PRE-MARKET AUSTRALIAN, JAPANESE & SOUTH KOREAN STOCK NEWS: SoftBank reported record-high FY net income and revenue
AUSTRALIA
AUB Group (AUB AT) - Co. named Gary Lennon as nonexecutive director, effective May 12. (Dow Jones Newswires)
GQG Partners (GQG AT) - Co. said funds under management stood at USD 166.9bln at end-April, with net outflows of USD 1.4bln and positive investment performance of USD 5.7bln in April. (Dow Jones Newswires)
Insurance Australia Group (IAG AT) - Co. expects more than 11mln customers and more than AUD 25bln in gross written premium by 2030, and is aiming for return on equity above 15% and high single-digit EPS growth by 2030. (Dow Jones Newswires)
Broker Ratings/Price Target - Metcash (MTS AT) Upgraded to Buy from Hold, price target raised 1.4% to AUD 3.50/shr by Jefferies.
JAPAN
Canon (7751 JT) - Co. will shut down its Philippine laser printer plant as demand falls. (Nikkei)
Mitsubishi Electric (6503 JT) - Co. does not plan to sell its consumer appliance business, seeing the sector as a key point of contact with consumers. (Nikkei)
NEC (6701 JT) - Co. plans to invest more than JPY 100bln over five years in its submarine cable business to strengthen its undersea cable technology and cable-laying capacity. (Nikkei)
Panasonic Holdings (6752 JT) - Co.’s EV battery production has been delayed again as customer orders stall. (Nikkei)
SoftBank Group (9984 JT) - Co. FY (JPY) net income rose 5% Y/Y to 550.8bln, oper. income rose 5% Y/Y to 1.04tln and revenue rose 8% Y/Y to 7.04tln, with revenue and net income reaching record highs. Co.’s Masayoshi Son is reportedly considering an investment of up to USD 100bln in France. (Newswires)
Sony Group (6758 JT) – Sony Music will buy a music catalogue from Blackstone for about USD 4bln, acquiring rights to 45k songs including Lady Gaga hits. (Nikkei/Newswires)
Automakers - Honda Motor (7267 JT) and Toyota Motor (7203 JT) saw sharp Chinese sales declines as competition intensified. (Nikkei)
Developers - Japanese developers warned of the risk of new condo delays due to the Iran war. (Nikkei)
SOUTH KOREA
Hanssem Co. (009240 KS) - Co. Q1 (KRW) net fell 72.6% Y/Y to 2.6bln, oper. profit 10.1bln (prev. 6.4bln Y/Y), rev. fell 9.9% Y/Y to 399.4bln. (Yonhap)
Lotte Chemical (011170 KS) - Co. Q1 (KRW) net 33.5bln (prev. loss 246.3bln Y/Y), oper. income 73.5bln (prev. loss 126.6bln Y/Y), rev. rose 1.8% Y/Y to 4.99tln. (Yonhap)
Samsung Electronics (005930 KS) - Co.’s labour union is open to averting a strike and wants pay transparency, while labour and management held their first mediation talks over a strike. (Nikkei/Yonhap)
SoftBank's reported record-high FY net income and revenue indicates robust performance, which could positively influence market sentiment and investor confidence, particularly in the tech sector. This growth aligns with broader trends of digital transformation and investment in tech-driven ventures, which may enhance SoftBank's stock appeal and provide a positive read-through for peers in the industry. Furthermore, an anticipated investment of up to USD 100 billion in France could signal strategic expansion, further solidifying SoftBank's market position.