Sumitomo improves

Sumitomo improves
Published: 06 November 2006

Sumitomo Osaka Cement up 3.5% at Y352 after firm said Thursday it now expects to post 26% rise in group pretax profit for 1H ended September to Y6 billion, better than its prior forecast for Y5.1 billion. Given growth hopes for next FY, issue can rise as high as Y460-Y470, says senior analyst at Daiwa Institute of Research; although 1H outlook hike in line with expectations, investors reevaluating issue on growth in cement demand due to increase in condominium construction, he says.(JUO)