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4-Traders Homepage  >  Equities  >  Tokyo  >  Mitsubishi Materials Corp    5711   JP3903000002

MITSUBISHI MATERIALS CORP (5711)
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Mitsubishi Materials : cuts earnings forecast due to data cheating scandal

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02/13/2018 | 07:21am EST
A monitor showing the logo of Mitsubishi Materials Corp is seen in Tokyo

TOKYO (Reuters) - Japan's Mitsubishi Materials Corp (>> Mitsubishi Materials Corp) cut its annual operating profit forecast by 7 percent on Tuesday in the wake of a data cheating scandal, which it said had hurt its metals sales.

TOKYO (Reuters) - Japan's Mitsubishi Materials Corp (>> Mitsubishi Materials Corp) cut its annual operating profit forecast by 7 percent on Tuesday in the wake of a data cheating scandal, which it said had hurt its metals sales.

The company also announced that Chairman Hiroshi Yao will step down on April 1 to become an advisor. The move was Yao's own decision and not to take responsibility for the data fabrication, a company spokesman said.

The Mitsubishi group company first revealed in November that its subsidiaries falsified data about products, including parts for aircraft and automobiles. It has announced further such discoveries since then, including last week when it said it had found additional examples of product data falsification at three of its subsidiaries.

On Tuesday the company said it had cut its operating profit forecast for the year ending in March, 2018, to 70 billion yen (468.31 million pounds) as its data falsification is expected to reduce its sales in metals, aluminium and advanced materials by 2-3 billion yen.

Mitsubishi Materials also said it expects a special loss of about 4-5 billion yen due to the cost of investigating the data cheating, but it kept its full-year net profit forecast unchanged due to special gains from selling its assets and higher dividend from its copper mines.

Japanese companies are facing growing pressure to disclose quality-assurance failings after widespread data falsification was uncovered at Kobe Steel Ltd (>> Kobe Steel, Ltd.).

Japan's industry ministry said on Tuesday that Tachibana Metal MFG Co, one of the Mitsubishi Materials units that falsified quality data, had lost the Japanese Industrial Standards (JIS) certification for its aluminium products.

(Reporting by Yuka Obayashi; Editing by Susan Fenton)

Stocks treated in this article : Mitsubishi Materials Corp, Kobe Steel, Ltd.
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Financials ( JPY)
Sales 2018 1 589 B
EBIT 2018 -
Net income 2018 37 375 M
Debt 2018 479 B
Yield 2018 2,42%
P/E ratio 2018 11,66
P/E ratio 2019 9,80
EV / Sales 2018 0,58x
EV / Sales 2019 0,55x
Capitalization 435 B
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Mean consensus HOLD
Number of Analysts 9
Average target price 3 936  JPY
Spread / Average Target 19%
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Managers
NameTitle
Akira Takeuchi President & Representative Director
Hiroshi Yao Chairman
Osamu Iida Representative Director & Senior GM-Technology
Yukio Okamoto Independent Outside Director
Nobuo Shibano Representative Director & Head-Environment
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