Alps Electric, Daiseki, NEC, Resona, Yaskawa Electric: Japan Equity Movers
Japan’s Nikkei 225 Stock Average fell 1.76 to 9,498.49 as of the close of trading in Tokyo. The following were among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Asahi Kasei Corp. (3407 JT), the chemicals company, increased 2.4 percent to 479 yen. The company had net income of 7 billion yen ($86.2 million) on a parent basis in the April- September period, 40 percent higher than the company’s forecast, because of a dividend payment from a subsidiary, according to a preliminary earnings statement.
Chiyoda Integre Co. (6915 JT), the electronic-components maker, jumped 9.9 percent to 986 yen, the most since December 2008. The company said it will spend as much as 450 million yen to buy back up to 2.12 percent of its outstanding shares.
Daiseki Co. (9793 JT), the waste-disposal-service company, rose 3.4 percent to 1,472 yen. The company was rated new “neutral plus” at Cosmo Securities Co. The target share price was set at 1,650 yen.
Fujishoji Co. (6257 JQ), the pachinko-machine maker, gained 2.6 percent to 72,100 yen. The company said it will repurchase as much as 1.18 percent of its outstanding shares for up to 300 million yen.
NEC Corp. (6701 JT), the electronics manufacturer, rose 4 percent to 237 yen. The company was raised to “outperform” from “neutral” at Credit Suisse Group AG and boosted to “buy” from “neutral” by Goldman Sachs Group Inc. The share price estimate was also raised to 320 yen from 225 yen by Credit Suisse. It was left unchanged at 300 yen by Goldman Sachs.
PanaHome Corp. (1924 JT), a homebuilder, rose 4.4 percent to 478 yen. The company’s first-half net income totaled 1 billion yen, compared with its forecast of a 300 million yen profit, according to a preliminary earnings statement. The company said increased sales and lower fixed costs contributed to the profit.
Resona Holdings Inc. (8308 JT), Japan’s fourth-largest bank, fell 2.7 percent to 656 yen. The company’s target share price was reduced to 700 yen from 1,100 yen by Goldman Sachs Group Inc., which maintained its “neutral” rating on the stock.
Start Today Co. (3092 JT), the operator of Internet shopping sites for apparel, gained 3.2 percent to 261,300 yen. The company reported net income in the April-September period jumped to 1.37 billion yen from 698 million yen a year earlier, according to a preliminary earnings statement. That was 57 percent higher than the company’s forecast.
Taiheiyo Cement Corp. (5233 JT), the cement maker, lost 5 percent to 96 yen. The company was cut to “neutral” from “outperform” by Credit Suisse AG. The share price target was also reduced to 110 yen from 160 yen.
Yaskawa Electric Corp. (6506 JT), the maker of servomotors, increased 2.4 percent to 680 yen. The company boosted its net income forecast for the year ending March by 63 percent to 6.5 billion yen. The company’s first-half profit reached 1.7 billion yen, exceeding its projection by 13 percent.
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