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MarketScreener Homepage  >  Equities  >  Nyse  >  Goldman Sachs Group Inc.    GS

GOLDMAN SACHS GROUP INC.

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Japan firms back tighter foreign ownership reporting rules - Reuters poll

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12/05/2019 | 06:07pm EST
FILE PHOTO:High-rise buildings are seen at the Shinjuku business district during sunset in Tokyo

A vast majority of Japanese firms back the government's recent decision to tighten reporting requirements for foreign investment in industries related to national security, a Reuters poll found, despite criticism from overseas investors.

Under the change, approved by parliament last month and set to become a law next year, foreign investors in industries such as defence, nuclear power, utilities and telecoms will have to report holdings once they amass a 1% stake in a company, as against 10% now.

The move, reflecting concern that China could gain access to key technology and confidential information, followed similar steps taken by the United States and Europe in recent years to allow greater scrutiny of ownership in industries deemed as critical to national security.

The Corporate Survey found that 62% of firms see Japan's latest step as appropriate from the standpoint of national security and 31% think it is necessary although conditions are severe. Only 7% saw no need to strengthen regulations.

"It is necessary to restrict domestic corporate buyouts by Chinese capital. Without limiting ownership of Japanese stocks and real estate, Chinese capital would dominate Japan," wrote a manager of a paper/pulp maker.

A manager at an electrical machinery maker, however, wrote: "It's difficult to clarify a definition as it's associated with national security. It would hamper corporate efforts to boost its corporate value, which could run counter to government policy to lure foreign investment."

The new regulation quickly drew criticism from foreign investors, who have a large weight in the Japanese stock market. They said the 1% threshold is too low and argue that the new regulation runs counter to the ongoing corporate trend of strengthening governance.

Goldman Sachs Group Inc. strategists warned in October the new regulation could have substantial negative effects on the Japanese stock market. It could have unintended consequences like deterring foreign investors and harming market liquidity.

"The survey results reflect sluggish foreign direct investment in Japan, as many Japanese firms are cautious about M&A and tie-ups involving foreign businesses," said Koichi Fujishiro, senior economist at Dai-ichi Life Research Institute.

"The revision this time is largely symbolic and political, keeping up with steps taken by (U.S. President Donald) Trump," he said.

Some 40% of Japanese firms expected the revised law would prevent outflow of technology and management know-how overseas, the Corporate Survey found.

Some 39% said the revised law could dent the attractiveness of Japanese stocks, hamper tie-ups with foreign business and cause difficulty in access to necessary capital. Two-fifth of firms saw no particular impact.

The survey, conducted from Nov. 20 to Dec. 2 for Reuters by Nikkei Research, canvassed 502 big and midsize non-financial companies. Roughly half responded to the questions on the new regulation, on condition of anonymity so that they can express their opinions more freely.

(Reporting by Tetsushi Kajimoto; Editing by Shri Navaratnam)

By Tetsushi Kajimoto

Stocks mentioned in the article
ChangeLast1st jan.
GOLDMAN SACHS GROUP INC. 0.56% 217.14 Delayed Quote.29.99%
HEWLETT PACKARD ENTERPRISE 1.21% 15.93 Delayed Quote.20.59%
NIKKEI 225 0.23% 23354.4 Real-time Quote.16.81%
UNITED PARCEL SERVICE -1.25% 115.01 Delayed Quote.17.92%
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Financials (USD)
Sales 2019 34 909 M
EBIT 2019 11 432 M
Net income 2019 8 120 M
Debt 2019 231 B
Yield 2019 1,94%
P/E ratio 2019 9,98x
P/E ratio 2020 9,25x
EV / Sales2019 8,81x
EV / Sales2020 8,71x
Capitalization 76 886 M
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Technical analysis trends GOLDMAN SACHS GROUP INC.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 235,84  $
Last Close Price 217,14  $
Spread / Highest target 43,2%
Spread / Average Target 8,61%
Spread / Lowest Target -19,4%
EPS Revisions
Managers
NameTitle
David Michael Solomon Chairman & Chief Executive Officer
John E. Waldron President & Chief Operating Officer
Stephen M. Scherr Chief Financial Officer & Executive Vice President
Marco Argenti Co-Chief Information Officer
Atte Lahtiranta Chief Technology Officer
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