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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Kawasaki Heavy Industries, Ltd.    7012   JP3224200000

KAWASAKI HEAVY INDUSTRIES, LTD.

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Nomura dumped as Development Bank of Japan bond underwriter

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07/03/2012 | 02:19am EDT

TOKYO (Reuters) - Japan's leading brokerage Nomura Securities (>> Nomura Holdings Inc.) has been dropped as an underwriter for planned bond offerings by the Development Bank of Japan because of its involvement in insider trading scandals.

TOKYO (Reuters) - Japan's leading brokerage Nomura Securities (>> Nomura Holdings Inc.) has been dropped as an underwriter for planned bond offerings by the Development Bank of Japan because of its involvement in insider trading scandals.

It is the latest sign that an investigation by Japan's Securities and Exchange Surveillance Commission (SESC) into insider trading is hitting Nomura's business, and is likely to increase the pressure on the broker's CEO Kenichi Watanabe to move quickly to take action to limit further damage.

The state-backed Development Bank of Japan (DBJ) said it removed Nomura, but retained Daiwa Securities (>> Daiwa Securities), which on Monday was dropped by Kawasaki Heavy Industries Ltd (>> Kawasaki Heavy Ind.) as underwriter for a bond issue. Daiwa, the country's second-ranked broker was found by regulators to have leaked inside information ahead of a share offering it underwrote two years ago.

Nomura has admitted it was the source of leaks - from its institutional sales department - on planned share offerings in 2010 by energy firm Inpex (>> INPEX Corp), Mizuho Financial Group (>> Mizuho Financial Gr.) and Tokyo Electric Power (>> Tokyo Elec. Power). Last month, it was omitted from a planned government sale of $6 billion worth of shares in Japan Tobacco (>> Japan Tobacco).

The brokerage said last week it was acting to toughen up its internal controls and strengthen compliance. Watanabe's pay, and that of his chief operating officer, is to be temporarily halved, and two other executives stepped down.

The DBJ had in May mandated Nomura, Daiwa and Mizuho as lead underwriters for its bond offerings, a DBJ official said. Two tranches of agency bonds, three- and five-year, to be offered this month will now be lead managed by Mizuho Securities, Daiwa and Mitsubishi UFJ Morgan Stanley Securities.

"It's vital we conduct our bond offerings as smoothly as possible for the convenience of our investors," the official said. "In the situation where we cannot rule out the possibility for the Financial Services Agency to take administrative measures against Nomura, there is a danger that investors may not be able to place orders to Nomura if such a measure was imposed."

The DBJ may also drop Daiwa from its underwriting syndicate if regulators take action against the broker, the official said.

On Friday, the SESC said it fined asset manager Japan Advisory for insider trading ahead of a share offering by Nippon Sheet Glass (>> Nippon Sheet Glas), also in 2010. Daiwa, a lead underwriter on that offering, has said the SESC determined it was the source of the leak, adding it would conduct an internal investigation and bolster internal controls to prevent a recurrence.

(Reporting by Emi Emoto and Chikafumi Hodo; Editing by Ian Geoghegan)

Stocks mentioned in the article
ChangeLast1st jan.
DAIWA SECURITIES GROUP INC. 4.81% 448.8 End-of-day quote.-18.84%
GET HOLDINGS LIMITED 0.00% 0.4 End-of-day quote.-4.76%
INPEX CORPORATION 2.88% 770.7 End-of-day quote.-32.19%
JAPAN TOBACCO INC. 1.71% 2116.5 End-of-day quote.-12.99%
KAWASAKI HEAVY INDUSTRIES, LTD. 3.79% 1754 End-of-day quote.-27.16%
MIZUHO FINANCIAL GROUP, INC. 3.72% 130.9 End-of-day quote.-22.22%
NIPPON SHEET GLASS COMPANY, LIMITED 5.04% 417 End-of-day quote.-40.09%
NOMURA HOLDINGS, INC. 5.65% 460.3 End-of-day quote.-18.30%
TOKYO ELECTRIC POWER COMPANY HOLDINGS, INCORPORATED 2.75% 373 End-of-day quote.-20.13%
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Financials (JPY)
Sales 2020 1 626 B
EBIT 2020 54 811 M
Net income 2020 21 739 M
Debt 2020 376 B
Yield 2020 3,99%
P/E ratio 2020 13,6x
P/E ratio 2021 15,4x
EV / Sales2020 0,41x
EV / Sales2021 0,40x
Capitalization 293 B
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Mean consensus UNDERPERFORM
Number of Analysts 11
Average target price 1 881,82 JPY
Last Close Price 1 754,00 JPY
Spread / Highest target 65,3%
Spread / Average Target 7,29%
Spread / Lowest Target -31,6%
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Managers
NameTitle
Yoshinori Kanehana President, CEO & Representative Director
Shigeru Murayama Chairman
Nobuhisa Kato Executive Officer & General Manager-Finance
Koji Kadota General Manager-Technology & Development
Kazuo Hida Managing Director & Managing Executive Officer
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