China Unicom, Ferrotec, Olympus, Suzlon: Asian Stocks Preview
The following companies may have unusual price changes in Asian trading on May 21. 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.
Hong Kong developers: Hong Kong’s secondary private residential property prices gained 0.5 percent in the week ended May 13 from a week earlier, Centaline Property Agency said on its website.
Sun Hung Kai Properties Ltd. (16) (16 HK), Hong Kong’s biggest developer, slid 0.7 percent to HK$87.15. Cheung Kong (Holdings) Ltd. (1) (1 HK), controlled by billionaire Li Ka-shing, fell 1.6 percent to HK$91.70.
China Unicom (Hong Kong) Ltd. (762) (762 HK): The nation’s second-largest mobile phone company said it added 2.92 million subscribers for 3G subscribers in April. The stock declined 0.7 percent to HK $11.64.
Daio Paper Corp. (3880) (3880 JT): The paper producer said it expects a return to profit of 5 billion yen ($63 million) in the fiscal year that started April 1 from net loss of 5.32 billion yen a year earlier. The stock slumped 2.9 percent to 399 yen.
Ferrotec Corp. (6890) (6890 JQ): The maker of quartzware for semiconductors and other industrial applications forecast profit will plunge 74 percent to 450 million yen in the year ending March 31, with a 17 percent drop in sales. The stock sank 3.8 percent to 607 yen.
Hokuriku Electric Power Co. (9505) (9505 JT): President Susumu Kyuwa asked corporations and households for their cooperation in cutting electricity consumption after the government set power- saving targets, Kyodo News reported. The stock slipped 3.5 percent to 1,201 yen.
Idemitsu Kosan Co. (5019 JT): The refiner renewed its annual crude purchase contract with Iran starting in April 2012, an official said, declining to be identified because of company policy. He didn’t give any further details. The stock fell 2.4 percent to 7,290 yen.
Japan Tobacco Inc. (2914) (2914 JT): Asia’s largest listed cigarette maker by market value said April sales volume in Japan rose more than fourfold to 9.3 billion cigarettes from the same period a year ago. Last year’s earthquake had disrupted production in the earlier period. The stock fell 1.7 percent to 407,500 yen.
MS&AD Insurance Group Holdings Inc. (8725) (8725 JT): The insurer posted a 169.5 billion yen loss in the year ended March 31, wider than its 145 billion yen loss estimate. The company said it expects to turn to profit of 80 billion yen this fiscal year. The stock slumped 4 percent to 1,251 yen.
Nippon Koei Co. (1954) (1954 JT): The provider of construction consulting and engineering services said it expects a 16 percent rise in profit to 1.65 billion yen in the year ending March 31. The stock added 1.6 percent to 261 yen.
Nippon Steel Corp. (5401) (5401 JT): The Japanese steelmaker will cut cost of making steel sheets by 10 percent to export to emerging markets, the Nikkei newspaper reported. The stock fell 2.7 percent to 181 yen.
Olympus Corp. (7733) (7733 JT): The optical-equipment maker said it agreed to pay 191.8 million yen in fines that the Financial Services Agency ordered. The stock declined 3.2 percent to 1,110 yen.
Suzlon Energy Ltd. (SUEL) : The Indian wind-turbine maker is in “advanced” stages to raise $300 million to meet bond payments and has sought a 45-day extension from bondholders to arrange the funds, according to an e-mailed statement. Shares added 0.5 percent to 20.1 rupees.
Shidax Corp. (4837) (4837 JQ): The catering and restaurant operator expects profit to rise 28 percent to 1 billion yen this fiscal year that started April 1. The stock dropped 0.6 percent to 319 yen.
Sony Financial Holdings Inc. (8729) (8729 JT): The insurance and banking arm of Sony Corp. (6758) (6758 JT) forecast profit will rise 13 percent to 37 billion yen this fiscal year that started April 1. The stock retreated 4 percent to 1,134 yen.
Vector Inc. (2656 JQ): The Internet service provider will conduct a 100-for-1 stock split, adopting a minimum trading allotment of 100 shares. The stock dropped 5.9 percent to 26,340 yen.
Yamada Denki Co. (9831) (9831 JT): The electronics retailer will invest as much as 30 billion yen to install solar panels on roofs of its 300 stores, aiming to sell power to utilities, the Nikkei reported. The stock fell 3.2 percent to 4,130 yen.
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