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

MITSUBISHI HEAVY INDUSTRIES, LTD.

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Japan's Mitsubishi Heavy asks other companies to take on idle workers: sources

10/28/2020 | 03:40am EST
FILE PHOTO: The logo of Mitsubishi Heavy Industries is seen at the company's news conference in Tokyo

TOKYO (Reuters) - Mitsubishi Heavy Industries (MHI) said it has asked several other companies to temporarily employ idle workers from its factories in central Japan in a bid to cut costs and weather a downturn from the COVID-19 pandemic, two sources told Reuters.

MHI has approached firms in Aichi Prefecture including Toyota Motor Corp-affiliated parts maker Toyoda Gosei, about transferring dozens of workers for up to three years from January, the sources with knowledge of the plan said.

They asked not to be identified because they are not authorised to speak to the media.

"We are adjusting workforce levels through secondments, but we don't disclose the details," a spokesmen for MHI said. A Toyoda Gosei spokesman said he was unable to immediately comment.

Japan's biggest heavy machinery maker will on Friday release results for the three months ended Sept 30, after posting a 71.3 billion yen ($680 million) operating loss in the first quarter.

Local media reports and sources say MHI may also announce a new business plan that will include freezing development of its SpaceJet regional jet as airlines, including launch customer ANA Holdings, rein in costs to cope with a collapse in air travel.

Encouraged by the Japanese government, MHI started the SpaceJet programme in a bid to become a global commercial plane maker. Technical problems, however, forced it to delay its first delivery to ANA six times from 2013 to the end of March 2022.

MHI is also a key aircraft parts supplier to commercial aircraft builders Boeing Co and Airbus SE, which have also been hurt as airlines struggle to survive.

ANA, Japan's biggest carrier, on Tuesday said it plans to send more than 400 people to work elsewhere after it forecast an operating loss of 505 billion yen in the year to March 31.

(Reporting by Maki Shiraki; writing by Eimi Yamamitsu and Tim Kelly; Editing by Lincoln Feast.)

By Maki Shiraki


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AICHI CORPORATION -0.86% 926 End-of-day quote.24.13%
AIRBUS SE 2.15% 91.32 Real-time Quote.-30.01%
ANA HOLDINGS INC. 0.28% 2489 End-of-day quote.-31.66%
MITSUBISHI HEAVY INDUSTRIES, LTD. 3.87% 2511.5 End-of-day quote.-40.88%
THE BOEING COMPANY 5.09% 223.85 Delayed Quote.-34.61%
TOYODA GOSEI CO., LTD. 0.77% 2888 End-of-day quote.5.21%
TOYOTA INDUSTRIES CORPORATION 2.24% 7750 End-of-day quote.22.43%
TOYOTA MOTOR CORPORATION 0.87% 7079 End-of-day quote.-8.23%
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Financials
Sales 2021 3 689 B 35 316 M 35 316 M
Net income 2021 11 225 M 107 M 107 M
Net Debt 2021 1 335 B 12 775 M 12 775 M
P/E ratio 2021 50,8x
Yield 2021 2,99%
Capitalization 844 B 8 073 M 8 078 M
EV / Sales 2021 0,59x
EV / Sales 2022 0,56x
Nbr of Employees 81 631
Free-Float 91,4%
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Technical analysis trends MITSUBISHI HEAVY INDUSTRIES, LTD.
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 10
Average target price 2 898,00 JPY
Last Close Price 2 511,50 JPY
Spread / Highest target 99,1%
Spread / Average Target 15,4%
Spread / Lowest Target -20,4%
EPS Revisions
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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