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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Hitachi Construction Machinery Co., Ltd.    6305   JP3787000003

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 EST

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. 0.26% 175.08 Delayed Quote.18.25%
HITACHI CONSTRUCTION MACHINERY CO., LTD. -1.02% 2901 End-of-day quote.-11.69%
HITACHI METALS, LTD. 0.07% 1536 End-of-day quote.-4.77%
HITACHI, LTD. 1.50% 4063 End-of-day quote.-12.17%
KOKUSAI CO., LTD. 0.00% 725 End-of-day quote.-4.73%
KOMATSU LTD. -1.45% 2583 End-of-day quote.-2.23%
NIKKEI 225 0.40% 26644.71 Real-time Quote.12.63%
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More news
Financials
Sales 2021 795 B 7 637 M 7 637 M
Net income 2021 21 064 M 202 M 202 M
Net Debt 2021 273 B 2 624 M 2 624 M
P/E ratio 2021 30,5x
Yield 2021 1,54%
Capitalization 635 B 6 105 M 6 102 M
EV / Sales 2021 1,14x
EV / Sales 2022 1,03x
Nbr of Employees 25 248
Free-Float 48,3%
Chart HITACHI CONSTRUCTION MACHINERY CO., LTD.
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Hitachi Construction Machinery Co., Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends HITACHI CONSTRUCTION MACHINERY CO., LTD.
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 13
Average target price 2 950,00 JPY
Last Close Price 2 986,00 JPY
Spread / Highest target 17,2%
Spread / Average Target -1,21%
Spread / Lowest Target -19,6%
EPS Revisions
Managers
NameTitle
Kotaro Hirano President, Chief Executive Officer & Director
Hideaki Takahashi Chairman
Keiichiro Shiojima Chief Financial Officer & Executive Officer
Eiji Fukumoto Chief Technology Officer
Tetsuo Katsurayama Director
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