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MarketScreener Homepage  >  Equities  >  Tokyo  >  Japan Display Inc    6740   JP3389660006

JAPAN DISPLAY INC

(6740)
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Apple supplier Japan Display secures bailout after funding shortfall

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07/11/2019 | 10:25pm EDT
FILE PHOTO: The logo of Japan Display Inc is seen at the company's production line for LCD panels in its factory in Mobara

TOKYO (Reuters) - Japan Display Inc said on Friday that a group led by Chinese investment firm Harvest Group had formally secured additional funding for a previously announced 80 billion yen (£589 million) bailout plan for the screen maker.

TOKYO (Reuters) - Japan Display Inc said on Friday that a group led by Chinese investment firm Harvest Group had formally secured additional funding for a previously announced 80 billion yen (£589 million) bailout plan for the screen maker.

Harvest would increase its investment, included a $100 million investment from a JDI customer, Japan Display said. A source previously said that customer was Apple Inc.

The Japanese company said it planned to hold a shareholders meeting on Aug. 29 to formalise the bailout plan.

Apple's recent shift away from liquid-crystal displays (LCDs) has triggered a funding crunch for Japan Display, which depended on the U.S. smartphone maker for 60.6% of its revenue in the last financial year ended March.

Harvest has been leading a consortium to keep Japan Display afloat, but Taiwanese screen maker TPK Holding Co Ltd and financial firm CGL Group dropped out of the process in June.

Japan Display also said that Hong Kong-based activist investor Oasis Management, already part of the bailout consortium, has offered to extend more financing if currency fluctuations result in a shortfall.

(Reporting by Ritsuko Ando and Makiko Yamazaki; Editing by Chang-Ran Kim and Stephen Coates)

Stocks mentioned in the article
ChangeLast1st jan.
APPLE 2.29% 207.22 Delayed Quote.31.37%
JAPAN DISPLAY INC 1.39% 73 End-of-day quote.10.61%
TPK HOLDING CO., LTD. End-of-day quote.
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Financials (JPY)
Sales 2020 545 B
EBIT 2020 -28 119 M
Net income 2020 -98 945 M
Debt 2020 90 241 M
Yield 2020 -
P/E ratio 2020 -1,42x
P/E ratio 2021 -49,6x
EV / Sales2020 0,28x
EV / Sales2021 0,32x
Capitalization 63 462 M
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Mean consensus UNDERPERFORM
Number of Analysts 7
Average target price 88,33  JPY
Last Close Price 75,00  JPY
Spread / Highest target 253%
Spread / Average Target 17,8%
Spread / Lowest Target -46,7%
EPS Revisions
Managers
NameTitle
Nobuhiro Higashiiriki Chairman & Chief Executive Officer
Shuji Aruga President, Chief Operating Officer & Director
Takanobu Oshima Chief Financial Officer & Executive Officer
Akio Takimoto Chief Technology Officer, Senior Manager-R&D
Katsuhiko Shirai Independent Non-Executive Outside Director
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