PRE-MARKET AUSTRALIAN, JAPANESE AND SOUTH KOREAN STOCKS NEWS: Toyota (7203 JT), Nissan (7201 JT) and Honda (7267 JT) will reportedly team up on AI and chips for next-gen cars

AUSTRALIA

ANZ Group (ANZ AT) - Co. is expected to purchase on-market shares up to a value of about AUD 324mln to satisfy obligations under dividend reinvestment plan. (Newswires)                                                                   

Bendigo and Adelaide Bank (BEN AT) - Co. 10-month (AUD) unaudited cash earnings after tax fell 2.3% Y/Y to 464mln. (Newswires)

Incitec Pivot (IPL AT) - Co. is optimistic about the stalled Gibson Island hydrogen plant and said its project partner will do the sums on the feasibility of the plant as a result of the federal government’s subsidy scheme. (The Australian)

Leadlease (LLC AT) - Co. is to sell its life sciences interests in Asia to its newly established 50/50 JV with Warburg Pincus with the deal valued at SGD 129mln. (Newswires)

Santos (STO AT) - Co. is thought to be preparing to restart the sale process for its stake in the Dorado oil and gas project off the Western Australian coast. (The Australian)

Star Entertainment (SGR AT) - Governor in Council approved changing the date of effect of licence suspensions for Star Gold Coast and Treasury Brisbane casinos which will allow the Queensland government to consider outcomes of the second Bell inquiry into Star in New South Wales. (Newswires)

Telstra (TLS AT) - Co. is axing hundreds of its tech vendors in favour of just two as it streamlines its operations to take advantage of the artificial intelligence boom and taps Infosys (INFO IS) to steer its AI transformation. (The Australian)

JAPAN

Citizen Watch (7762 JT) - Co. FY23/24 (JPY) net rose 5.1% Y/Y to 23.0bln, sees FY24/25 net to decline 4.2% Y/Y to 22.0bln. (Newswires)

Honda (7267 JT) - Co. CEO Mibe said will invest JPY 10tln in electrification and software over ten years to FY2030. (Newswires)

Itochu (8001 JT) - Co. and KDDI (9433 JT) are to tackle Japan driver shortage with truck matching, while they will be joined by Toyota Industries (6201 JT), Mitsui Fudosan (8801 JT) and Mitsubishi Estate (8802 JT) to start the JV in fiscal 2024 with Itochu to hold a majority stake in the JV. (Nikkei)

Mitsubishi Motors (7211 JT) - Co. North America unit is to expand into new markets around the US where it doesn’t currently have a footprint. (Newswires)

Renesas (6723 JT) - Co. CEO said they plan to increase staff in India to as many as 1,000 workers by 2025. (Nikkei)

Sony (6758 JT) - Co. and Sharp (6753 JT) reportedlt stick with their Japan smartphone business despite iPhone's grip. (Nikkei)

Nippon Life Insurance - Co. agreed to spend over USD 3.8bln for a 20% stake in US life insurance provider Corebridge Financial. (Nikkei)

Automakers - Toyota (7203 JT), Nissan (7201 JT) and Honda (7267 JT) will reportedly team up on AI and chips for next-gen cars and plan to launch software-defined vehicles from 2025 onwards. (Nikkei)

Energy - JERA Chairman said they are planning to invest JPY 5tln in three areas over the next 10 years which include LNG, renewable energy and hydrogen/ammonia, while JERA President says will consider revising power sources development plans to prepare for a potential rise in electricity demand and increasing data centre and AI. (Newswires)

SOUTH KOREA

HD Hyundai Heavy Industries (329180 KS) - HD Korea Shipbuilding & Offshore Engineering (0009540 KS) is to divest KRW 374bln of shares in HD Hyundai Heavy Industries. (Newswires)

Geopolitical - North Korean leader Kim's sister denied arms exchanges with Russia and said North Korea has no intention to export its arms, while she added that rocket launchers and missiles recently unveiled are for defence against South Korea, according to KCNA. (KCNA)

17 May 2024 - 00:37- EquitiesResearch Sheet- Source: Newswires