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Nippon Sheet Glass Falls as UBS Advises Selling Stock

Post Time:Dec 17,2008Classify:Company NewsView:417

Nippon Sheet Glass Co., Asia’s second-largest glassmaker, fell in Tokyo trading after the global recession prompted UBS AG to cut its rating.

Shares in Nippon Sheet declined for a second day, dropping 5.7 percent to close at 296 yen on the Tokyo Stock Exchange, while the benchmark Topix index gained 1.2 percent. UBS cut its rating on the stock to “sell” from “neutral,” and lowered its operating-profit forecast for fiscal 2009 to breakeven from 5 billion yen ($56.3 million).

“If the macro economy deteriorates further, the company may slide into the red,” Takaaki Muramatsu, a Tokyo-based analyst at UBS, wrote in a report yesterday.

Nippon Sheet Glass yesterday said its Pilkington unit will file an appeal against the decision by European regulator to fine the company 370 million euros ($520 million) over price- fixing of automotive glass. The company said it has already set aside a provision for the estimated payment of the fine.

Asahi Glass Co., Asia’s biggest, fell 6 percent to 452 yen, the lowest since September 1982, after Mitsubishi UFJ Securities Co. reduced its rating on the stock to “market perform” from “outperform,” citing a sales decline in glass for liquid- crystal displays.

Source: Bloomberg.comAuthor: shangyi

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