Bloomberg News

Acer, Big Sun Energy, STX, Tiong: Asia Ex-Japan Equity Preview

June 01, 2011

June 2 (Bloomberg) -- The following companies may have unusual price changes today in Asian trading, excluding Japan. Stock symbols are in parentheses, and share prices are from the previous close, unless noted otherwise.

Acer Inc. (2353 TT): Taiwan’s biggest computer company plans to cut 300 jobs in Europe, the Middle East and Africa, and will book a one-time inventory write-off of $150 million, the company said in an emailed statement. Acer fell 0.5 percent to NT$55.80.

Asia Media Group Bhd. (AMGB MK): The Malaysian advertising services provider proposed to raise as much as 18.7 million ringgit ($6.2 million) by selling a 35 percent stake in a private placement. The money raised will be used to fund capital expenditure and working capital, it said in a statement. The stock fell 2 percent to 24.5 sen.

Big Sun Energy Technology Inc. (3566 TT): The manufacturer of solar cells agreed to sell 12 million new shares for a total of NT$228 million ($7.97 million) to an unidentified strategic investor yesterday, the Hsinchu county, Taiwan-based company said in a statement to the local stock exchange. Big Sun rose 1.9 percent to NT$16.

Manila Electric Co. (MER PM): The largest Philippine power retailer is in talks with potential partners for its venture into power generation, a stock exchange filing showed. The company plans to build a portfolio of up to 1,500 megawatts of power projects and invest 9 billion pesos ($208 million) in equity for the initial 600-megawatts of generating capacity, it said. The stock gained 4.1 percent to 250 pesos.

Petron Corp. (PCOR PM): The largest Philippine oil refiner was rated “buy” with a 12-month share price target of 17.50 pesos in new coverage by Jody Santiago, an analyst at UBS AG. The stock gained 0.6 percent to 13.48 pesos.

STX Offshore & Shipbuilding Co. (067250 KS): The South Korean shipbuilder is no longer in talks with a Taiwanese ship owner for a contract to supply container vessels after they failed to agree on detailed conditions, according to the company’s regulatory filing. STX rose 6.4 percent to 30,100 won.

Tiong Nam Logistics Holdings Bhd. (TNL MK): The Malaysian transport and warehousing company agreed to buy land in Johor state from UEM Land Bhd. (ULHB MK) for 30.9 million ringgit. Tiong Nam will build a hotel and serviced apartments on the site, it said in a statement. The stock fell 3.6 percent to 1.07 ringgit and UEM Land slid 0.4 percent to 2.78 ringgit.

--With assistance from Ian C. Sayson in Manila, Chan Tien Hin in Kuala Lumpur. Editor: John McCluskey.

To contact the reporter on this story: Berni Moestafa in Jakarta at bmoestafa@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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