PRE-MARKET AUSTRALIAN, JAPANESE AND SOUTH KOREAN STOCK NEWS: Japan returns, Samsung and SK Hynix given huge PT upgrade, US' Bessent to meet top Japanese officials to discuss JPY
Australia
Amcor (AMC AT) - Co. 9-mo (USD) adj EPS 2.79, rev. 17.1bln; Co. FY guidance adj EPS 3.98–4.03 (exp. 3.94), free cash flow 1.5–1.6bln. (Dow Jones)
Banks – Australia’s big 4 banks have circulated a list of names linked to a string of AI-powered frauds that lenders are being encouraged to avoid. (The Australian)
BHP Group (BHP AT) - Co. CFO says the Co. is open to issuing renminbi-denominated bonds if costs are attractive and welcomed a commercial deal with China that resolved an iron ore impasse. (AFR)
Centuria Capital Group (CNI AT) - Co. is raising 268mln for a Sydney office trust with a stake in World Square as property fund managers seek exposure to parts of the office market tied to turnaround stories. (The Australian)
Light & Wonder Inc. (LNW AT) - Co. Q1 (USD) net fell to 52mln (prev. 82mln Y/Y), rev. rose to 790mln (prev. 774mln Y/Y). (Dow Jones)
Orica Ltd. (ORI AT) - Co. H1 (AUD) net loss 0.6mln (prev. loss 89.0mln Y/Y), rev. fell 1% Y/Y to 3.88bln. (Dow Jones)
Rio Tinto (RIO AT) - Co. Chair says nations are focusing more intensely on minerals and metals, current environment requires the Co. to move at pace with conviction, and share price appreciation partly reflects growing belief in company performance. (Dow Jones)
Japan
Fast Retailing (9983 JT) - Co. raised its FY operating profit forecast to JPY 700bln following strong earnings before the Golden Week break. (Fast Retailing)
Honda Motor (7267 JT) – Co. is set to freeze plans to build an EV factory in Canada. (Nikkei)
ITOCHI (8001 JT) - FY25/26 (JPY) Net 900.3bln (prev. 880.3bln Y/Y), Pretax profit 701.9bln (prev. 683.9bln Y/Y), plans to execute share buybacks of at least JPY 300bln through to FY27. In other news, the Co. plans to invest JPY 1.5tln to raise its market capitalisation and cement its position at the top of the industry. (ITOCHI/Nikkei)
JSR Corp. (4185 JT) - Co. plans to build its first Taiwan production facility for semiconductor materials to supply photoresist to TSMC as Japanese players seek to retain market share amid rising Chinese competition. (Nikkei)
Mazda Motor (7261 JT) - Co. formally announced it will end domestic production of the Mazda2 compact car as part of a strategic lineup shift. (Mazda Motor)
Mitsui & Co (8031 JT) - FY25/26 (JPY): Net 834bln (prev. 900.4bln Y/Y), Pretax Profit 1.09tln (prev. 1.14tln Y/Y), Revenue 14tln (prev. 14.7tln Y/Y), guides initial FY Net of 920bln. (Mitsui)
Mitsubishi (8058 JT) - FY25/26 (JPY) Net 800.5bln (prev. 950.7bln Y/Y), Pretax Profit 1.10tln (prev. 1.39tln Y/Y), Revenue 18.9tln (prev. 18.6tln Y/Y). (Mitsubishi)
Mitsubishi Electric (6503 JT) - aims to establish a joint venture with Rohm (6963 JT) and Toshiba (6502 JT) to integrate their power semiconductor businesses, signalling continued progress in three-way consolidation talks. (digitimes)
Mitsubishi Heavy Industries (7011 JT) - Co. is aiming to increase gas turbine production for power plants while cutting costs by rethinking its manufacturing processes. (Nikkei)
Nippon Yusen (9101 JT) - Co. will establish a transport network in East Africa targeting demand in high-growth economies along the Indian Ocean Rim. (Nikkei)
Nissan (7201 JT) – Co. is to cut 10% of Europe workforce in global restructuring. (FT)
SoftBank Group (9984 JT) - Co. will seek to develop batteries that do not require lithium and cobalt for use in powering data centres. (Nikkei)
Sony (6758 JT) - Co. is to pay almost USD 4bln for Bieber and Neil Young catalogue. (Bloomberg)
Sumitomo Corp. (8053 JT) - Co. announced a 4-for-1 share split, a share repurchase of up to 22mln shares worth roughly JPY 50bln, and plans to sell its Madagascar nickel mine business, resulting in a projected USD 540mln non-operating loss. In other news, the Co. will sell its entire stake in the Ambatovy nickel mine project in Madagascar, which had been a drag on the company. (Nikkei)
Taiyo Oil Co. (5015 JT) - Co. is buying crude oil from Russia as part of efforts to diversify procurement and ensure supply stability amid Middle East turmoil. (Nikkei)
Toyota Motor Corp. (7203 JT) - Co. will use 40 fuel cell trucks to transport vehicles and parts in the US under a partnership with Hyroad Energy. (Nikkei)
Other Japanese News:
- US Treasury Bessent is to meet with Japanese PM Takaichi, Finance Minister Katayama and BoJ Governor Ueda for 3 days, starting Monday 11th, to discuss the weak yen. (Nikkei)
South Korea
Hyundai Department Store (069960 KS) - Co. Q1 (KRW) net fell 26.5% Y/Y to 64.9bln (exp. 72.6bln), EBIT fell 12.2% Y/Y to 98.8bln, rev. fell 13.5% Y/Y to 950.1bln. (Yonhap)
Hyundai Rotem Co. (064350 KS) - Co. has begun commercial operations of its high-speed train in Uzbekistan. (Yonhap)
Kakao Pay Corp. (377300 KS) - Co. Q1 (KRW) net rose 141.5% Y/Y to 34.7bln (exp. 25.5bln), EBIT rose to 32.2bln (prev. 4.4bln Y/Y), rev. rose 41.7% Y/Y to 300.3bln. (Yonhap)
KCC Corp. (002380 KS) - Co. Q1 (KRW) net rose 392.5% Y/Y to 217bln, EBIT fell 14.8% Y/Y to 88.1bln, rev. rose 1.7% Y/Y to 1.62tln. (Yonhap)
Korea Zinc Co. (010130 KS) - Co. Q1 (KRW) net rose 117.9% Y/Y to 354bln, EBIT rose 175.2% Y/Y to 746.1bln, rev. rose 58.4% Y/Y to 6.07tln. (Yonhap)
Samsung Biologics Co. (207940 KS) - Co. workers have returned following a five-day strike and will continue negotiations under a work-to-rule campaign. (Yonhap)
Samsung Electronics Co. (005930 KS) - Co. will withdraw its home appliance and TV sales business in China amid efforts to strengthen its market position. (Yonhap)
SK Bioscience Co. (302440 KS) - Co. Q1 (KRW) net loss 36.2bln (prev. loss Y/Y), EBIT loss 44.5bln (prev. loss 15.1bln Y/Y), rev. rose 9.1% Y/Y to 168.6bln. (Yonhap)
Samsung Electronics (005930 KS) has its target price raised to KRW 500,000 (current price 266,000) at SK Securities.
SK Hynix (000660 KS) has its target price raised to KRW 3,000,000 (current price 1,601,000) at SK Securities.