PRE-MARKET AUSTRALIAN, JAPANESE AND SOUTH KOREAN STOCKS NEWS: Samsung Electronics (005930 KS) and SK Hynix (000660 KS) are in talks with Korea Development Bank for chip loans

AUSTRALIA

Baby Bunting Group (BBN AT) - Co. May 1st-June 24th total sales rose 1.0% Y/Y but comparable store sales fell 0.7% Y/Y, while Co. reaffirms FY24 pro forma NPAT guidance of AUD 2mln-4mln, Co. signs exclusivity agreements with leading international brands. (Newswires) 

Lynas (LYC AT) - Co. Malaysia unit is to produce separated heavy rare earths with first production of two separated rare earth products in calendar year 2025. (Newswires)

Paladin Energy (PDN AT) - Co. announced production ramp-up and product inventory build-up is underway at the Langer Heinrich Mine. (Newswires)

Southern Cross Media (SXL AT) - Co. decided not to pursue Australian Community Media’s proposal and concluded that relevant assets do not align with Co.’s audio-focused strategy and would not create value for shareholders. (Newswires)

Spartan Resources (SPR AT) - Ramelius Resources (RMS AT) made a strategic investment in the Co. in which it purchased 98.5mln shares in Spartan Resources but does not currently intend to acquire control or make a takeover offer for Spartan. (Newswires)

Airlines - Qatar Airways is negotiating to take as much as a 20% stake in Virgin Australia. (AFR)

JAPAN

ENEOS (5020 JT) - Co. provided notice that unit JX Advanced Metals is to sell a 19% stake in SCM Mineral Lumina Copper Chile to a Lundin Mining subsidiary although ENEOS expects no material impact on FY24/25 consolidated earnings. (Newswires)

Sharp (6753 JT) - Co. Executive Vice President Okitsu will become the new CEO pending approval at shareholders’ meeting today. (Newswires)

Sumitomo Corp (8053 JT) - Co. Americas unit diversifies into distributed energy with solar and storage investment, with an opportunity to expand globally. (Newswires)

Toyo Securities (8614 JT) - Co. president was ousted by activist investors in Co.’s general shareholders meeting on Wednesday. (Nikkei)

Toyota (7203 JT) - Co. is recalling 145k US vehicles, according to the NHTSA. (Newswires)

Tech - Chipmaker Kioxia intends to submit a preliminary application to list in Tokyo in the next few days, according to Reuters citing sources. (Newswires)

FX - Japanese top currency diplomat Kanda said he is seriously concerned about the recent rapid weakness in the yen and will take necessary action on excessive moves, while he said they are always prepared to respond and do not have specific levels in mind. Kanda said he believes the majority view yen weakness as a speculative move, and it is generally seen that the current weakness of the yen is not justified. Furthermore, he said recent yen moves are rapid and there is no mistake that the current FX is moving in one direction.

Other News

Japan is to require companies to report on women in management with the proposed rule to apply to all companies, both publicly and privately held, with more than 300 employees. (Newswires)

Japan reportedly plans support for the Philippines 5G network to counter China tech and the US is expected to provide money for the project. (Nikkei)

SOUTH KOREA

SK Bioscience (302440 KS) - Co. unit is to buy KRW 319bln of shares in IDT Biologika. (Newswires)

Tech - Samsung Electronics (005930 KS) and SK Hynix (000660 KS) are in talks with Korea Development Bank for chip loans. (Korea Economic Daily)

Geopolitical - North Korea said it successfully conducted an important test in advancing missile technology with the test aimed at developing a multiple warhead missile. (KCNA)

Other News - South Korea, US and Japan industry officials expressed concerns on Wednesday over the "weaponization" of economic dependencies on certain supply sources for strategic goods in their first trilateral meeting on economic security in Washington. (Yonhap)

27 Jun 2024 - 00:35- MetalsResearch Sheet- Source: Newswires