43 percent gain in operating profit to 1.5 billion yen this fiscal year. The stock fell 0.7 percent to 8,700 yen.
Korea Aerospace Industries Ltd. (047810) (047810 KS): Korea Finance Corp. will select arrangers this month as it prepares to sell a more than 40 percent stake in Korea Aerospace. The state-run financier and three other shareholders expect to sell the stake in Korea Aerospace by the end of this year, Chief Executive Officer Chin Young Wook said. The other shareholders include Hyundai Motor Co. (005380) (005380 KS), Samsung Techwin Co. (012450 KS) and Doosan Group. Korea Aerospace added 2.2 percent to 30,050 won.
Keppel Corp. (KEP) : The world’s biggest builder of oil rigs said first-quarter net income more than doubled to S$751 million ($600 million) from S$312 million a year earlier. The stock rose 0.7 percent to S$11.55.
LG Chem Ltd. (051910) (051910 KS): South Korea’s biggest chemicals maker reported a bigger-than-estimated 42 percent decline in first-quarter profit as demand in China waned for materials used to make plastic and synthetic rubber. The stock added 0.1 percent to 347,500 won.
M3 Inc. (2413) (2413 JT): The company said it will partner with Takeda Pharmaceutical Co. (4502 JT) on a medical information service. Separately, M3 booked 4.5 billion yen in net income, beating its forecast by 8.4 percent on growing sales, according to a preliminary earnings statement. M3 slid 0.8 percent to 327,000 yen. Takeda lost 1.7 percent to 3,450 yen.
Meganesuper Co. (3318 JQ): The eyewear retailer said it will take a 250 million yen charge for job cuts in the year ending this month after 455 workers accepted a severance package. The stock was unchanged at 130 yen.
MTI Ltd. (9438) (9438 JQ): The mobile-communications provider’s profit was 181 million yen for the six months ended March 31, missing its forecast by 40 percent, according to a preliminary earnings statement. MTI cited software-related losses for the results. The stock sank 4.4 percent to 102,800 yen.
Uchiyama Holdings Co. (6059 JQ): The operator of nursing homes and restaurants will start trading on the Osaka Securities Exchange’s Jasdaq Standard market, with an initial offering price of 1,480 yen per share.
Workman Co. (7564 JQ): The uniforms maker’s profit was 4.38 billion yen in the year ended March 31, beating its forecast by 11 percent, according to a preliminary earnings statement. The company cited growing sales of winter clothing and work goods for the results. The stock climbed 1.7 percent to 2,513 yen.
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