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MarketScreener Homepage  >  Equities  >  Tokyo  >  Mitsubishi Heavy Industries Ltd    7011   JP3900000005

MITSUBISHI HEAVY INDUSTRIES LTD

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Mitsubishi Aircraft unveils SpaceJet brand, revamped version of smaller jet

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06/13/2019 | 09:32pm EDT
A Mitsubishi Aircraft Corporation flag flies at Farnborough International Airshow in Farnborough, Britain

SINGAPORE (Reuters) - Japan's Mitsubishi Aircraft Corp rebranded its MRJ family jets to be called the "SpaceJet" and unveiled a redesigned version of the smaller jet to help improve its sales prospects in the large U.S. market.

The SpaceJet M100, the revamped version of the MRJ70, will now have up to 76 seats in a typical U.S. cabin configuration rather than the earlier 69 seats, the company said on Thursday, making it a more attractive offering for regional carriers with contracts to major carriers.

"On paper, it looks good," Leeham Co analyst Bjorn Fehrm said of the redesign. "The range is there, as is the space for the passengers."

The larger SpaceJet M90, renamed from MRJ90, is too big for U.S. regional carriers to fly without the relaxation of pilot union rules, an unlikely prospect due to a pilot shortage that has given unions more bargaining power.

Of the 213 firm orders for Mitsubishi jets, 150 are split between two U.S. regional carriers, SkyWest Inc and Trans States Holdings.

The M100 cabin interior will be on display at next week's Paris Airshow and Mitsubishi Aircraft said a formal launch of the programme was expected later this year.

The M90 is due to enter service with Japanese carrier ANA Holdings Inc next year, compared with its initial target of 2013, after a series of programme delays.

Mitsubishi Heavy Industries Ltd, the largest shareholder in Mitsubishi Aircraft, this month said it was holding talks to buy rival Bombardier Inc's money-losing regional jet programme.

The Bombardier CRJs use older, less fuel-efficient engines, but buying the programme would give Mitsubishi a global maintenance and support base that could aid with SpaceJet sales, according to analysts.

(Reporting by Jamie Freed in Singapore; additional reporting by Nikhil Subba in Bengaluru; Editing by Mark Potter and Stephen Coates)

Stocks mentioned in the article
ChangeLast1st jan.
ANA HOLDINGS INC -0.57% 3633 End-of-day quote.-5.69%
BOMBARDIER, INC. -1.79% 2.2 Delayed Quote.8.87%
MITSUBISHI CORP -0.10% 2937 End-of-day quote.-0.91%
MITSUBISHI HEAVY INDUSTRIES LTD 0.06% 4771 End-of-day quote.23.67%
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Financials (JPY)
Sales 2020 4 270 B
EBIT 2020 218 B
Net income 2020 113 B
Debt 2020 663 B
Yield 2020 3,12%
P/E ratio 2020 14,2x
P/E ratio 2021 12,2x
EV / Sales2020 0,53x
EV / Sales2021 0,51x
Capitalization 1 602 B
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Mean consensus HOLD
Number of Analysts 13
Average target price 4 826,92  JPY
Last Close Price 4 771,00  JPY
Spread / Highest target 20,5%
Spread / Average Target 1,17%
Spread / Lowest Target -18,3%
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Shunichi Miyanaga President, CEO & Representative Director
Hideaki Omiya Chairman
Masanori Koguchi CFO, Representative Director & EVP
Christina Ahmadjian Independent Outside Director
Naoyuki Shinohara Independent Outside Director
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