* Kubota up as much as 9.7 pct to 3-mth high after lifting

f'cast

* Nissan cuts guidance, sags as much as 11.6 pct to 7-mth

low

* SoftBank extends gains after earnings results

By Dominic Lau

TOKYO, Nov 5 (Reuters) - Japan's Nikkei average stabilised

on Tuesday after two days of losses as gains made by companies

such as farm equipment maker Kubota Corp after lifting earnings

forecasts countered Nissan Motor Co Ltd's plunge on weaker

guidance.

Gains in index heavyweight SoftBank Corp, a

follow-through from last week's strong results, also supported

the Nikkei which was steady at 14,205.40 after losing

2.1 percent in the previous two sessions.

Nissan, the second-most traded counter on the main board by

turnover, sank as much as 11.6 percent to a seven-month low of

850 yen on Tuesday morning.

The carmaker cut its annual net profit estimate for the year

ending March 2014 by 15 percent to 355 billion yen ($3.6

billion) after market close on Friday, facing a slowdown in

emerging markets and quality issues. Japanese markets were

closed for a public holiday on Monday.

"(Nissan) is down but I have not seen much reaction from

long-term investors out there," a Tokyo-based senior trader at a

foreign bank said.

Other carmakers were also on the back foot, with Toyota

Motor Corp down 0.5 percent and Honda Motor Co Ltd

off 0.8 percent.

Of the Big Three carmakers, Toyota shares have performed so

far this year, up 58 percent versus Honda's 24.5 percent rise

and Nissan's 8 percent gain.

But Nissan was the cheapest of the three in terms of

valuations. It carried a 12-month forward price-to-earnings

ratio of 8.1 versus Toyota and Honda both at 10.7, according to

Thomson Reuters Datastream.

Farm equipment and machinery maker Kubota Corp

offered investors some cheer as it lifted its six-month earnings

forecast by 28 percent to 100 billion yen. The stock climbed as

much as 9.7 percent to a three-month high of 1,575 yen.

SoftBank gained 2.4 percent, building on Friday's 3.4

percent rally after the mobile operator reported a record

six-month profit. It was the most-traded stock.

The broader Topix index was down 0.2 percent at

1,180.78 in mid-morning trade, with volume at 40 percent of the

full daily average for the past 90 trading days.

Of the 105 Nikkei companies that have so far announced

quarterly earnings, 62 percent either met or exceeded market

expectations, according to Thomson Reuters StarMine. That

compared with 58 percent in the previous quarter.

The benchmark is up 37 percent so far this year.

Other notable gainers on Tuesday included Astella Pharmas

Inc, which rose 0.5 percent, adding to Friday's 1.1