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    6857   JP3122400009

ADVANTEST CORPORATION

(6857)
  Report
Delayed Japan Exchange  -  01:00:00 2023-01-31 am EST
9200.00 JPY   -2.34%
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Japan's Nikkei slips amid China COVID worries; tech shares slide

11/28/2022 | 01:41am EST

TOKYO, Nov 28 (Reuters) - Japan's Nikkei share average slid for a second straight session on Monday, as protests in China over renewed COVID-19 clampdowns hurt investor sentiment, while tech stocks declined in line with their Wall Street peers.

The Nikkei ended the day down 0.42% at 28,162.83. The index closed 0.35% lower on Friday after hitting a more than two-month high in the session before.

Of the Nikkei's 225 components, 173 fell, 45 rose and seven closed flat.

The broader Topix sank 0.68%.

Selling in Japanese stocks accelerated after Chinese and Hong Kong equity markets opened sharply lower, with the Hang Seng index tumbling 4.2% at one point. However, both the Nikkei and Topix indexes ended the day well off their lows.

A wave of protests unprecedented under Xi Jinping's rule has swept China, including clashes with police in Shanghai, after the government doubled down on pandemic restrictions to contain a surge in COVID cases.

"This news is definitely a negative for Japanese stocks, especially the tech sector, which has large exposure to Chinese markets and supply chains," said Kenji Abe, an equity strategist at Daiwa.

"A slowdown in the Chinese economy will have a big impact on the Japanese stock market."

Tech stocks were already under pressure after Apple fell sharply on Friday following a report that COVID restrictions would further cut output at its flagship iPhone factory in China. The Philadelphia SE Semiconductor Index also sagged 1.26% on Friday.

Chipmaking equipment makers Tokyo Electron and Advantest dropped 1.56% and 0.54%, respectively.

Startup investor SoftBank Group - which is heavily invested in Chinese tech companies including Alibaba and Didi - slid 0.61%.

Nintendo and Sony slumped 0.89% and 0.78% respectively, also weighed down by a stronger yen that cut the outlook for overseas revenue.

Toyota and Honda fell 1.05% and 0.53%, respectively. (Reporting by Kevin Buckland; editing by Uttaresh.V and Subhranshu Sahu)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ADVANTEST CORPORATION -2.34% 9200 Delayed Quote.11.08%
ALIBABA GROUP HOLDING LIMITED -6.07% 111.2 Delayed Quote.26.23%
APPLE INC. -2.01% 143 Delayed Quote.10.06%
DIDI GLOBAL INC. -0.47% 4.26 Delayed Quote.33.96%
HONDA MOTOR CO., LTD. 0.53% 3207 Delayed Quote.5.21%
NIKKEI 225 -0.39% 27327.11 Real-time Quote.5.13%
NINTENDO CO., LTD. 0.48% 5625 Delayed Quote.1.19%
SOFTBANK GROUP CORP. -0.32% 6144 Delayed Quote.9.21%
SONY GROUP CORPORATION -0.17% 11580 Delayed Quote.15.60%
TOKYO ELECTRON LTD. -1.35% 45170 Delayed Quote.17.77%
TOPIX INDEX -0.36% 1975.27 Delayed Quote.4.79%
TOYOTA INDUSTRIES CORPORATION -0.76% 7870 Delayed Quote.9.53%
TOYOTA MOTOR CORPORATION -0.29% 1896.5 Delayed Quote.4.94%
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Analyst Recommendations on ADVANTEST CORPORATION
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Financials
Sales 2023 544 B 4 173 M 4 173 M
Net income 2023 130 B 1 000 M 1 000 M
Net cash 2023 96 281 M 739 M 739 M
P/E ratio 2023 13,7x
Yield 2023 1,81%
Capitalization 1 732 B 13 287 M 13 287 M
EV / Sales 2023 3,01x
EV / Sales 2024 3,07x
Nbr of Employees 5 941
Free-Float 94,8%
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Technical analysis trends ADVANTEST CORPORATION
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 9 420,00 JPY
Average target price 10 669,23 JPY
Spread / Average Target 13,3%
EPS Revisions
Managers and Directors
Yoshiaki Yoshida Managing Executive Officer
Atsushi Fujita Director, Head-Compliance & Administration
Koichi Tsukui Director & Chief Technology Officer
Kazuhiro Yamashita Executive Officer & GM-Technology Development
Osamu Karatsu Independent Outside Director
Sector and Competitors