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    9021   JP3659000008

WEST JAPAN RAILWAY COMPANY

(9021)
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Japan shares bounce back as upbeat earnings offset virus worries

08/01/2021 | 09:51pm EDT

TOKYO, Aug 2 (Reuters) - Japan's Nikkei share average bounced back on Monday from a near-seven-month low hit in the previous session, as upbeat earnings countered concerns about the fast-spreading Delta coronavirus variant, which threatens a fragile recovery in the economy.

The Nikkei rose 1.58% to 27,715.54, almost erasing losses made on Friday, when it marked its lowest close since early January. The broader Topix gained 1.64% to 1,932.20.

Cyclical shares including shippers and steelmakers led the gains while upbeat earning results infused the market with some energy.

NEC rose 4.5% after the electronics and IT company posted a surprise return to profits in the April-June quarter.

Autopart maker Denso jumped 5.1%, extending its gains to a second session after reporting strong earnings.

Misumi Group gained 8.4% to hit a record high, after the trading firm specialised in factory automation and machine parts reported brisk earnings.

With about 40% of companies having reported their earnings, operating profit grew about 240% from a year earlier, analysts at Okasan Securities wrote. Of those, 211 firms posted positive surprises, compared with 76 with negative ones, they said.

Among decliners, Kose tumbled 11.4% after the cosmetic firm's results for April-June fell far short of market expectations.

West Japan Railway lost 6.8% after the railway company posted disappointing earnings, underscoring the damage from the pandemic to the sector.

East Japan Railway and Central Japan Railway fell 2.8% and 2.3% respectively, also following their earnings.

Recovery in travel demand looks set to be delayed further as the nation's coronavirus cases are soaring at an unprecedented pace due to the spread of Delta variant.

"In the short term, the COVID-19 weighs on the market as the government expanded state of emergency and cases in Tokyo hit record high," said Takashi Hiroki, chief strategist at Monex Securities. (Reporting by Hideyuki Sano; Editing by Rashmi Aich)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CENTRAL JAPAN RAILWAY COMPANY 0.44% 17010 End-of-day quote.16.59%
DENSO CORPORATION 2.88% 8080 End-of-day quote.31.72%
EAST JAPAN RAILWAY COMPANY 0.34% 7281 End-of-day quote.5.75%
KOSÉ CORPORATION -1.43% 13780 End-of-day quote.-21.70%
MISUMI GROUP INC. 0.94% 4825 End-of-day quote.42.54%
NEC CORPORATION 1.13% 6290 End-of-day quote.13.54%
WEST JAPAN RAILWAY COMPANY 0.75% 5363 End-of-day quote.-0.67%
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Financials
Sales 2022 1 098 B 9 625 M 9 625 M
Net income 2022 -73 709 M -646 M -646 M
Net Debt 2022 1 361 B 11 931 M 11 931 M
P/E ratio 2022 -17,0x
Yield 2022 1,86%
Capitalization 1 308 B 11 450 M 11 469 M
EV / Sales 2022 2,43x
EV / Sales 2023 1,93x
Nbr of Employees 47 984
Free-Float 95,3%
Chart WEST JAPAN RAILWAY COMPANY
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Technical analysis trends WEST JAPAN RAILWAY COMPANY
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Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 5 363,00 JPY
Average target price 6 280,00 JPY
Spread / Average Target 17,1%
EPS Revisions
Managers and Directors
Kazuaki Hasegawa President & Representative Director
Seiji Manabe Chairman
Atsushi Sugioka Director & General Manager-Information Technology
Yumiko Sato Independent Outside Director
Yuzo Murayama Independent Outside Director