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    6367   JP3481800005

DAIKIN INDUSTRIES, LTD.

(6367)
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Delayed Japan Exchange  -  01:00 2022-12-02 am EST
22400.00 JPY   -1.43%
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Japan's Daikin says it will assemble air conditioners in Nigeria as it renews Africa expansion

09/29/2022 | 06:09pm EST
A staff walks past a logo of Daikin Industries Ltd and the company mascot

TOKYO (Reuters) - Daikin Industries will begin assembling air conditioners in Nigeria as the Japanese company renews a push into Africa that had been delayed by the COVID-19 pandemic, the head of the company's India business said on Thursday.

"We are very soon going to have a factory in Nigeria," Kanwal Jeet Jawa, the head of Daikin's operations in India and East Africa, told Reuters.

Rather than building a plant, Daikin is using space in a facility provided by a local distributor, he said.

Daikin is aiming to become the leading seller of air conditioners, chillers and other cooling equipment in East Africa nations including Tanzania and Kenya by 2025.

Jawa said the company is looking to replicate its success in India, where it has beaten the likes of South Korea's LG Electronics to take top market share amid a rapid market expansion that is being driven by the country's economic growth.

Daikin's production capacity in India is set to almost double in 2023 with the opening of a new factory, allowing it to ship equipment to Africa that is more affordable and better suited to local conditions than air conditioners the Japanese company makes elsewhere, Jawa said.

(Reporting by Tim Kelly and Mayu Sakoda; Editing by Kim Coghill)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
DAIKIN INDUSTRIES, LTD. -1.43% 22400 Delayed Quote.-14.14%
DOW JONES AFRICA TITANS 50 INDEX 0.26% 473.89 Real-time Quote.-11.54%
LG CORP. -2.36% 82600 End-of-day quote.2.10%
LG ELECTRONICS INC. 0.42% 96600 End-of-day quote.-30.00%
S&P AFRICA 40 INDEX 0.20% 156 Real-time Quote.-10.89%
All news about DAIKIN INDUSTRIES, LTD.
11/23Nikkei hits over 2-month high on hopes of Fed slowing rate-hike pace
RE
11/18Daikin establishes air conditioner factory in indonesia
AQ
11/18MarketScreener’s World Press Review : November 18, 2..
MS
11/10Japan's Nikkei hits 2-month high on signs of cooling U.S. inflation
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11/08Daikin Industries,Ltd. Provides Consolidated Earnings Guidance for the Fiscal Year Endi..
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11/08Daikin Industries,Ltd. Announces Dividend for the Second Quarter Ended September 30, 20..
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11/07Japanese shares rise on Wall Street gains, robust outlook
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10/06SIRC Co., Ltd. announced that it has received funding from Daikin Industries,Ltd.
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09/30Japan's Daikin to build air conditioners in Nigeria in renewed push
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09/30Daikin Industries : joins the newly established “GX Business Working Group” as..
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Analyst Recommendations on DAIKIN INDUSTRIES, LTD.
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Financials
Sales 2023 3 792 B 28 023 M 28 023 M
Net income 2023 261 B 1 931 M 1 931 M
Net cash 2023 128 B 949 M 949 M
P/E ratio 2023 25,1x
Yield 2023 0,99%
Capitalization 6 557 B 48 451 M 48 451 M
EV / Sales 2023 1,70x
EV / Sales 2024 1,61x
Nbr of Employees 88 698
Free-Float 92,4%
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 22 400,00 JPY
Average target price 26 494,44 JPY
Spread / Average Target 18,3%
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Managers and Directors
Masanori Togawa Director & Managing Executive Officer
Koichi Takahashi GM-Accounting, Finance & Manager-Budget
Noriyuki Inoue Director
Takashi Matsuzaki Senior Managing Executive Officer
Yuji Yoneda Manager-Technology Innovation Center
Sector and Competitors