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    5991   JP3742600004

NHK SPRING CO., LTD.

(5991)
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Delayed Japan Exchange  -  05/27 02:00:00 am EDT
908.00 JPY   +0.89%
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Hitachi to sell about half its stake in construction unit - NHK

01/13/2022 | 04:59am EDT
FILE PHOTO: Logo of Hitachi is seen in Zurich

TOKYO (Reuters) - Japan's Hitachi Ltd will sell about half its 51% stake in unit Hitachi Construction Machinery Co to trading firm Itochu Corp and investment fund Japan Industrial Partners, public broadcaster NHK reported on Thursday.

Hitachi will sell the stake for about 200 billion yen ($1.7 billion), according to a Nikkei business daily report, which did not identify the source of the information.

The construction unit's market value at the end of share trading in Tokyo was 753 billion yen.

The sale would represent the final tranche of Hitachi's decade-long business portfolio overhaul, following sales of chip-making equipment manufacturer Hitachi Kokusai Electric and chemicals maker Hitachi Chemical.

"We are considering various ways improve corporate value, but we have no decision yet," Hitachi said, when asked about the NHK report.

Hitachi Construction, the smaller rival of Komatsu Ltd and Caterpillar Inc, generated 813 billion yen ($7.1 billion) in its last full business year from sales of excavators, wheel loaders, dump trucks and their parts.

It employs about 25,000 people worldwide with about three-quarters of sales outside Japan.

($1=114.6200 yen)

(Reporting by Tim Kelly and Chang-Ran Kim; Editing by Shounak Dasgupta)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
HITACHI CONSTRUCTION MACHINERY CO., LTD. 1.81% 2981 Delayed Quote.-10.35%
HITACHI, LTD. 0.94% 6661 Delayed Quote.6.92%
ITOCHU CORPORATION -0.46% 3675 Delayed Quote.4.46%
KOKUSAI CO., LTD. 0.99% 615 Delayed Quote.-3.15%
KOMATSU LTD. 0.89% 3182 Delayed Quote.18.14%
NHK SPRING CO., LTD. 0.89% 908 Delayed Quote.-7.16%
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More news
Financials
Sales 2022 586 B 4 608 M 4 608 M
Net income 2022 19 283 M 152 M 152 M
Net cash 2022 19 489 M 153 M 153 M
P/E ratio 2022 11,0x
Yield 2022 2,64%
Capitalization 207 B 1 629 M 1 629 M
EV / Sales 2022 0,32x
EV / Sales 2023 0,28x
Nbr of Employees 18 375
Free-Float 81,7%
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 908,00 JPY
Average target price 1 025,00 JPY
Spread / Average Target 12,9%
EPS Revisions
Managers and Directors
Takashi Kayamoto President, CEO & Representative Director
Toru Sugiyama Managing Executive Officer & GM-Administration
Kazumi Tamamura Director & Senior Managing Executive Officer
Toshio Kazama General Manager-Research & Development
Keiichiro Sue Independent Outside Director
Sector and Competitors