Alibaba.com, Canon, Hero MotoCorp, Towngas: 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.
Alibaba.com Ltd. (1688) (1688 HK): Alibaba Group Holding Ltd. received a $1 billion, three-year loan from China Development Bank Corp., which it plans to use to take its Hong Kong-traded unit private, Reuters reported, citing International Financing Review. The stock closed unchanged at HK$13.42.
Canon Inc. (7751) (7751 JT): The world’s biggest camera producer will spend as much as 50 billion yen ($640 million) to buy back up to 1.4 percent of its shares from tomorrow through July 27, according to a filing. The stock lost 5.2 percent to 2,893 yen.
CJ Corp. (001040) (001040 KS): The company plans to sell 58,823 Samsung Everland Inc. shares, according to a regulatory filing. The South Korean company dropped 2.8 percent to 76,700 won.
Fast Retailing Co. (9983 JT): Asia’s largest clothing chain said same-store sales at the retailer’s Uniqlo Japan shops fell 10.3 percent in May from a year earlier, citing lower customer traffic. The stock slid 0.9 percent to 17,610 yen.
Hero MotoCorp Ltd. (HMCL) : India’s biggest two-wheeler manufacturer will invest 25.8 billion rupees to set up two new plants and to expand its existing factories, Managing Director Pawan Munjal told reporters in New Delhi. The investment will raise the company’s capacity to 9 million units a year from 7 million. The stock gained 0.9 percent to 1,837.9 rupees, ending three days of losses.
Ilsung Pharmaceuticals Co. (003120) (003120 KS): The company plans to buy back 66,500 shares, according to a regulatory filing. The South Korean pharmaceutical company slipped 1.9 percent to 73,700 won.
Orix Corp. (8591 JT): The financial-services provider said it will pay 31 billion yen to buy out Orix Credit Corp. Sumitomo Mitsui Banking Group holds a 51 percent stake in the company with the reminder held by Orix Corp. (8591), according to a statement. Orix Corp. fell 3.3 percent to 6,420 yen.
Pigeon Corp. (7956) (7956 JT): The maker of baby-care products said net income jumped to 1.05 billion yen in the quarter ended April 30 from 337 million yen a year earlier on growing sales. The stock declined 0.5 percent to 3,065 yen.
Sankyo-Tateyama Holdings Inc. (3432) (3432 JT): The aluminum-mesh maker’s reported 4 billion yen in full-year profit, 23 percent short of its forecast, according to a preliminary earnings statement. The company cited a charge from investment losses for the result. The stock retreated 4.7 percent to 123 yen.
Senshu Electric Co. (9824) (9824 JT): The distributor of wire and cable products cut its full-year profit forecast 3 percent to 1.6 billion yen, citing higher taxes. The stock slid 0.4 percent to 967 yen.
Sumitomo Precision Products Co. (6355 JT): The aerospace products company said it will acquire 17.3 million shares of Visualant Inc. (VSUL US) for $2.25 million to hold a 22.1 percent stake in the Seattle-based security system developer. Sumitomo slid 1.3 percent to 379 yen.
Towngas China Co. (1083) (1083 HK): The utility plans 1 billion yuan ($157 million) investments in new projects this year, Radio Television Hong Kong reported, citing Chairman Alfred Chan. The stock declined 1.5 percent to HK$5.17.
Touei Housing Corp. (8875) (8875 JT): The homebuilder said profit fell 39 percent to 851 million yen in the quarter ended April 30. The stock slipped 2.4 percent to 729 yen.
United Arrows Ltd. (7606) (7606 JT): The apparel chain said same- store sales rose 1.6 percent in May from a year earlier. The stock dropped 1.7 percent to 1,868 yen.
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