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HITACHI CONSTRUCTION MACHINERY CO., LTD.

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Hitachi considers partial sale of construction machine unit in group overhaul - Nikkei

10/22/2020 | 11:43pm EDT

TOKYO, Oct 23 (Reuters) - Japan's Hitachi Ltd is considering selling about half of its 50.8% stake in Hitachi Construction Machinery as part of its strategy to sell listed units with little synergy, the Nikkei business daily reported on Friday.

The sale would represent a final tranche of Hitachi's decade-long business portfolio overhaul, in which it sold chip-making equipment manufacturer Hitachi Kokusai Electric and chemicals maker Hitachi Chemical in recent years.

State-backed fund Japan Investment Corporation (JIC) is among potential investors in Hitachi Construction, the Nikkei added.

Hitachi Construction, a smaller rival to Caterpillar Inc and Komatsu Ltd, has a market value of about $7 billion. It forecasts sales of 770 billion yen ($7.35 billion) for the year ending in March.

Shares of Hitachi Construction plunged more than 15% after the Nikkei report.

Hitachi plans to retain part of its stake to keep access to autonomous driving technologies for construction machinery, according to the Nikkei.

Hitachi said in a statement the company was weighing various options to boost its corporate value but that no decision had been made. A Hitachi Construction spokeswoman said the report was not something that the company has announced.

JIC said in a statement it was not true that the fund was considering investment in Hitachi Construction.

Hitachi has been among the most aggressive of Japan's conglomerates in reorganising its business, selling non-core assets while buying foreign businesses to expand its digital footprint.

Reuters reported last month that Hitachi planned to launch a sale of another listed unit, Hitachi Metals Ltd, as early as this month in a deal that could be worth more than 700 billion yen ($6.6 billion).

The Japanese government has pointed out potential conflicts of interest between publicly traded parent companies and their listed subsidiaries and set corporate governance guidelines for those companies. ($1 = 104.7100 yen) (Reporting by Makiko Yamazaki, Chang-Ran Kim and Tetsushi Kajimoto; Editing by Chang-Ran Kim and Stephen Coates)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CATERPILLAR INC. -0.77% 219.01 Delayed Quote.21.25%
HITACHI CONSTRUCTION MACHINERY CO., LTD. -0.58% 3455 End-of-day quote.17.92%
HITACHI METALS, LTD. -0.05% 2123 End-of-day quote.35.57%
HITACHI, LTD. 0.82% 6032 End-of-day quote.48.39%
KOKUSAI CO., LTD. 0.14% 704 End-of-day quote.-3.30%
KOMATSU LTD. 0.10% 3046 End-of-day quote.8.11%
NIKKEI 225 0.74% 29161.8 Real-time Quote.5.48%
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Financials
Sales 2021 792 B 7 188 M 7 188 M
Net income 2021 19 881 M 181 M 181 M
Net Debt 2021 299 B 2 718 M 2 718 M
P/E ratio 2021 37,4x
Yield 2021 0,91%
Capitalization 735 B 6 680 M 6 672 M
EV / Sales 2021 1,31x
EV / Sales 2022 1,17x
Nbr of Employees 25 248
Free-Float 47,7%
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Technical analysis trends HITACHI CONSTRUCTION MACHINERY CO., LTD.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 13
Average target price 3 476,92 JPY
Last Close Price 3 455,00 JPY
Spread / Highest target 15,8%
Spread / Average Target 0,63%
Spread / Lowest Target -19,0%
EPS Revisions
Managers and Directors
NameTitle
Kotaro Hirano President, Chief Executive Officer & Director
Keiichiro Shiojima Chief Financial Officer & Executive Officer
Hideaki Takahashi Chairman
Eiji Fukumoto Chief Technology Officer
Seishi Toyoshima Director & Chief Human Resources Officer
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