Bridgestone, Gree, Pacific Metal, Redington: Asia Stocks Preview
The following companies may have unusual price changes in Japanese trading on May 28. 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.
Bridgestone Corp. (5108) (5108 JT): The company will shift production of tire molds from Tokyo to a plant in Kurume, according to a statement on its website today. The stock rose 1.7 percent to 1,705 yen.
Dr. Ci:Labo Co. (4924) (4924 JT): The cosmetics company cited promotion costs as it cut its operating profit forecast by 12 percent to 10 billion yen ($126 million) for the year ending July 31, according to a statement. Analysts’ had expected a 11.7 billion yen gain. The stock added 0.3 percent to 309,000 yen.
Gree Inc. (3632) (3632 JT), DeNA Co. (2432 JT): Six social-gaming operators including Gree and DeNA agreed to end use of “complete gacha” sales method, which came under scrutiny by regulators, according to the statement. Gree slumped 5.1 percent to 1,366 yen. DeNA slid 4.3 percent to 1,828 yen.
Lotte Chilsung Beverage Co. (005300) (005300 KS): The company plans to spend 180 billion won ($153 million) to build a brewery in Chungju, South Korea, according to a filing. The South Korean beverage maker added 3.8 percent to 1.38 million won.
Oliver Corp. (7959) (7959 JN): The maker of furniture and home interior goods said net income rose 38 percent to 752 million yen on growing sales in the six months ended April 20. The stock last traded at 1,300 yen on May 18.
Pacific Metals Co. (5541 JT): Japan’s largest ferro-nickel producer said it plans to increase output by 21 percent this year after the earthquake and tsunami disrupted production in 2011. Production will rise to 34,800 metric tons in the year started April 1 from 28,700 tons a year earlier. The stock fell 4.3 percent to 315 yen.
Thine Electronics Inc. (6769) (6769 JQ): The chip-development company forecast net income of 63 million yen, according to a statement, compared with an earlier forecast for a 218 million yen loss. The stock rose 1.4 percent to 57,800 yen.
Redington (India) Ltd. (REDI) : The Indian company, which provides supply-chain services, posted fourth-quarter profit of 1.02 billion rupees, beating the median estimate of 890 million rupees in a Bloomberg News survey of five analysts. Shares rose 1.5 percent to 80.35 rupees.
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