PRE-MARKET AUSTRALIAN, JAPANESE & SOUTH KOREAN STOCK NEWS: SK Group Chairman Chey Tae-won said SK Hynix (000660 KS) plans to increase its wafer production capacity twofold over the next five years

AUSTRALIA

ASX (ASX AT) - Co. reports cash markets number of trades rose 37% on the PCP in May. (Newswires)

Dexus (DXS AT) - Co. has rebuffed at least one approach to acquire its infrastructure unit, as frozen redemptions and a NSW Supreme Court ruling pile pressure on the company. (The Australian)

Orica (ORI AT) - Co. appointed Mark G. Johnson as an independent non-executive director. (Dow Jones Newsplus)

Treasury Wine Estates (TWE AT) - Co. expects FY26 earnings before interest, tax and SGARA of AUD 480mln-490mln, expects FY27 earnings to match or exceed FY26, is targeting AUD 100mln annual cost improvements by FY29 and plans vineyard, winery and lease divestments across California and Australia as part of a broader transformation programme. (Dow Jones Newsplus)

Broker Ratings/Price Target

Ampol (ALD AT) Price target raised to AUD 46.50/shr by Macquarie

Megaport (MP1 AT) Price target raised to AUD 27.80/shr by Macquarie

Northern Star Resources (NST AT) Cut, price target cut to AUD 32.00/shr by Jefferies

Superloop (SLC AT) Downgraded to Neutral from Outperform, price target raised to AUD 3.70/shr by Macquarie

The Lottery Corporation (TLC AT) Price target raised to AUD 5.70/shr by Jefferies, price target raised to AUD 6.00/shr by Macquarie

JAPAN

Mitsubishi Motors (7211 JT) - Co. and Nissan Motor (7201 JT) plan to launch EV-to-grid power trading services by 2030, allowing EV owners to sell surplus battery power to the electricity grid. (Nikkei)

Mitsui O.S.K. Lines (9104 JT) - Co. is to invest around USD 300mln in a US offshore LNG facility and is expected to hold a stake of about 23% in the project. (Nikkei)

Nippon Life Insurance - Co. agreed to invest JPY 1.5tln (USD 9.4bln) over five years in Blackstone private credit, real estate and other assets. (Nikkei)

Sumitomo Corporation (8053 JT) - Co. invested in US startup Graphyte through a project focused on carbon sequestration using rice hulls. (Nikkei)

Toyota Motor (7203 JT) - Co. will conduct demonstration drives of a liquid-hydrogen combustion-engine hypercar prototype at the Circuit de la Sarthe ahead of the Le Mans endurance race. (Nikkei)

Yamada Holdings (9831 JT) - Co. and Edion are planning a merger that would create a consumer electronics retailer with around USD 16bln in sales. (Nikkei)

Other News

BoJ Governor Ueda said the BoJ’s basic stance is to continue raising the policy rate in accordance with economic, price and financial developments, while the bank will strive to fulfil its mandate of achieving price stability through appropriate policy measures. Ueda said that an accommodative financial environment is supporting economic activity, and stated that if there is a chance of second-round effects, the BoJ must consider taking action. He also stated that Japan’s real interest rate remains low and upside risks to prices appear greater overall and are likely to emerge sooner, while he warned that delaying a necessary response could force the BoJ to raise rates sharply, hurting the economy and imposing a heavy burden on markets and the financial system. Furthermore, Ueda said if the central bank judges inflationary risks outweigh downside economic risks, it will debate the pros and cons of a June rate hike, and stated that policymakers will carefully analyse incoming data when judging policy moves. (Newswires)

Japanese PM Takaichi said she is prepared to take appropriate measures in the FX market at any time if needed, while adding that Japan will deepen international cooperation, including with the US on FX. (Newswires)

SOUTH KOREA

SK Hynix (000660 KS) - SK Group Chairman Chey Tae-won said Co. plans to increase its wafer production capacity twofold over the next five years. (Yonhap)

SK Telecom (017670 KS) - Co. is to join Anthropic’s Glasswing project. (Newswires)

Other News

South Korea's ruling Democratic Party was poised for a sweeping victory in local elections, a result expected to give President Lee Jae Myung a stronger mandate in his second year in office. (Yonhap)

North Korea leader Kim plans to significantly boost a nation's national nuclear capabilities, according to KCNA. (Newswires)