Acom, Cipla, Inpex, Noble, Sony, Yamada: 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.
Acom Co. (8572) (8572 JT): The consumer lender said it expects an 89 percent jump in net income to 40.5 billion yen ($508 million) in the year ending March 31. The stock advanced 2.1 percent to 1,580 yen.
Autobacs Seven Co. (9832 JO): The autoparts retailer will spend as much as 8.1 billion yen to buy back up to 1.8 million shares through Dec. 20. The company also said it will retire 4.7 percent of its outstanding shares on May 17. The stock gained 2.2 percent to 3,945 yen.
Asahi Glass Co. (5201) (5201 JT): The company said profit plunged 54 percent to 17.7 billion yen in the three months ended March 31 on dropping sales. The stock climbed 0.2 percent to 587 yen.
City Developments Ltd. (CIT) : Singapore’s second-biggest homebuilder said first-quarter net income tumbled 44 percent from a year earlier to S$156.8 million ($125 million). The stock added 0.4 percent to S$10.22.
Cipla Ltd. (CIPLA) : India’s third-biggest drugmaker posted fourth-quarter profit that rose 36 percent from a year earlier to 2.92 billion rupees, exceeding the median estimate of 2.85 billion rupees in a Bloomberg News survey of 29 analysts. Shares gained 1.1 percent to 326.4 rupees.
China Overseas Land & Investment Ltd. (688) (688 HK): The mainland’s biggest developer by market value said its property sales for April rose 45 percent from a year earlier. The stock fell 0.1 percent to HK$16.
China State Construction International Holdings Ltd. (3311) (3311 HK): The provider of building construction said new contract value for the first four months of 2012 rose 7.1 percent from a year earlier. The stock slid 1.3 percent to HK$6.75.
Chubu Electric Power Co. (9502 JT) and Kansai Electric Power Co. (9503 JT): The power providers were among seven Japanese utilities that had their ratings cut by Moody’s Investors Service on concern regulatory uncertainty after last year’s tsunami and nuclear meltdown will hurt profit. Chubu rose 1.5 percent to 1,272 yen, while Kansai gained 5.5 percent to 1,090 yen.
Dongkuk Steel Mill Co. (001230) (001230 KS): The company plans to halt operation at a steel plate factory in Pohang, South Korea, due to oversupply and increased output from other plants, according to an exchange filing. South Korea’s third-largest steelmaker rose 1.2 percent to 16,750 won.
Genting Singapore Plc (GENS) : The theme park and casino operator reported first-quarter net income dropped 33 percent from a year ago to S$205.5 million. The shares slipped 1.2 percent to S$1.67.
Inpex Corp. (1605) (1605 JT): Japan’s top oil explorer by market value said profit rose 51 percent to 194 billion yen in the year ended March 31. The company forecast a 16 percent drop in profit to 164 billion yen this fiscal year on falling sales. The stock added 0.1 percent to 489,000 yen.
Isuzu Motors Ltd. (7202) (7202 JT): The truck maker forecast operating profit will rise 26 percent to 123 billion yen on growing sales in the year started April 1. The company expects an 11 percent drop in net income to 81 billion yen this fiscal year. The stock climbed 1.1 percent to 445 yen.
Noble Group Ltd. (NOBL SP), Asia’s biggest listed commodities trader, said first-quarter net income fell 46 percent from a year earlier to $110 million, missing the $161 million average of three analyst estimates compiled by Bloomberg.
Nexon Co. (3659) (3659 JT): The online game developer boosted its full-year profit forecast 13 percent to 37.8 billion yen, citing better-than-expected earnings from its titles. The stock lost 4.2 percent to 1,475 yen.
Olympus Corp. (7733) (7733 JT): The optical-equipment maker swung to a loss of 49 billion yen in the year ended March 31, wider than its forecast for a 32 billion yen loss. The stock rose 1.4 percent to 1,130 yen.
Sony Corp. (6758) (6758 JT): The electronics maker forecast annual profit of 30 billion yen, less than half analysts’ estimates, on slumping sales of video games and TVs. The stock slid 1.2 percent to 1,213 yen.
Singapore Exchange Ltd. (SGX) : Chi-East Pte Ltd., the dark-pool stock operator jointly owned by the Singapore bourse and Chi-X Global Inc., is closing down after trading volumes failed to meet its expectations. Singapore Exchange added 0.2 percent to S$6.51.
Yamada Denki Co. (9831) (9831 JT): The electronics retailer said it expects profit to drop 47 percent to 21.6 billion yen in the six months started April 1 on falling sales. The stock retreated 1.2 percent to 4,455 yen.
To contact the reporter on this story: Norie Kuboyama in Tokyo at firstname.lastname@example.org