China Mobile, Posco, Reliance, Toshiba: Asian Stocks Preview
The following companies may have unusual price changes in Asian trading on April 23. 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: Hong Kong’s secondary private residential property prices rose 0.7 percent in the week ended April 15 from a week earlier, Centaline Property Agency said on its website.
Sun Hung Kai Properties Ltd. (16) (16 HK), Hong Kong’s biggest developer, rose less than 0.1 percent to HK$93.90. Cheung Kong (Holdings) Ltd. (1 HK), controlled by billionaire Li Ka-shing, advanced 0.1 percent to HK$101.90.
China Mobile Ltd. (941) (941 HK): The world’s biggest phone company by subscribers said net income rose 3.5 percent to 27.8 billion yuan ($4.4 billion) for the three months ended March 31 from a year earlier. That missed the 28.2 billion yuan median estimate of four analysts in a Bloomberg News survey. The stock rose 1.5 percent to HK$87.45.
Cairn India Ltd. (CAIR) : The explorer’s fourth-quarter group profit declined 11 percent from a year earlier to 21.9 billion rupees, according to a filing. That missed the 23.7 billion-rupee median estimate in a Bloomberg News survey of 33 analysts. Shares slid 0.9 percent to 347.55 rupees
JFE Holdings Inc. (5411) (5411 JT), Megachips Corp. (6875) (6875 JT): JFE, Japan’s second-biggest steelmaker, will sell its Kawasaki Microelectronics subsidiary to Megachips for 8.5 billion yen ($104 million), according to a statement. JFE retreated 3.3 percent to 1,557 yen. Megachips, a maker of digital monitoring systems, rose 2.7 percent to 1,731 yen.
Kentucky Fried Chicken Japan Ltd. (9873) (9873 JT): The restaurant operator’s net income amounted to 1.1 billion yen in the year ended March 31, missing its forecast by 21 percent on higher tax costs, according to a preliminary earnings statement. The stock added 0.1 percent to 2,090 yen.
Koa Corp. (6999) (6999 JT): The electronic-parts maker said profit fell 38 percent to 1.65 billion yen in the year ended March 31 on falling sales, citing the stronger yen and higher raw materials costs. The stock slumped 2.6 percent to 849 yen.
Mitsubishi Motors Corp. (7211) (7211 JT): The automaker’s profit was 23.9 billion yen in the year ended March 31, 20 percent more than its forecast,on lower costs and foreign exchange gains, according to a preliminary earnings statement. The stock was unchanged at 90 yen.
Nippon Koei Co. (1954 JT): Marubeni Corp., Sumitomo Corp., and Sojitz Corp. will support the consulting company’s feasibility study on building industrial parks and infrastructure in Myanmar as the nation opens up to investment, according to an official at the trade ministry who declined to be identified due to policy. Nippon Koei rose 0.7 percent to 281 yen.
Nippon Yusen K.K. (9101) (9101 JT): Japan’s top shipping line by sales posted a 73 billion yen less in the year ended March 31, wider than its forecast of 26 billion yen, due to the reversal of deferred tax assets, according to a preliminary earnings statement. The stock climbed 1.7 percent to 241 yen.
Posco (005490) (005490 KS): The world’s third-biggest steelmaker by output said first-quarter profit fell 42 percent because of rising raw-material costs and waning demand for the metal used in cars, ships and buildings. The shares lost 0.4 percent to 378,500 won.
Reliance Industries Ltd. (RIL) : The Indian company, owner of the world’s biggest oil-refining complex, reported a 21 percent drop in fourth-quarter profit to 42.4 billion rupees. That compared with a median estimate of 42.8 billion rupees in a Bloomberg News survey of 30 analysts. Shares retreated 1.5 percent to 730.85 rupees.
Rakuten Inc. (4755) (4755 JQ): Rakuten and Baidu Inc. will end an online e-commerce service Lekutian in China next month because of increasing competition, according to statement on Rakuten’s website. Rakuten fell 1.1 percent to 89,300 yen.
Sanki Engineering Co. (1961) (1961 JT): The engineering company’s profit was 170 million yen in the year ended March 31, missing its forecast by 88 percent, due to losses at affiliates, according to a preliminary earnings statement. The stock added 0.2 percent to 433 yen.
Taihei Dengyo Kaisha Ltd. (1968) (1968 JT): The plant engineering company said it will retire 4.68 percent of its outstanding shares on May 15. The stock was unchanged at 668 yen.
Tokyo Steel Manufacturing Co. (5423) (5423 JT): The company’s loss widened to 14.3 billion yen in the year ended March 31 from 10.4 billion yen a year earlier on higher production costs. The stock rose 0.7 percent to 695 yen.
Toshiba Corp. (6502) (6502 JT): The electronics maker signed a 14- year take-off agreement with Canada’s GoviEx Uranium Inc. (2965898Z NL) for a “significant portion” of the annual uranium output from GoviEx’s Niger project, Toshiba said on its website. Toshiba slid 2.4 percent to 330 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