Bank of China, DeNA, Secom, Sun Hung Kai: Asian Stocks Preview
The following companies may have unusual price changes in Asian trading on April 2. 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.
Bank of China Ltd. (3988 HK): The Beijing-based lender has no plans to raise capital from the markets this year, Executive Director Wang Yongli said. President Li Lihui said fee income for the industry will slow this year from 2011. The stock rose 1.6 percent to HK$3.13.
China Foods Ltd. (506) (506 HK): The food processor said its profit for the year ended Dec. 31 rose 51 percent to HK$646 million ($83 million) from a year earlier. The company applied to resume trading from April 2 after being suspended on March 30, it said. The stock last traded at HK$7.48.
DeNA Co. (2432 JT): Japan’s biggest social-network operator will offer online games featuring Walt Disney Co.’s characters through DeNA’s Mobage gaming platform, according to a statement. DeNA lost 2 percent to 2,293 yen.
Dentsu Inc. (4324) (4324 JT): The nation’s biggest advertising company extended an agreement to act as Facebook Inc.’s (FB US) sales and marketing representative in Japan, according to a statement. Dentsu slid 0.1 percent to 2,636 yen.
Fuji Heavy Industries Ltd. (7270) (7270 JT): The maker of Subaru vehicles and industrial machinery agreed to sell its wind- turbine generator system business to Hitachi Ltd. (6501), according to a joint statement. Fuji Heavy fell 0.8 percent to 665 yen.
Hitachi Ltd. (6501 JT): The electronics maker will apply to delist its American Depositary Receipts from the New York Stock Exchange in April due to low trading volume, according to a statement. The stock rose 0.4 percent to 531 yen.
JX Holdings Inc. (5020) (5020 JT): JX Nippon Oil & Energy Corp., an unlisted unit of JX Holdings, plans to process 6.1 million kiloliters of crude oil in April, 30 percent more than a year earlier, according to a company executive who declined to be identified because of internal policy. The stock slipped 0.2 percent to 513 yen.
Kameda Seika Co. (2220 JT): The rice cracker producer will move its shares to the Tokyo Stock Exchange’s first section from April 6, Kameda said in a release. The stock retreated 0.5 percent to 1,536 yen.
Mizuho Financial Group Inc. (8411) (8411 JT): Japan’s third- biggest bank by market value scheduled its proposed merger of corporate and retail lending units to July next year, it said in a statement. The stock lost 2.2 percent to 135 yen.
Oil and Natural Gas Corp. (ONGC IN): India’s largest oil explorer signed an agreement with Conocophillips (COP US) for exploration and development of shale gas in India, North America and elsewhere, according to a statement. Separately, ONGC Chairman Sudhir Vasudeva said in Mumbai that production at the company’s overseas unit may fall to 8.6 million tons in the year ending March 2013, from 9 million tons this fiscal. The shares rose 3.1 percent to 268.35 rupees.
Orient Corp. (8585) (8585 JT): The consumer-credit company cut its net income forecast 77 percent to 2 billion yen ($24 million) for the year ending March 31, citing interest repayment losses. The stock retreated 2.1 percent to 93 yen.
Secom Co. (9735) (9735 JT): The security-service company cut its full-year net income forecast 39 percent to 35.2 billion yen, citing a drop in the value of commercial-use properties and fixed assets. The stock slipped 0.3 percent to 4,050 yen.
Sega Sammy Holdings Inc. (6460) (6460 JT): The game maker cut its net income forecast 47 percent to 20 billion yen in the year through March 31, citing streamlining costs. The stock fell 1.2 percent to 1,734 yen.
Showa Corp. (7274) (7274 JT): The hydraulic products maker said it is considering forming a strategic tie-up with TRW Automotive Inc. (357970Z US) on electronic steering technology. Showa climbed 0.3 percent to 680 yen.
Strides Arcolab Ltd. (STR) : The Indian drugmaker received an approval from the U.S. Food and Drug Administration for its methotrexate injection for cancer, a drug that has been in short supply in U.S. hospitals due to manufacturing issues at some suppliers’ factories. The shares fell 0.4 percent to 586.85 rupees.
STX OSV Holdings Ltd. (SOH) : The world’s biggest maker of oil-rig support vessels said it won a 1.2 billion Norwegian krone ($211 million) contract from Norway’s Farstad Shipping ASA for the construction of two deep-water, anchor-handling and offshore-services vessels. STX OSV added 0.6 percent to S$1.765.
Sun Hung Kai Properties Ltd. (16) (16 HK): The Hong Kong developer at the center of a corruption probe was placed on negative watch by Standard & Poor’s. The arrest of the company’s executive directors could weaken the management’s stability and reputation, S&P said. The stock tumbled 13 percent to HK$96.50.
Wacoal Holdings Corp. (3591) (3591 JT): The underwear maker will acquire closely held lingerie maker Eveden Group Ltd. (9426402Z LN) for 152 million pounds ($243 million) including debt, according to a statement. Wacoal rose 1.3 percent to 981 yen.
To contact the reporter on this story: Norie Kuboyama in Tokyo at email@example.com
To contact the editor responsible for this story: Nick Gentle at firstname.lastname@example.org