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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Japan Post Holdings Co., Ltd.    6178   JP3752900005

JAPAN POST HOLDINGS CO., LTD.

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Heads of three Japan Post firms to resign over improper policy sales - media

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12/24/2019 | 08:12pm EDT

The heads of Japan Post Holdings Co and affiliates Japan Post Insurance Co and Japan Post will resign this week over the improper sales of insurance policies, broadcaster TBS reported on Wednesday.

A committee of external lawyers investigating the misconduct said last week the number of cases in which Japan Post Insurance improperly sold policies had reached 12,836, of which 670 involved violations of the law or internal rules.

That was more than double the 6,327 cases disclosed in September in an interim report submitted by the committee, while more cases could be found as it continues its probe.

The committee said last week it had investigated about 82% of the 183,000 policies sold over the five years through fiscal 2018 that may have been disadvantageous to customers.

Revelations of the misconduct have pushed corporate governance to the fore just as the government had been planning to sell $10 billion worth of shares in parent Japan Post Holdings to fund reconstruction in areas devastated by an earthquake and tsunami in 2011.

Japan Post Holdings Chief Executive Masatsugu Nagato, Japan Post Insurance President Mitsuhiko Uehira and Japan Post President Kunio Yokoyama will step down on Friday when the country's financial regulator would issue administrative punishments to the companies, TBS said.

The three companies declined to comment.

Nagato told a press conference last week he would announce his management responsibility at an "appropriate time" when asked about resignation.

Nagato may be replaced by Hiroya Masuda, a former minister of Internal Affairs and Communications, according to TBS.

(Reporting by Takashi Umekawa; Editing by Chang-Ran Kim and Lincoln Feast.)


Stocks mentioned in the article
ChangeLast1st jan.
JAPAN POST HOLDINGS CO., LTD. -2.39% 723.9 End-of-day quote.-29.44%
JAPAN POST INSURANCE CO., LTD. -3.47% 1699 End-of-day quote.-8.75%
LETS HOLDINGS GROUP CO., LTD. 0.45% 8.84 End-of-day quote.46.36%
LOOK HOLDINGS INCORPORATED -0.83% 960 End-of-day quote.-23.32%
POST HOLDINGS, INC. -4.64% 86.65 Delayed Quote.-20.58%
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Financials
Sales 2021 11 509 B 110 B 110 B
Net income 2021 363 B 3 473 M 3 473 M
Net Debt 2021 36 992 B 354 B 354 B
P/E ratio 2021 8,51x
Yield 2021 6,91%
Capitalization 2 927 B 28 058 M 28 008 M
EV / Sales 2021 3,47x
EV / Sales 2022 3,73x
Nbr of Employees 245 472
Free-Float 31,0%
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Technical analysis trends JAPAN POST HOLDINGS CO., LTD.
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TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 875,56 JPY
Last Close Price 723,90 JPY
Spread / Highest target 58,9%
Spread / Average Target 20,9%
Spread / Lowest Target 3,61%
EPS Revisions
Managers
NameTitle
Hiroya Masuda President & Chief Executive Officer
Yasuo Suzuki Director & Representative SEVP
Akio Mimura Independent Outside Director
Tadashi Yagi Independent Outside Director
Kunio Ishihara Independent Outside Director