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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Toshiba Corporation    6502   JP3592200004

TOSHIBA CORPORATION

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Activist fund Argyle asks Toshiba to exit TEC business to boost margins

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12/27/2018 | 01:18am EDT
Toshiba Corp's CEO Nobuaki Kurumatani attends a news conference in Tokyo

TOKYO (Reuters) - Hong Kong-based activist fund Argyle Street Management asked Japan's Toshiba Corp on Thursday to exit more non-core businesses such as office machinery company Toshiba TEC to bolster margins of the once-mighty conglomerate.

Toshiba has already announced exits from its British nuclear power and U.S. LNG businesses as part of a plan to regain investor confidence after a 2015 accounting scandal uncovered widespread irregularities and forced it to recognize huge cost overruns at its now-bankrupt U.S. nuclear unit Westinghouse.

"We believe that further firm commitments to divest other non-core businesses (such as Toshiba TEC for instance), would be well received and affirms management’s commitment to decisive execution of its plans," the investment fund said in a letter sent to Toshiba CEO Nobuaki Kurumatani and shown to Reuters.

The fund also reiterated its call for the company to boost share buybacks to 1.1 trillion yen ($901.5 million), calling its current 700 billion yen repurchase launched in November "grossly insufficient".

Toshiba had substantial excess capital, and a higher buyback would make sense "especially with the current depressed share price of Toshiba", the fund said.

It also called on the company to hire more board members with international experience.

"As a long-term shareholder of Toshiba, we may feel the need to propose an agenda item at the AGM next year should we feel that our suggestions have not been given due consideration," the fund said.

Toshiba could not immediately comment.

It was not immediately clear how much stake Argyle owned in Toshiba.

Argyle had previously opposed Toshiba's sale of its chip business to a Bain Capital-led group, saying the deal undervalued the prized unit. The sale was completed earlier this year.

(Reporting by Taro Fuse; Writing by Ritsuko Ando; Editing by Muralikumar Anantharaman)

Stocks mentioned in the article
ChangeLast1st jan.
TOSHIBA CORPORATION 5.57% 2311 End-of-day quote.3.35%
TOSHIBA TEC CORPORATION 5.13% 3280 End-of-day quote.3.63%
US DOLLAR / JAPANESE YEN (USD/JPY) 0.37% 108.539 Delayed Quote.-1.14%
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Financials (JPY)
Sales 2020 3 419 B
EBIT 2020 133 B
Net income 2020 -120 303 M
Finance 2020 483 B
Yield 2020 1,26%
P/E ratio 2020 -9,28x
P/E ratio 2021 10,4x
EV / Sales2020 0,18x
EV / Sales2021 0,16x
Capitalization 1 087 B
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 3 600,00  JPY
Last Close Price 2 397,00  JPY
Spread / Highest target 79,4%
Spread / Average Target 50,2%
Spread / Lowest Target 4,30%
EPS Revisions
Managers
NameTitle
Nobuaki Kurumatani Executive Chairman & Chief Executive Officer
Satoshi Tsunakawa President, Chief Operating Officer & Director
Masayoshi Hirata Chief Financial Officer & Head-Accounting
Hiroshi Yamamoto Chief Technology Officer
Keiichi Yumita Chief Information Officer
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