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4-Traders Homepage  >  Equities  >  Tokyo  >  Japan Display Inc    6740   JP3389660006

JAPAN DISPLAY INC (6740)
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Japan Display to secure $1bn in credit from 3 key lenders

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08/05/2017 | 10:42am CEST

Japan Display is on the verge of receiving a total of 110 billion yen ($1 billion) in credit line commitments from its three major lenders, clearing a crucial step in its planned turnaround efforts.

Mizuho Bank and Sumitomo Mitsui Banking Corp. will each extend 42 billion yen of credit. The remaining 26 billion yen credit line will come from Sumitomo Mitsui Trust Bank. The trio will obtain loan guarantees from the Innovation Network Corp. of Japan, the beleaguered liquid crystal display panel maker`s top shareholder.

The Mizuho Financial Group unit, the Sumitomo Mitsui Financial Group member and the Sumitomo Mitsui Trust Holdings subsidiary had offered some 60 billion yen in credit lines before but terminated those contracts at the end of June.

Japan Display is to announce next Wednesday a turnaround plan focusing on factory consolidation in Japan and abroad, as well as early retirement programs. The company had requested aid from the lenders to fund these restructuring steps.

Separately, Japan Display may take in 100 billion yen or more in capital from investment funds and nonfinancial companies to fund much-needed investments in organic light-emitting diode panels and other operations aimed at future growth.

Japan Display was created in 2012 through a merger of LCD businesses of Hitachi, Toshiba and Sony. The company sustained net losses for three straight years through fiscal 2016. It operates six factories in Japan and plans to consolidate facilities and update production equipment.

(c) 2017 Daily Tribune. All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
JAPAN DISPLAY INC 5.97% 142 End-of-day quote.-38.53%
MIZUHO FINANCIAL GROUP, INC. -0.31% 190.4 End-of-day quote.-8.33%
SUMITOMO MITSUI FINANCIAL GROUP, INC. -1.14% 4335 End-of-day quote.-12.41%
SUMITOMO MITSUI TRUST HOLDINGS INC -0.79% 4376 End-of-day quote.-4.14%
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Financials (JPY)
Sales 2019 805 B
EBIT 2019 -
Net income 2019 2 276 M
Debt 2019 97 323 M
Yield 2019 -
P/E ratio 2019 47,64
P/E ratio 2020 13,55
EV / Sales 2019 0,27x
EV / Sales 2020 0,28x
Capitalization 120 B
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Mean consensus HOLD
Number of Analysts 13
Average target price 161  JPY
Spread / Average Target 13%
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Managers
NameTitle
Nobuhiro Higashiiriki Chairman & Chief Executive Officer
Shuji Aruga President, Chief Operating Officer & Director
Takanobu Oshima Chief Financial Officer & Executive Officer
Akio Takimoto Chief Technology Officer, Senior Manager-R&D
Katsuhiko Shirai Independent Non-Executive Outside Director
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