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    8035   JP3571400005

TOKYO ELECTRON LTD

(8035)
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UPDATE1: Tokyo stocks up in morning ahead of record stimulus approval

11/18/2021 | 10:58pm EST

Tokyo stocks rose Friday morning on the expected approval of a record economic stimulus package later in the day by Japan'sCabinet, but advances were limited amid a lack of fresh trading cues.

The 225-issue Nikkei Stock Average added 119.96 points, or 0.41 percent, from Thursday to 29,718.62. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 2.20 points, or 0.11 percent, at 2,037.72.

Gainers were led by mining, wholesale trade and precision instrument issues.

The U.S. dollar was firm in the lower 114 yen range as Japanese importers sought the unit for settlement purposes, dealers said.

At noon, the dollar fetched 114.38-39 yen compared with 114.21-31 yen in New York and 114.01-03 yen in Tokyo at 5 p.m. Thursday.

The euro was quoted at $1.1354-1354 and 129.86-87 yen against $1.1369-1379 and 129.84-94 yen in New York and $1.1334-1335 and 129.22-26 yen in Tokyo late Thursday afternoon.

Shares opened higher but moved without clear direction, falling into negative territory at one point, as most major Japanese companies have finished reporting their earnings for the fiscal half, brokers said.

Still, the market was helped by expectations for the record 55.7 trillion yen ($490 billion) economic package that surprised investors the previous day for its larger-than-expected size, they said.

"Although foreign investors dislike the package, saying it lacks growth strategies, the amount of expenditure raised hopes that it will support the downside of the economy such as by "Go To" campaigns," said Toshikazu Horiuchi, an equity strategist at IwaiCosmo Securities Co.

The government launched the "Go To" subsidy programs last year in an attempt to support the tourism and restaurant industries hit hard by the coronavirus pandemic, but they were mostly suspended amid a resurgence of infections.

Prime Minister Fumio Kishida'sCabinet is set to approve the package later in the day to weather the prolonged fallout from the coronavirus pandemic.

On the First Section, declining issues outnumbered advancers 1,347 to 703, while 122 ended the morning unchanged.

Asics, which provides goods for Los Angeles Angels two-way star Shohei Ohtani, climbed 83 yen, or 2.8 percent, to 3,005 yen after the Japanese baseball player was named Most Valuable Player in the majors.

Kubota rose 100.5 yen, or 4.3 percent, to 2,440.0 yen after the agricultural machine manufacturer said Thursday it will increase its shareholding in major Indian tractor manufacturer Escorts Limited.

Chip-related issues tracked overnight gains in their U.S. counterparts, with Tokyo Electron advancing 2,960 yen, or 4.9 percent, to 63,570 yen and Taiyo Yuden gaining 270 yen, or 4.2 percent, to 6,700 yen.

Mizuho Financial Group dropped 27.0 yen, or 1.8 percent, to 1,459.0 yen after its president and CEO Tatsufumi Sakai and Mizuho Bank head Koji Fujiwara were reported to be stepping down as financial regulators plan to issue additional business improvement orders for the two companies following repeated system failures at the bank.

==Kyodo

© Kyodo News International, Inc., source Newswire

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Analyst Recommendations on TOKYO ELECTRON LTD
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Financials
Sales 2022 1 919 B 16 866 M 16 866 M
Net income 2022 411 B 3 612 M 3 612 M
Net cash 2022 363 B 3 190 M 3 190 M
P/E ratio 2022 22,2x
Yield 2022 2,24%
Capitalization 9 099 B 79 892 M 79 961 M
EV / Sales 2022 4,55x
EV / Sales 2023 4,10x
Nbr of Employees 14 479
Free-Float -
Chart TOKYO ELECTRON LTD
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Tokyo Electron Ltd Technical Analysis Chart | 8035 | JP3571400005 | MarketScreener
Technical analysis trends TOKYO ELECTRON LTD
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TrendsBearishBullishBullish
Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Last Close Price 58 440,00 JPY
Average target price 62 995,74 JPY
Spread / Average Target 7,80%
EPS Revisions
Managers and Directors
Toshiki Kawai Chief Operating Officer, Director & Vice President
Tetsuo Tsuneishi Director
Charles Ditmars Lake Independent Outside Director
Micho Sasaki Independent Outside Director
Akiko Eda Independent Outside Director
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