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SUBARU CORPORATION

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Delayed Japan Exchange  -  09:59 2022-08-16 pm EDT
2482.00 JPY   +1.70%
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Tech helps Japanese shares rise after solid Wall Street gains

06/24/2022 | 02:54am EDT

TOKYO, June 24 (Reuters) - Japanese shares advanced on Friday, with tech stocks leading the rise after sharp overnight gains on Wall Street, while sentiment was also aided by the domestic central bank's loose monetary policy.

The Nikkei share average rose 1.23% to 26,491.97, accelerating gains after U.S. futures climbed. The index posted a weekly gain of 2.04%, but has fallen 2.89% so far this month.

The broader Topix rose 0.81% to 1,866.72 and marked a 1.68% weekly gain.

Overnight, Wall Street's main indexes posted solid gains, fuelled by strong performance from defensive and tech shares that outweighed declines for economically sensitive groups as worries persisted about a potential recession.

"Recent losses in domestic equities were driven by concerns about an economic slowdown due to the Federal Reserve's tightening monetary policy but Japan's environment is different," said Shigetoshi Kamada, a general manager with Tachibana Securities' research department.

"Japan's stock market is in a favourable position. But whether this situation will continue in the long term is questionable and it will depend on the direction of U.S. interest rates."

The Bank of Japan last week maintained ultra-low rates, even though several central banks across the globe have tightened policies to tame rising inflation, which is spurring fears of a potential recession.

In Japan, chip-making equipment maker Tokyo Electron rose 3.98% and provided the biggest boost to the Nikkei. Technology investor SoftBank Group rose 2.37% and air-conditioning maker Daikin Industries climbed 3.44%.

Drug maker Shionogi & Co jumped 4.98% after announcing a share buyback.

Automakers dropped, with Mitsubishi Motors shedding nearly 8% to become the worst performer on the Nikkei. Toyota Motor and Subaru slipped 0.71% and 2.89%, respectively, after the two car makers announced recalls of their first mass-produced electric vehicles for the global market.

(Reporting by Junko Fujita, additoinal reporting by Tokyo markets team; Editing by Subhranshu Sahu)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
DAIKIN INDUSTRIES, LTD. 1.09% 25555 Delayed Quote.-3.05%
MITSUBISHI MOTORS CORPORATION 1.56% 521 Delayed Quote.61.37%
NIKKEI 225 -0.01% 28868.91 Real-time Quote.0.28%
SHIONOGI & CO., LTD. -0.36% 6971 Delayed Quote.-14.10%
SOFTBANK GROUP CORP. 0.96% 5810 Delayed Quote.8.58%
SUBARU CORPORATION 1.62% 2482 Delayed Quote.19.42%
TOKYO ELECTRON LTD -0.88% 46020 Delayed Quote.-29.47%
TOPIX INDEX 0.79% 1998.94 Delayed Quote.-0.37%
TOYOTA INDUSTRIES CORPORATION 1.25% 8080 Delayed Quote.-12.84%
TOYOTA MOTOR CORPORATION 1.77% 2159 Delayed Quote.1.28%
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Analyst Recommendations on SUBARU CORPORATION
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Financials
Sales 2023 3 696 B 27 524 M 27 524 M
Net income 2023 188 B 1 399 M 1 399 M
Net cash 2023 656 B 4 884 M 4 884 M
P/E ratio 2023 10,3x
Yield 2023 2,66%
Capitalization 1 872 B 13 939 M 13 939 M
EV / Sales 2023 0,33x
EV / Sales 2024 0,28x
Nbr of Employees 36 910
Free-Float 76,9%
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Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 2 440,50 JPY
Average target price 2 715,00 JPY
Spread / Average Target 11,2%
EPS Revisions
Managers and Directors
Tomomi Nakamura Executive Officer & Deputy GM-Global Marketing
Katsuyuki Mizuma CFO, Director & Chief Risk Management Officer
Kazuo Hosoya Deputy General Manager-Domestic Sales
Takuji Dai Chief Information Officer
Tetsuro Fujinuki Chief Technology Officer
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