Huaneng Power, LG Display, Posco: Asia Ex-Japan Equity Preview

By Anuchit Nguyen

Oct. 15 (Bloomberg) -- The following companies may have unusual price changes in Asia trading, excluding Japan, today. Stock symbols are in parentheses, and share prices are from the previous close.

Banks: Philippine banks won't need ``bailouts or gurantees'' from the government as a consequence of the global credit crisis, central bank Deputy Governor Nestor Espenilla said. Bank of the Philippine Islands (BPI PM), the nation's largest bank by value, gained 3 pesos, or 8 percent, to 40.50 pesos. Banco de Oro Unibank Inc. (BDO PM), the second-biggest local bank, rose 1.50 pesos, or 4.5 percent, to 35 pesos.

Felix Resources Ltd. (FLX AU): An Australian coal producer received new approaches from potential acquirers after global market volatility meant that the company was unable to complete an earlier sale as planned. ``Felix has recently received new approaches in relation to potential change-of-control transactions,'' Brisbane-based Felix said in a statement. The stock jumped A$1.44, or 14 percent, to A$11.40.

Formosa Petrochemical Corp. (6505 TT): Taiwan's only publicly traded oil refiner may delay the restart of a fuel-oil unit by about one week because maintenance work was hampered by typhoons. The so-called residue desulfurization unit may resume operations on Oct. 17 or Oct. 18, spokesman Lin Keh-yen said. Formosa advanced NT$2.7, or 3.8 percent, to NT$73.3.

Huaneng Power International Inc. (902 HK): China's biggest electricity producer said the government approved its plan to build a 5.2 billion yuan ($761 million) coal-fired power plant in the eastern province of Jiangsu. The 1,000-megawatt unit at Huaneng Jinling Power Plant Phase II has been approved by the National Development and Reform Commission. The stock climbed 9 cents, or 1.9 percent, to HK$4.94.

JSW Steel Ltd. (JSTL IN): India's third-largest steelmaker said it expects revenue growth to slow in the fiscal third quarter because of falling prices. The company may lower prices later this month to match global rates, Managing Director Sajjan Jindal told reporters in Mumbai. JSW's profit margins may be maintained because prices of raw materials such as coal and iron ore have eased, he said. JSW Steel dropped 23.05 rupees, or 6.9 percent, to 313.65.

LG Display Co. (034220 KS): Third-quarter profit at the world's second-largest maker of liquid-crystal displays fell 44 percent to 295 billion won ($244 million), from 524 billion won a year earlier, the Seoul-based company said. Net income, which includes a gain from currency exchange, exceeded the 184 billion won median of 15 analyst estimates in a Bloomberg survey. The stock rose 2,400 won, or 9.2 percent, to 28,500.

Malaysian Resources Corp. (MRC MK): The Employees Provident Fund, the biggest shareholder in the builder, bought 1 million shares in the company, lifting its stake to 284.8 million shares, or 31 percent, a stock exchange filing showed. Malaysian Resources was unchanged at 71.5 sen.

Orient Overseas (International) Ltd. (316 HK): Hong Kong's largest container line may cut capacity by 16 percent because of tough market conditions, Chief Financial Officer Ken Cambie said yesterday. The stock jumped HK$1.48, or 9.1 percent, to HK$17.70.

Posco (005490 KS): Asia's third-biggest steelmaker's third- quarter profit rose 40 percent to 1.22 trillion won because of price increases and cost cuts. The median estimate of 15 analysts compiled by Bloomberg was for a 1.34 trillion won profit. The stock advanced 11,000 won, or 2.9 percent, to 387,500.

SK Holdings Co. (003600 KS): The company plans to buy up to 180 billion won worth of shares on the market in SK Energy Co., South Korea's biggest oil refiner. The projected purchase is to secure a stable stake in the refiner, the Seoul-based company said in a regulatory filing. SK Holdings rose 7,500 won, or 8.2 percent, to 99,000. SK Energy (096770 KS) jumped 6,300 won, or 8.7 percent, to 78,800.

Singapore Airport Terminal Services Ltd. (SATS SP): The catering and ground-handling unit of Singapore Airlines Ltd. said its chief financial officer Goh Soo Lim resigned. The company handled 2.43 million passengers in September, down 2.1 percent from a year earlier, it said in a separate statement. The stock gained 8 Singapore cents, or 4.7 percent, to S$1.8.

United Malayan Land Bhd. (UML MK): The Malaysian property group agreed to form a joint venture with UEM Land Bhd. to develop 8.8 acres of land in Puteri Harbour in the southern Johor state. The joint venture, called Nusajaya Consolidated Sdn., was also granted an option to buy the land for 67.2 million ringgit, it said in a statement. UEM Land is a unit of UEM World Bhd. (UEM MK). United Malayan rose 2 sen, or 2.1 percent, to 97 sen.

To contact the reporter on this story: Anuchit Nguyen in Bangkok at anguyen@bloomberg.net.