By Akiko Ikeda
April 10 (Bloomberg) -- The following companies may have unusual price changes in Japanese trading today. Stock symbols are in parentheses, and share prices are from the previous close. The information in each item was released after markets shut, unless stated otherwise.
Chubu Steel Plate Co. (5461 JN): The maker of steel plates will take a charge of 1.35 billion yen ($13.5 million) on devalued stockholdings for the year ended March 31. The company is assessing the impact of the charge on its earnings. The stock slid 0.4 percent to 576 yen.
Denyo Co. (6517 JT): The welding machine maker said it will spend as much as 300 million yen to buy back up to 1.25 percent of its outstanding shares from April 13 through August 31. The stock gained 3 percent to 648 yen.
Fast Retailing Co. (9983 JT): Japan’s biggest clothing retailer’s first-half net income increased 24 percent to 35.6 billion yen on a 13 percent gain in sales, buoyed by strong sales of winter clothes and store openings. The stock rose 2 percent to 11,630 yen.
Hikari Tsushin Inc. (9435 JT): The mobile telecommunication subscription agency said it will form a venture with Japan Best Rescue System Co. (2453 JT) to provide mobile content services. Hikari Tsushin gained 1.2 percent to 2,075 yen. Japan Best Rescue System was unchanged at 35,600 yen.
Meisei Electric Co. (6709 JT): The maker of unmanned weather observation systems said in a preliminary earnings statement its full-year net income rose to 500 million yen from 122 million yen a year ago, beating its forecast of 238 million yen profit. The company said an increase in sales of equipment for aviation meteorology and air traffic control as well as cost cuts contributed to the profit gain. The stock jumped 19 percent to 113 yen.
Misumi Group Inc. (9962 JT): The mail-order distributor of precision machinery parts said full-year net income totaled 5.3 billion yen, missing its forecast by 36 percent. It cited output cuts among automakers and electronics makers and weak capital spending. The company earned a 9.7 billion yen profit a year earlier. Misumi reduced the planned yearend dividend to 3 yen from 9 yen, because of the weak earnings. Separately, the company projected its operating profit for the year ending in March 2010 will be about 5 billion yen, down from the company’s outlook of a 10.5 billion profit for the year just ended. The stock advanced 4.4 percent to 1,372 yen.
Mitsubishi Chemical Holdings Corp. (4188 JT): The chemical maker will withdraw from polystyrene and PVC plastic businesses as early as this year, the Nikkei newspaper reported, without saying where it obtained the information. The company will sell its 27.5 percent stake in its polystyrene business for as much as 3 billion yen to Asahi Kasei Chemicals Corp. (ASHKCZ JP) and Idemitsu Kosan Co. (5019 JT), the venture partners. Mitsubishi Chemical is also in talks with Toagosei Co. (4045 JT) to dissolve their PVC venture, the report said. Mitsubishi Chemical rallied 4.5 percent to 375 yen. Idemitsu rose 2.1 percent to 7,770 yen. Toagosei advanced 4.2 percent to 248 yen.
Nippon Mining Holdings Inc. (5016 JT): Japan’s sixth- biggest oil refiner may beat its net loss forecast because of a rule change making dividend payments from overseas units exempt of tax, Nikkei English News said, without citing anyone. The company may post a net loss of 42 billion yen for the year ended last month, better than its 57 billion yen loss forecast in February, the report said. The stock gained 2.2 percent to 417 yen.
Onward Holdings Co. (8016 JT): The apparel maker said it expects to earn 3.6 billion yen in full-year net income, recovering from a net loss of 30.9 billion yen in the year ended Feb. 28. That loss was wider than its forecast of a 16.9 billion yen loss because of goodwill depreciation and impairment losses on fixed assets. Onward had a profit of 12.2 billion yen a year earlier. The stock rose 2.8 percent to 704 yen.
Seven & I Holdings Co. (3382 JT): Japan’s largest retailer forecast profit will rise 33 percent this year, less than analyst estimates. Net income may be 123 billion yen in the 12 months ending February 2010, up from 92.3 billion yen last year, the company said in a statement. That compares with the 140 billion yen median estimate of 15 analysts surveyed by Bloomberg. The stock added 1.8 percent to 2,310 yen.
Sharp Corp. (6753 JT) and Pioneer Corp. (6773 JT): The electronics makers said they reached an agreement to form a venture to manufacture and market optical disk drives, recorders and players. They aim to start operations by Oct. 1. Sharp surged 11 percent to 900 yen. Pioneer soared 19 percent to 230 yen.
Shinkin Central Bank (8421 JT): The lender will book a 2.09 billion yen charge for the year ended March 31 on devalued securities holdings. The bank’s net loss for the period amounted to 1.84 billion yen, wider than its earlier projection of a 370 million yen deficit, according to a preliminary earnings statement. It plans to cut board members’ salaries as much as 50 percent for a year. The stock slid 0.4 percent to 247,000 yen.
Showa Denko K.K. (4004 JT) and Marubeni Corp. (8002 JT): The chemical products maker and the trading company will form a venture with an Indonesian metal mining company to produce alumina in Indonesia, investing about 30 billion yen, the Nikkei newspaper reported, without saying where it got the information. They plan to start operations in 2013, according to the report. Showa Denko jumped 6.9 percent to 140 yen. Marubeni rallied 5 percent to 358 yen.
Star Micronics Co. (7718 JT): The maker of electronic buzzers and card readers forecast it will have a 3.5 billion yen net loss in the year ending Feb. 28, compared with a profit of 4.34 billion yen in the year just ended. Profit in the latest period was 46 percent lower than a year earlier because of weak capital spending as well as impairment losses on fixed assets. The stock added 2.5 percent to 970 yen.
Sumitomo Mitsui Financial Group Inc. (8316 JT): Japan’s second-biggest bank by market value plans to sell as much as 800 billion yen of shares to restore capital after posting its first annual loss in four years. The bank posted a net loss of 390 billion yen in the 12 months ended March 31, according to a filing to the finance ministry. The stock rallied 5.3 percent to 3,610 yen.
Tokuyama Corp. (4043 JT): The industrial-chemical maker had a net loss of 6 billion yen in the year ended March 31, compared with its forecast of a 500 million yen profit, according to a preliminary earnings statement. The company cited a bigger-than- expected drop in demand and delays in a planned share sale for the loss. Tokuyama earned 18.9 billion yen in profit a year ago. The stock rallied 4.2 percent to 666 yen.
Tokyo Electric Power Co. (9501 JT): The utility may restart as early as this month a nuclear power plant that was damaged by a 2007 earthquake, Nikkei English News reported, without specifying how it obtained the information. The stock slid 0.8 percent to 2,440 yen.
Toyota Motor Corp. (7203 JT): The automaker expects its 2009 global car sales to drop 20 percent, Kyodo News reported, citing unidentified people close to the situation. Toyota projected sales of 6.35 million units to 6.48 million units on a consolidated basis, the lowest since 2003, according to Kyodo. The stock rose 4.3 percent to 3,910 yen.
Tsumura & Co. (4540 JT): The drugmaker’s operating profit may rise 14 percent to 19 billion yen for the year that began this month, the Nikkei newspaper said. Sales at the Tokyo-based company, which makes herbal medicines, may gain 3 percent to 93 billion yen, the report said. The stock fell 1.8 percent to 2,515 yen.
Uny Co. (8270 JT): The department store chain said it expects its full-year net income will decline 12 percent to 4.7 billion yen. Profit in the year ended Feb. 20 jumped to 5.34 billion yen from 377 million yen a year earlier, helped by a merger with U Store Co. (9859 JP). The stock added 1.2 percent to 820 yen.
To contact the reporter on this story: Akiko Ikeda in Tokyo at iakiko@bloomberg.net.
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