Genetec, Hotai, Largan, PLDT, Rio: Asia Ex-Japan Stock Preview
July 6 (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.
Alliance Global Group Inc. (AGI PM): Travellers International Hotel Group Inc., a venture of Alliance with Genting Hong Kong Ltd. (678 HK), has signed a so-called memorandum of understanding with a major international hotel management company to run the fifth hotel that will be put up in the first Philippine casino gaming estate, a stock-exchange filing showed. Alliance was unchanged at 11.64 pesos. Genting was unchanged at HK$2.92.
Genetec Technology Bhd. (GENE MK): The Malaysian industrial automated equipment maker won orders valued at 45.4 million ringgit ($15 million) from its existing and new clients, it said in a statement. Genetec last traded at 24 sen on July 1.
Hotai Motor Co. (2207 TT): The Taiwanese car dealer for Toyota vehicles was raised to “buy” from “neutral” with a NT$130 share price estimate by Eric Yang, analyst at Jih Sun Securities. The stock fell 1.4 percent to NT$106.50.
KB Financial Group Inc. (105560 KS): The owner of South Korea’s largest bank wants to buy life insurance companies to expand its non-banking business, the company said in a mobile- phone text message to Bloomberg News, confirming remarks made by Chairman Euh Yoon Dae to reporters. No potential targets were specified. The stock gained 0.6 percent to 52,200 won.
Largan Precision Co. (3008 TT): The Taiwanese supplier of camera lenses for Apple Inc.’s iPhones posted a 59 percent increase in sales in June to NT$1.20 billion ($42 million) from a year earlier, a stock-exchange filing showed. The stock decreased 0.6 percent to NT$960.
MRC Allied Inc. (MRC PM): The Philippine property developer said it signed an agreement with Capital Gold Pty Ltd. to explore and develop a copper-gold prospect in the southern province of Surigao del Sur. Sydney-based Capital Gold will give 40 million of its own shares to MRC Allied for a 40 percent stake in MRC Surigao, which will own the property, MRC Allied said. The stock increased 3.7 percent to 42 centavos.
Philippine Long Distance Telephone Co. (TEL PM): The nation’s largest company by market value will create voting preferred shares to align its capital structure with other domestic companies, it said in a statement. The Supreme Court last week ordered the Securities and Exchange Commission to investigate the company on possible violation of the constitutional cap on foreign ownership as 10 of 13 justices voted to define the term “capital” as referring only to voting stocks or common shares. PLDT, as the stock is also called, gained 0.1 percent to 2,398 pesos.
RFM Corp. (RFM PM): The Philippine food and drinks company may miss its goal of a 20 percent increase in profit this year even with another round of price increases, a stock-exchange filing showed. Still, Manila-based RFM is keeping its target of posting a 1 billion peso profit in 2015, according to the filing. RFM said net income last year was 625.7 million pesos. The stock decreased 1.7 percent to 1.18 pesos.
Rio Tinto Group (RIO AU): The company’s unit in Serbia plans a $27 million pre-feasibility study for mining jadarite, a mineral rich in boron and lithium, Tanjug newswire reported, citing a local official in the area of exploration. The study will be completed in two years and mining may begin in 2016 for the materials used in making batteries and cleaning products, the report said, citing Vidoje Petrovic, the mayor of Loznica in western Serbia. The company has spent $10 million so far on 75 preliminary drills, the report said. Rio, the world’s second- largest mining company by sales, gained 0.2 percent to A$83.32.
Samsung Heavy Industries Co. (010140 KS): Maersk Drilling, a unit of A.P. Moeller-Maersk A/S, said it has used a $1.3 billion option to order two more so-called ultra deepwater drill ships at Samsung Heavy. The stock fell 0.5 percent to 46,900 won.
--With assistance by Tien Hin Chan in Kuala Lumpur. Editor: John McCluskey.
To contact the reporter on this story: Ian C. Sayson in Manila at firstname.lastname@example.org
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