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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  ITOCHU Corporation    8001   JP3143600009

ITOCHU CORPORATION

(8001)
  Report
End-of-day quote. End-of-day quote Tokyo Stock Exchange - 01/18
3102 JPY   -1.15%
01/13ITOCHU : Targets Higher Shareholder Returns Under New Management Plan
MT
01/13ITOCHU : Shuffles President and Board Members
MT
01/13ITOCHU : FY2021 Organizational Changes (PDF 162KB)
PU
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Thai billionaire heir's startup Amity flourishes amid pandemic

06/30/2020 | 04:19am EST
Dhanin Chearavanont speaks to Reuters in Bangkok.

By Chayut Setboonsarng

Tech startup Amity, run by the grandson of Thai billionaire Dhanin Chearavanont, has managed to break even for the first time thanks to a surge in demand for its communication platform during the coronavirus pandemic, its chief executive said.

Amity, until recently known as Eko, saw a 200% jump in revenue in the second quarter as hotels, hospitals and cleaning firms used its product, 25-year old CEO Korawad Chearavanont told Reuters.

It comes as demand for remote work technologies like video-conferencing software Zoom has boomed amid lockdowns globally to contain the outbreak.

"This is for people who are not at their desks," Korawad said of the chat service.

Amity, which has 5 million active users and benchmarks itself against Microsoft Teams and Slack, managed to avoid a loss for the first time since it was founded eight years ago.

Demand came from facilities management and hospitality firms in the United States and Europe, while hospitals in Thailand signed on to manage patient flow and coordinate cases.

Amity generates 80% of its revenue in Thailand, but plans to grow its presence in western markets, Korawad said.

Korawad's grandfather is senior chairman of the country's largest agro-industrial conglomerate Charoen Pokphand Group (CP Group).

The startup does not have financial support from the group, but has had some of its firms - including CP Foods and convenience store operator CPALL - as its customers since 2018.

The family privately also has a minority stake in Amity.

The firm counts Indonesia's Sinar Mas Group, AirAsia and Japanese trading house Itochu Corp as investors and has raised $30 million since it was founded.

Even though its outlook has improved, Korawad worried this was not enough.

The firm earlier announced it had acquired local chatbot startup, ConvoLab, to enhance its service and boost growth and announced it had changed its name to Amity to reflect this.

"Zoom activity is up, but we're not seeing anything near that so this prompted the acquisition ... to supercharge our platform," he said.

The firm had a "decent" shot at a $1 billion valuation next year and is eyeing an initial public offering in 2023, he added.

(Reporting by Chayut Setboonsarng; Editing by Ana Nicolaci da Costa)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AIRASIA GROUP -2.61% 0.745 End-of-day quote.-15.82%
CHAROEN POKPHAND FOODS 2.63% 29.25 End-of-day quote.9.35%
CP ALL -1.68% 58.5 End-of-day quote.0.43%
ITOCHU CORPORATION -1.15% 3102 End-of-day quote.4.66%
MICROSOFT CORPORATION -0.17% 212.65 Delayed Quote.-4.39%
TRUE CORPORATION -1.74% 3.38 End-of-day quote.-1.74%
ZOOM VIDEO COMMUNICATIONS, INC. 0.34% 384.53 Delayed Quote.14.00%
All news about ITOCHU CORPORATION
01/13ITOCHU : Targets Higher Shareholder Returns Under New Management Plan
MT
01/13ITOCHU : Shuffles President and Board Members
MT
01/13ITOCHU : FY2021 Organizational Changes (PDF 162KB)
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01/13ITOCHU : Personnel Changes (PDF 52KB)
PU
01/12ITOCHU : New Edition of ITOCHU's quarterly corporate PR magazine released
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01/11ITOCHU : (News release during the period of projection mapping)ITOCHU Announces ..
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01/08ITOCHU : Announces Receipt of Highest Ratings from Three Major IR Website Evalua..
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01/05ITOCHU : Announces Display of Projection Mapping with Message Wishing Happiness ..
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01/05ITOCHU : New Year's Remarks from the President & COO
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01/04ITOCHU : Acquisition of a fencing tube manufacturing business in the United Stat..
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More news
Financials
Sales 2021 10 456 B 100 B 100 B
Net income 2021 420 B 4 040 M 4 040 M
Net Debt 2021 2 274 B 21 855 M 21 855 M
P/E ratio 2021 10,8x
Yield 2021 2,87%
Capitalization 4 615 B 44 510 M 44 354 M
EV / Sales 2021 0,66x
EV / Sales 2022 0,61x
Nbr of Employees 128 146
Free-Float 89,1%
Chart ITOCHU CORPORATION
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ITOCHU Corporation Technical Analysis Chart | MarketScreener
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Technical analysis trends ITOCHU CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 3 152,50 JPY
Last Close Price 3 102,00 JPY
Spread / Highest target 12,8%
Spread / Average Target 1,63%
Spread / Lowest Target -14,9%
EPS Revisions
Managers and Directors
NameTitle
Masahiro Okafuji Chairman & Chief Executive Officer
Yoshihisa Suzuki President, COO, Representative Director & CIO
Tsuyoshi Hachimura Chief Financial Officer & Representative Director
Yuji Fukuda Representative Director & Executive Vice President
Tomofumi Yoshida Representative Director & Executive Vice President
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