PRE-MARKET AUSTRALIAN, JAPANESE & SOUTH KOREAN STOCKS NEWS: A2 Milk cuts annual guidance, SoftBank established Co. to develop AI domestically

AUSTRALIA

A2 Milk (A2M AT) - Co. cut annual profit and revenue growth guidance after supply setbacks with net profit for the 12 months through June expected to be similar to or lower than FY25, said strong demand for own-brand products in Q3 with positive offtake trends similar to or better than 1H, China label A2 infant milk formula demand remains strong, English label infant milk formula demand supported by A2 Platinum and A2 Genesis products, and is experiencing temporary in-market product availability issues. (Dow Jones Newsplus)

Brambles (BXB AT) - Co. is assessing the financial impact of a class action judgment after Australia’s Federal Court upheld claims that its FY17 forecasts were too optimistic, is assessing potential grounds of appeal, said the quantum of potential damages is uncertain, and has insurance arrangements in place. (Dow Jones Newsplus)

Champion Iron (CIA AT) - Co. completed the acquisition of Rana Gruber. (Dow Jones Newsplus)

GQG Partners (GQG AT) - Co. funds under management were USD 162.5bln at end-March, experienced net outflows of USD 8.6bln in the March quarter, said each core strategy outperformed respective benchmarks in the March quarter, and aims to safeguard client assets from what it views as substantial downside risk. (Dow Jones Newsplus)

Monash IVF (MVF AT) - Co. said a bid consortium comprising Genesis Capital and Washington H Soul Pattinson raised its takeover offer to AUD 0.90/shr in cash, representing the highest amount it is prepared to offer, is assessing the revised proposal, and the consortium owns around 19.6% of the stock. (Dow Jones Newsplus)

Ramsay Health Care (RHC AT) - Co. is gauging shareholder appetite for a potential sale of its UK operations, according to sources. (The Australian)

St Barbara (SBM AT) - Co. Q3 Simberi gold production 13,522 oz, sales 11,974 oz, average sale price AUD 6,892/oz, expects improved Q4 mine output and processing volumes vs Q3, and said not all scheduled higher-grade Pigibo pit benches will be able to be mined by Q4-end. (Dow Jones Newsplus)

Telix Pharmaceuticals (TLX AT) - Co. announced a strategic radiopharma collaboration with Regeneron (REGN) to co-develop and co-commercialize therapies, share costs and profits 50/50, include multiple solid tumour targets from Regeneron’s antibody portfolio, jointly develop diagnostic assets, will receive USD 40mln upfront for four initial programs and potential USD 2.1bln in development and commercial payments plus royalties. (Dow Jones Newsplus)

JAPAN

Japan Post Insurance (7181 JT) - Co. said Toru Onishi is to be nominated as new CEO and president. (Newswires)

Sanyo Trading (3176 JT) - Co. said it will acquire all shares of Kitakyu Sensui to make it a subsidiary, according to a filing on the Tokyo Stock Exchange. (Newswires)

SoftBank (9984 JT) - Co. established a company to develop AI domestically in Japan. (Nikkei)

Sumitomo Mitsui Financial Group (8316 JT) - Co. unit Sumitomo Mitsui Banking Corp. will create an investment fund with Neuberger Berman to provide loans to Japanese companies undertaking acquisitions. (Nikkei)

Tosoh (4042 JT) - Co. plans to restart its ethylene production facility in Yokkaichi, Mie Prefecture, at the end of this month after a suspension for routine maintenance. (Newswires)

Tokyo Electric Power (9501 JT) - Co. expects the No.6 reactor at its Kashiwazaki-Kariwa nuclear power plant to start commercial operation on April 16, according to its president Tomoaki Kobayakawa. (Newswires)

Toyota Motor (7203 JT) - Co. showcased the latest version of its artificial intelligence-powered robot capable of dribbling and shooting a basketball using technologies for controlling automobiles and machinery. (Nikkei)

Tech - Japan approved an additional USD 4bln for chipmaker Rapidus. (Newswires)

Other News

Japanese economy minister Akazawa said BoJ policy to boost yen could be an option to curb inflation. (Newswires)

SOUTH KOREA

HD Hyundai Heavy Industries (329180 KS) - Co. expressed condolences and apologised over an accident in which a partner company worker died in a fire on a Navy submarine undergoing maintenance. (ChosunBiz)

Other News

South Korean Industry Minister Kim Jung-kwan said Saudi Arabia has promised to prioritise oil shipments to South Korea as Seoul seeks an alternative route through the Red Sea. (Yonhap)