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    6594   JP3734800000

NIDEC CORPORATION

(6594)
  Report
Delayed Japan Exchange  -  01:00:00 2023-01-27 am EST
7390.00 JPY   +3.05%
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Nidec shares slide 7% after profit forecast cut

01/24/2023 | 08:58pm EST
FILE PHOTO: Nidec Corp's logo is pictured at an earnings results news conference in Tokyo

TOKYO (Reuters) - Shares in Japan's Nidec Corp slumped as much as 7% on Wednesday morning in Tokyo after the electric motor maker nearly halved its full-year profit forecast on a slow recovery of the car industry and due to expenses from a restructuring push.

After markets closed on Tuesday, the company announced a 48% cut to its operating profit forecast for the financial year through March to 110 billion yen ($843 million), well below analysts expectations.

The third-quarter result, which saw the Kyoto-based firm report an operating profit of 28 billion yen, down 37% from a year earlier, delivered investors a negative surprise, said Kazuyoshi Saito, senior analyst at Iwai Cosmo Securities.

"While profitability is likely to return next quarter after the company's restructuring costs disappear, there's uncertainty in external and macroeconomic conditions," he said.

Investors were likely to seek some evidence of the recovery the company is expecting, Saito added.

Nidec faces weakening demand in the tech sector due to a downturn in the personal computer and data centre market. A company executive said on Tuesday that the downward cycle may continue until June.

The company's share price has declined almost 50% from early last year. Shares traded at 7,114 yen on Wednesday, last down 5.8% on the day but still holding above a 2-1/2 year low of 6,658 yen hit on Jan. 4.

($1 = 130.35 yen)

(Reporting by Daniel Leussink; Editing by Jacqueline Wong and Muralikumar Anantharaman)


ę Reuters 2023
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Analyst Recommendations on NIDEC CORPORATION
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Financials
Sales 2023 2 231 B 17 169 M 17 169 M
Net income 2023 139 B 1 067 M 1 067 M
Net Debt 2023 396 B 3 048 M 3 048 M
P/E ratio 2023 31,5x
Yield 2023 0,96%
Capitalization 4 247 B 32 694 M 32 694 M
EV / Sales 2023 2,08x
EV / Sales 2024 1,88x
Nbr of Employees 114 371
Free-Float 83,0%
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Technical analysis trends NIDEC CORPORATION
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TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 19
Last Close Price 7 390,00 JPY
Average target price 10 172,22 JPY
Spread / Average Target 37,6%
EPS Revisions
Managers and Directors
Shigenobu Nagamori Chairman & Chief Executive Officer
Hiroshi Kobe President, COO & Representative Director
Akinobu Samura Chief Financial Officer & Head-Investor Relations
Maki Okajima Executive Officer & Head-Information Systems
Takashi Omuraa Deputy Chief Technology Officer
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