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Tuesday August 21, 10:19 AM Japan Hot Stocks-Sagami, Okinawa Electric, Trading houses, SMC TOKYO, Aug 21 (Reuters) - The following stocks are on the move on Tuesday: **SAGAMI DIVES TO 7-YEAR LOW AFTER OUTLOOK CUT** Sagami Co. Ltd. drops 11 percent to 244 yen, a 7-year low, after the kimono and fur retailer on Monday cut its full-year outlook to a net loss of 2.9 billion yen from a previous forecast of zero profit. Sagami also cut its first-half dividend outlook to zero yen from 5 yen and said it had not decided about its full-year dividend. Shares of Sagami, which is fighting shrivelling kimono demand, have shed 29 percent since January 1. 0200 GMT **OKINAWA ELECTRIC UP ON MITSUBISHI UFJ UPGRADE** Okinawa Electric Power Co Ltd up 9.8 percent at 6,720 yen after Mitsubishi UFJ Securities raised its investment rating on the utility serving the southern island of Okinawa to "2" from "3" and set its target price at 6,900 yen. Okinawa Electric is estimating maintenance and other costs conservatively and its recurring profit for the year to March 2008 will likely come to 13.6 billion yen ($118.9 million), beating the utility's own forecast of 12.8 billion yen, Mitsubishi UFJ Securities analyst Reiji Ogino said in a note to clients. 0155 GMT **TRADING HOUSES EXTEND GAINS AFTER DAIWA REPORT** Mitsubishi Corp and other trading houses extend gains helped by a lifting of target prices for all major firms by the Daiwa Institute of Research in report dated Aug. 17. Daiwa analyst Tsuyoshi Ishisone said be although trading house shares had been hit by subprime woes, there had been no change in their fundamentals, adding that Mitsubishi, Mitsui and Marubeni were likely to raise their full-year profit outlooks when they report interim earnings. Mitsubishi, the nation's largest trading firm, up 5 percent at 2,955 yen, recovering most of the ground in had lost in yen and subprime-loan related market turmoil since Thursday. Its target price was raised to 3,500 yen from 3,460. Mitsui & Co climbs 4.9 percent at 2,240 yen and just under last Wednesday's close after its target price was raised to 2,680 yen from 2,490. Marubeni Corp up 4.9 percent at 909 yen. Its target price was raised to 1,220 yen from 1,180. 0118 GMT **SMC EXTENDS GAINS ON SHARE BUYBACK PLAN** Shares of SMC Corp up 4.9 percent at 14,840 yen after the pneumatic equipment maker said on Monday it would buy back up to 1.3 million of its own shares, or up to 20 billion yen worth, between Aug. 21 and Sept. 20. The buyback is equal to about 1.8 percent of SMC's total outstanding stock. SMC's stock had gained 5.2 percent in the previous session, bouncing off a 2-year closing low of 13,450 yen hit on Friday. 0056 GMT **NGK INSULATORS JUMPS AS CREDIT SUISSE LIFTS TARGET** NGK Insulators Ltd., which makes diesel particulate filters (DPF), surges 6.1 percent to 3,500 yen after Credit Suisse lifted the target price to 4,200 yen from 3,450 yen. The brokerage firm said the stock has room to grow considering tougher exhaust emissions restrictions in the United States for the passenger vehicles, and the company's share of gasoline vehicle exhaust emission filters in developing countries. 0053 GMT **SHIN-ETSU CHEMICAL UP ON BUY-BACK, RATINGS UPGRADE Shin-Etsu Chemical Co Ltd up after the maker of silicon wafers said on Monday that it would buy back up to 4.2 billion yen of its own shares, rising by 2.37 percent to 7,770 yen. Goldman Sachs said in a report on Tuesday that it was raising its rating to "buy" from "neutral." "The earnings growth potential from fiscal year 2008 is attractive and has a high certainty of being achieved," Goldman Sachs added. 0045 GMT **DENTSU GAINS DESPITE PROFIT FALL, UBS UPGRADES** Dentsu Inc. gains 4.6 percent to 322,000 yen despite a drop in the advertising agency's quarterly operating profit from a year ago when sales were boosted by the World Cup soccer tournament. [ID:nT189783] UBS said in a report on Monday that the profit decline was expected and the Beijing Olympics in the next fiscal year should help the company's growth. UBS upgraded the stock to "buy" from "neutral" and kept its target price at 350,000 yen. "(We) upgrade to 'Buy' on the gap between our price target and the stock's current level, the prospect of stronger sales growth rates in Aug. and Sept., and the fact that the Olympic year of fiscal year 2008 is now coming into view," UBS said. 0022 GMT **NIPPON SHEET GLASS GAINS ON REPORT ON INDIA OUTPUT** Nippon Sheet Glass Co. Ltd. gains 3.1 percent to 609 yen after the Nikkei business daily reported on Tuesday that the company plans to start production of automotive glass in India with its British subsidiary Pilkington in summer 2008. [ID:nT243100] 0006 GMT (For IPO news, data and diary, click)