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Japanese shares rebound on growth confidence, Yaskawa's outlook

07/12/2021 | 02:36am EDT

TOKYO, July 12 (Reuters) - Japanese shares rebounded on Monday, led by cyclical stocks on renewed hopes of a swift global economic recovery, while industry bellwether Yaskawa Electric jumped after raising its annual profit forecast.

The Nikkei share average climbed 2.25% to close at 28,569.02, while the broader Topix advanced 2.14% 1,953.33.

Both the indexes gained the most in three weeks, bouncing back after three straight sessions of falls to a near eight-week low on Friday.

Japanese equities tracked Wall Street's strong finish on Friday. The three major U.S. stock indexes rallied to record closing highs at the end of last week, led by financials and other economically focused sectors.

The U.S. market was led higher on Friday by economically sensitive value stocks and that worked favourably for the Japanese market, which has many value shares linked to the global economy, said Kentaro Hayashi, a senior strategist at Daiwa Securities.

"And Yaskawa Electric's strong earnings and an upward revision of outlook have given a positive surprise to the market," he said.

Shares of Yaskawa Electric, a robot maker seen as a leading indicator on Japanese manufacturers' earnings trend, jumped 6.47% after the company raised its annual operating profit forecast by 29%. Peer Fanuc climbed 6.6%.

Makers of industrial machinery, housing instruments and electric machineries led the rebound after Japan's machinery orders rose for a third straight month in May.

Fanuc was the top gainer on the Nikkei, followed by Yaskawa and materials maker Showa Denko, which rose 5.66%.

Kawasaki Kisen Kaisha was the worst performer on the index with a drop of 2.74%, followed by Eisai, which lost 1.54%, and Nippon Yusen, down 1.31 %. ($1 = 110.1400 yen) (Reporting by Junko Fujita; Editing by Subhranshu Sahu)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EISAI CO., LTD. 1.28% 8450 End-of-day quote.14.62%
FANUC CORPORATION 1.27% 26630 End-of-day quote.5.01%
KAWASAKI KISEN KAISHA, LTD. 4.24% 7620 End-of-day quote.260.80%
NIKKEI 225 0.58% 30500.05 Real-time Quote.11.13%
NIPPON YUSEN KABUSHIKI KAISHA 2.88% 10350 End-of-day quote.330.89%
SHOWA DENKO K.K. -1.19% 2736 End-of-day quote.24.53%
SHOWA HOLDINGS CO., LTD. 0.00% 53 End-of-day quote.0.00%
YASKAWA ELECTRIC CORPORATION 1.66% 6140 End-of-day quote.19.69%
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Sales 2021 1 410 B 12 864 M 12 864 M
Net income 2021 -4 823 M -44,0 M -44,0 M
Net Debt 2021 815 B 7 437 M 7 437 M
P/E ratio 2021 -89,0x
Yield 2021 2,38%
Capitalization 489 B 4 462 M 4 456 M
EV / Sales 2021 0,92x
EV / Sales 2022 0,78x
Nbr of Employees 33 684
Free-Float 95,5%
Duration : Period :
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Mean consensus BUY
Number of Analysts 8
Last Close Price 2 736,00 JPY
Average target price 3 731,43 JPY
Spread / Average Target 36,4%
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Kohei Morikawa President, CEO & Representative Director
Motohiro Takeuchi CFO, Representative Director & Head-Accounting
Hideo Ichikawa Chairman
Hiroshi Sakai Director & Chief Technology Officer
Masaharu Oshima Independent Outside Director
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