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    6758   JP3435000009

SONY GROUP CORPORATION

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Japanese shares fall on disappointing tech outlook, pandemic concerns

04/30/2021 | 02:25am EDT

TOKYO, April 30 (Reuters) - Japanese shares ended lower on Friday, weighed down by technology firms' disappointing outlook, while a spike in domestic COVID-19 infections hit investor sentiment.

The Nikkei 225 Index fell 0.83% to close at 28,812.63, while the broader Topix slipped 0.57% to 1,898.24.

Japanese tech stocks led the declines, as investors sifted through latest earnings reports and sold shares of companies that failed to live up to their lofty expectations for a robust rebound this year, analysts said.

Investors are also growing more worried about COVID-19, as new infections in Tokyo and Osaka are rising even after the declaration of a state of emergency for the two cities at the start of this week, analysts said.

Tokyo reported 1,027 daily infections on Thursday, the highest since Jan. 18.

"The earnings coming in so far have not justified the massive rally in stocks from last year, so the upside is limited," said Ayako Sera, a market strategist at Sumitomo Mitsui Trust Bank.

"Britain and the United States have shown that vaccinations lead to a resumption of economic activity, but unfortunately Japan is lagging behind."

Z Holdings fell 7.11% after the search engine operator and internet advertiser's profit forecasts for the current fiscal year disappointed investors who were expecting more benefits from its merger last month with Line, Japan's most popular messaging app.

Sony Group lost 7.714% after the maker of the PlayStation gaming console said it expects profits to fall as stay-at-home demand wanes.

Murata Manufacturing Co also fell 3.55% after the electronic parts maker's forecasts also fell short of analysts' expectations.

One exception to the declines in the tech sector was CyberAgent Inc. Shares of the mobile video-game operator surged 15.28% after the company raised its earnings forecasts. (Reporting by Stanley White and Junko Fujita; editing by Uttaresh.V and Vinay Dwivedi)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CYBERAGENT, INC. 2.67% 2381 End-of-day quote.33.95%
MURATA MANUFACTURING CO., LTD. 1.46% 8594 End-of-day quote.-7.79%
SONY GROUP CORPORATION 0.48% 10500 End-of-day quote.2.09%
Z HOLDINGS CORPORATION -3.61% 534.1 End-of-day quote.-14.46%
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Financials
Sales 2021 8 866 B 80 435 M 80 435 M
Net income 2021 1 075 B 9 752 M 9 752 M
Net cash 2021 2 729 B 24 755 M 24 755 M
P/E ratio 2021 12,0x
Yield 2021 0,52%
Capitalization 13 010 B 118 B 118 B
EV / Sales 2021 1,16x
EV / Sales 2022 1,04x
Nbr of Employees 111 700
Free-Float 98,2%
Chart SONY GROUP CORPORATION
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Technical analysis trends SONY GROUP CORPORATION
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 14 466,32 JPY
Last Close Price 10 500,00 JPY
Spread / Highest target 81,5%
Spread / Average Target 37,8%
Spread / Lowest Target -9,52%
EPS Revisions
Managers and Directors
NameTitle
Kenichiro Yoshida Co-Chairman, President & Chief Executive Officer
Hiroki Totoki CFO, Director, VP & Head-Business Administration
Shuzo Sumi Co-Chairman
Toru Katsumoto Chief Technology Officer, Executive VP, Head-R&D
Tsuyoshi Kodera Head-Information Systems & Security
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