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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Mitsubishi Heavy Industries, Ltd.    7011   JP3900000005

MITSUBISHI HEAVY INDUSTRIES, LTD.

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Deliveries of Mitsubishi's SpaceJet face fresh delay - Nikkei

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10/22/2019 | 12:08am EDT
FILE PHOTO: Chief Development Officer of Mitsubishi Aircraft Corporation Alex Bellamy poses in front of a SpaceJet M100 aircraft

(Reuters) - Japan's Mitsubishi Aircraft Corp is seeking to postpone deliveries of its SpaceJet regional airplane as it battles delays in securing regulatory certification, with one option being a six-month delay from a mid-2020 target date, the Nikkei newspaper reported.

Such a delay would be the sixth for the programme, which aims to revive Japan's dormant commercial aviation industry.

A new first-delivery date could be set next month, the paper said on Saturday, without citing a source. The plane, this year renamed the SpaceJet instead of the Mitsubishi regional jet, was originally due to enter service in 2013.

Jefferies analyst Sho Fukuhara said in a note to clients that the delays, if confirmed, could trigger market concerns about Mitsubishi Heavy Industries Ltd, the planemaker's largest shareholder.

Mitsubishi Heavy told the stock exchange on Monday that the planemaker was putting its "utmost effort" into completing certification and was sharing information about the schedule with all relevant parties. It did not provide an update on the delivery schedule for the plane.

"There has been no official announcement or comment on our schedule," a Mitsubishi Aircraft spokesman said on Tuesday.

"As we are evaluating the long term schedule, we are doing so not only for the development, certification and delivery of our first aircraft, but ... also to make decisions that will benefit the long term success of commercial aviation in Japan," the spokesman said.

ANA Holdings Inc , Japan's largest airline by revenue, is due to be the first customer for the plane.

Nikkei said the manufacturer would probably begin to hash out compensation for the delay, which would push the entry into service beyond the Tokyo Summer Olympics next year.

An ANA spokesman declined to comment on potential delays but said the airline looked forward to having the SpaceJet in its fleet and providing its customers with a new regional jet.

(Reporting by Jamie Freed in Singapore; Additional reporting by Allison Lampert in Las Vegas and Tim Kelly in Tokyo; Editing by Clarence Fernandez, Stephen Coates and Tom Hogue)

Stocks mentioned in the article
ChangeLast1st jan.
ANA HOLDINGS INC. 1.60% 2756.5 End-of-day quote.-24.31%
BYD COMPANY LIMITED 0.73% 110.5 End-of-day quote.184.43%
LETS HOLDINGS GROUP CO., LTD. 2.58% 10.72 End-of-day quote.77.48%
LINE CORPORATION 0.00% 5370 End-of-day quote.0.37%
LOOK HOLDINGS INCORPORATED 1.99% 872 End-of-day quote.-30.35%
MITSUBISHI HEAVY INDUSTRIES, LTD. 0.04% 2507 End-of-day quote.-40.98%
NIKKEI 225 0.18% 23360.3 Real-time Quote.-1.43%
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Financials
Sales 2021 3 727 B 35 645 M 35 645 M
Net income 2021 1 044 M 9,99 M 9,99 M
Net Debt 2021 1 215 B 11 616 M 11 616 M
P/E ratio 2021 -889x
Yield 2021 2,99%
Capitalization 842 B 8 069 M 8 056 M
EV / Sales 2021 0,55x
EV / Sales 2022 0,54x
Nbr of Employees 81 631
Free-Float 91,0%
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Mean consensus HOLD
Number of Analysts 11
Average target price 2 877,27 JPY
Last Close Price 2 507,00 JPY
Spread / Highest target 99,4%
Spread / Average Target 14,8%
Spread / Lowest Target -16,2%
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Managers
NameTitle
Seiji Izumisawa President, CEO, Director & Chief Strategy Officer
Shunichi Miyanaga Chairman
Hisato Kozawa CFO, Representative Director & Executive Officer
Michisuke Nayama Chief Technology Officer & Executive VP
Eisaku Ito CTO, Executive Officer & GM-ICT Solutions
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