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    6752   JP3866800000

PANASONIC CORPORATION

(6752)
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Japan shares rise on corporate optimism, but election caution weighs

10/29/2021 | 02:55am EST

TOKYO, Oct 29 (Reuters) - Japanese shares reversed course to end marginally higher on Friday, as optimism around domestic corporate outlook outweighed investors' caution ahead of the country's general election.

The Nikkei share average edged up 0.25% to close at 28,892.69, after losing as much as 1.2% earlier in the session. For the week, the index inched up 0.3%.

The broader Topix also changed course to gain 0.08% to 2,001.18.

"The market had a complicated move today, with a bigger-than-expected fall earlier in the day. Investors probably sold shares to adjst positions in the run-up to the election," said Jun Morita, general manager of the research department at Chibagin Asset Management.

"So far, overall Japanese companies have reported positive earnings despite negative factors such as supply chain disruptions and shortage of materials. That has lifted investor confidence."

The Nikkei recouped most of its early losses after Denso , an affiliate of Toyota Motor, reported robust earnings during the session, market participants said.

Denso rose 1.72%, while Toyota edged up 0.33%.

Keyence jumped 5.03% after the electronic application equipment maker reported a 67% jump in its first-half net profit.

Shares of Sony Group, which squeezed out a surprise 1% rise in operating profit for its second quarter, rose 1.9%.

Shipping firms jumped 7.22% as Mitsui OSK Lines' annual forecast beat analysts' expectations.

But market gains were limited as investors refrained making bets ahead of the election to be held on the weekend, market players said.

Japan's ruling Liberal Democratic Party (LDP) faces a fight to maintain its sole majority in the lower house election, opinion polls on Friday showed.

Panasonic fell 6.2% even as the home electric appliances maker raised its full-year operating profit outlook by 12%.

Technology heavyweight Advantest fell 2.81% as its annual forecast missed consensus.

(Editing by Sherry Jacob-Phillips and Rashmi Aich)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADVANTEST CORPORATION -3.98% 9650 Delayed Quote.-7.80%
DENSO CORPORATION -4.01% 8822 Delayed Quote.-3.55%
KEYENCE CORPORATION -2.00% 60700 Delayed Quote.-14.31%
MITSUI O.S.K. LINES LTD -0.48% 8240 Delayed Quote.-3.04%
PANASONIC CORPORATION 0.66% 1302 Delayed Quote.2.25%
SONY GROUP CORPORATION -1.37% 12955 Delayed Quote.-9.26%
TOPIX INDEX -0.59% 1927.18 Real-time Quote.-2.70%
TOYOTA MOTOR CORPORATION -2.48% 2284.5 Delayed Quote.11.26%
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Analyst Recommendations on PANASONIC CORPORATION
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Financials
Sales 2022 7 250 B 63 603 M 63 603 M
Net income 2022 247 B 2 163 M 2 163 M
Net cash 2022 34 038 M 299 M 299 M
P/E ratio 2022 12,3x
Yield 2022 2,34%
Capitalization 3 019 B 26 474 M 26 483 M
EV / Sales 2022 0,41x
EV / Sales 2023 0,37x
Nbr of Employees 244 479
Free-Float -
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Technical analysis trends PANASONIC CORPORATION
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Mean consensus OUTPERFORM
Number of Analysts 16
Last Close Price 1 293,50 JPY
Average target price 1 642,94 JPY
Spread / Average Target 27,0%
EPS Revisions
Managers and Directors
Yuki Kusumi Executive Officer
Hirokazu Umeda Manager-Accounting Business Management Group
Kazuhiro Tsuga Manager-Multimedia Development Center
Tatsuo Ogawa Chief Technology Officer & Executive Officer
Hajime Tamaoki Chief Information Officer & Executive Officer
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