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4-Traders Homepage  >  Equities  >  Tokyo  >  Mitsubishi Electric Corporation    6503   JP3902400005

MITSUBISHI ELECTRIC CORPORATION (6503)
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Mitsubishi Electr. : Mitsubishi Electric to Double Satellite Production Capacity

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06/06/2011 | 04:10am CEST

Mitsubishi Electric Corporation (TOKYO:6503) announced today that under a plan to double annual satellite production capacity from four satellites to eight, it will invest approximately 3 billion JPY to enlarge and upgrade its Kamakura Works production facility in Kamakura, Japan. Construction is scheduled for completion by March 2013. Responding to growing demand worldwide, the company intends to double satellite-related annual sales to 150 billion JPY by March 2021.

The satellite business is positioned as a key contributor to Mitsubishi Electric's future growth. The new facility will help to reduce costs and shorten delivery time by integrating production processes, such as component assembly and environmental testing. At completion, the enlarged facility will have a total floor space of 7,700 m2.

In 2009, the Japanese government announced its Basic Plan for Space Policy, declaring that development and production of satellites should be utilization-driven rather than R&D-driven. Going forward, satellites are expected to be utilized increasingly for high-precision positioning, navigation and timing (PNT) information services and other public-oriented infrastructure. In addition, the annual demand for new satellites in the global commercial communications market has risen to about 20, reflecting the rapid increase in traffic for data and telecommunications.

Mitsubishi Electric, which entered the space industry in the 1960s, has participated in more than 440 satellite projects worldwide. In 2000, it became the first Japanese manufacturer capable of developing, designing, assembling and testing satellites at a single location. Equipped with one of Japan's largest thermal vacuum testing chambers, an acoustic test chamber and an antenna test range, the company's Kamakura Works so far has produced 18 satellites, as well as electronic modules for the Japanese H-II Transfer Vehicle (HTV).

In March 2011, Mitsubishi Electric was selected from a pool of competitors to supply the Turksat-4A and -4B satellites to Turksat A.S. The two satellites will be built using the company's DS2000 standard satellite platform to facilitate the delivery of highly reliable satellites at reasonable costs.

In May, Mitsubishi Electric announced that the ST-2 communications satellite, which the company built for a joint venture between Singapore Telecommunications Limited (SingTel) and Taiwan's Chunghwa Telecom Company Limited (Chunghwa Telecom), had been successfully launched and injected into geostationary orbit.

About Mitsubishi Electric
With 90 years of experience in providing reliable, high-quality products to both corporate clients and general consumers all over the world, Mitsubishi Electric Corporation (TOKYO:6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. The company recorded consolidated group sales of 3,645.3 billion yen (US$ 43.9 billion*) in the fiscal year ended March 31, 2011. For more information visit http://www.MitsubishiElectric.com
*At an exchange rate of 83 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2011

Mitsubishi Electric Corporation
Customer Inquiries
Space Systems
http://www.MitsubishiElectric.com/ssl/contact/bu/space/form.html
or
Media Contact
Yurika Fujimoto, +81-3-3218-3380
Public Relations Division
[email protected]
http://www.MitsubishiElectric.com/news/


© Business Wire 2011
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Financials ( JPY)
Sales 2019 4 584 B
EBIT 2019 -
Net income 2019 275 B
Finance 2019 515 B
Yield 2019 2,20%
P/E ratio 2019 12,64
P/E ratio 2020 11,70
EV / Sales 2019 0,65x
EV / Sales 2020 0,60x
Capitalization 3 502 B
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 2 152  JPY
Spread / Average Target 32%
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Takeshi Sugiyama President & Chief Executive Officer
Masaki Sakuyama Chairman
Akihiro Matsuyama Director, Head-Finance & Accounting
Kenji Kondo Head-Information Technology & Development
Hiroki Yoshimatsu Director
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