ITOCY - ITOCHU Corporation
Chart Events
Performance Outlook
- Short Term2W - 6W
- Mid Term6W - 9M
- Long Term9M+
| Previous Close | 42.69 |
| Open | 43.18 |
| Bid | 0.00 x 0 |
| Ask | 0.00 x 0 |
| Day's Range | 43.01 - 43.46 |
| 52 Week Range | 33.16 - 48.82 |
| Volume | 9,963 |
| Avg. Volume | 19,933 |
| Market Cap | 32.414B |
| Beta (5Y Monthly) | 0.66 |
| PE Ratio (TTM) | 8.83 |
| EPS (TTM) | 4.87 |
| Earnings Date | N/A |
| Forward Dividend & Yield | 1.59 (3.72%) |
| Ex-Dividend Date | Mar 27, 2020 |
| 1y Target Est | N/A |
Fair Value
Related Research
- Reuters
Japanese shares rebound but spike in COVID-19 cases caps gains
Japanese shares bounced back on Thursday buoyed by technology-related stocks following a rise in U.S. peers overnight, but gains were limited by a surge in domestic coronavirus cases. The benchmark Nikkei share average rose 0.4% to 22,529.29, clawing back from a 0.78% drop in the previous session. On the Nikkei index, there were 63 advancers against 158 decliners.
- Bloomberg
Itochu Makes $5.4 Billion Bid for Rest of Japan’s FamilyMart
(Bloomberg) -- Itochu Corp. is seeking to take full control of convenience-store chain FamilyMart Co. through a tender offer valued at as much as 580.9 billion yen ($5.4 billion).The Japanese trading company, which already owns 50.1% of FamilyMart, is offering 2,300 yen apiece for the shares it doesn’t already own, it said in a statement Wednesday. The offer represents a premium of 31% over Wednesday’s closing price of 1,754 yen a share.FamilyMart shares settled 23% higher at the close of trading in Tokyo on Thursday, their biggest gain ever. The stock didn’t trade during the day, as buy orders far outnumbered those to sell. FamilyMart’s stock was down about a third for the year before Itochu’s announcement Wednesday.FamilyMart directors said they support the tender offer, and that shareholders should make their own decision. FamilyMart executives said in a conference call that Itochu approached them in February. They had originally intended to discuss the matter with Itochu after the coronavirus pandemic died down as they initially expected the impact to be short.Japan’s trading companies have been increasing their stakes in the country’s biggest convenience store operators as a way to diversify business away from the volatile commodities business. In 2016, Mitsubishi Corp. paid 144 billion yen to purchase a controlling stake in Lawson Inc.The convenience store market in Japan is saturated and dominated by three majors -- 7-Eleven, FamilyMart and Lawson, making business fiercely competitive. FamilyMart is the country’s second-largest convenience store franchiser, with more than 15,000 locations.Both companies thought combining resources would help FamilyMart move more quickly to meet challenges as it pursues digitalization, a payments business and overseas expansion, said President Takashi Sawada in a call with reporters Wednesday for the company’s quarterly earnings.“We want to use Itochu to solve our problems,” he added.If the tender offer, which runs from July 9 to Aug. 24, is successful, FamilyMart would become a wholly owned subsidiary of Itochu. In 2018, Itochu paid a much higher price -- 11,000 yen per share -- to boost its stake to 50.1% from about 40.7%.Jefferies analyst Michael Allen suggested Itochu may be trying to avoid writing down the value of its previous stake purchase of FamilyMart. “They’re getting a better price now than they got before, so that’s why it makes sense to them,” he said.(Updates with share move in third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Moody's
ITOCHU Corporation -- Moody's: ITOCHU's takeover of FamilyMart is credit negative; no ratings impact
Moody's Japan K.K. says that ITOCHU Corporation's (A3 stable) tender offer bid to take private the convenience store chain FamilyMart Co., Ltd. is credit negative, because it will increase its leverage, although the overall impact on its metrics should be manageable. "The takeover is credit negative because leverage will rise, but ITOCHU has been building ample financial cushion in anticipation," says Mariko Semetko, a Moody's Vice President and Senior Credit Officer.
- Reuters
Nikkei rebounds as tech-related shares gain
Japan's Nikkei share average bounced back on Thursday, powered by technology-related stocks following strong gains in U.S. peers overnight. The benchmark Nikkei share average rose 0.21% to 22,486.01 by the midday break, partially clawing back from a 0.78% drop in the previous session. On the Nikkei index, there were 42 advancers against 178 decliners.
- Reuters
Itochu launching $5.4 billion tender offer for rest of FamilyMart
Japanese trading house Itochu Corp on Wednesday announced a 581 billion yen ($5.4 billion) tender offer for the rest of convenience store FamilyMart Co, seeking full control of a business facing slow growth and tough competition. Itochu, which owns 50.1% of the FamilyMart chain, will offer 2,300 yen per share, a 31% premium to Wednesday's closing price. The offer runs from Thursday through Aug. 24 and Itochu expects to delist FamilyMart if the bid is successful.
- Moody's
ITOCHU Treasury Centre Europe Plc -- Moody's announces completion of a periodic review of ratings of ITOCHU Corporation
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of ITOCHU Corporation and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
- TechCrunch
Japanese payment service provider Paidy raises $48M from ITOCHU
Paidy, a Japanese fintech startup that allows customers to make online purchases without credit cards, announced today that it has raised a $48 million Series C extension from ITOCHU. Its latest investment from ITOCHU, one of the largest Japanese trading companies, was equity funding. ITOCHU previously participated in Paidy’s Series B and C rounds, and this brings the total it has invested into the startup to $91 million (the company said it did an extension round instead of moving onto a Series D so it could issue the same type of preferred shares).
- Moody's
Prime Bloom Holdings Limited -- Moody's downgrades Shandong Ruyi Technology Group to Caa3; outlook remains negative
Moody's Investors Service has downgraded Shandong Ruyi Technology Group Co., Ltd.'s corporate family rating (CFR) to Caa3 from Caa1 and the rating on the senior unsecured notes issued by Prime Bloom Holdings Limited and guaranteed by Shandong Ruyi to Ca from Caa2. "The downgrade reflects Shandong Ruyi's tightening liquidity position and elevated refinancing risk amid increased economy uncertainty, with sizeable upcoming maturities over the next 12-18 months," says Chenyi Lu, a Moody's Vice President and Senior Credit Officer. On 15 March 2020, based on an agreement with all its bondholders, Shandong Ruyi extended its annual interest payment of about RMB75 million on its RMB1.0 billion MTN, which matures in March 2022, by three months to 15 June 2020.
- Moody's
Shandong Ruyi Technology Group Co., Ltd. -- Moody's downgrades Shandong Ruyi Technology Group to Caa3; outlook remains negative
Moody's Investors Service has downgraded Shandong Ruyi Technology Group Co., Ltd.'s corporate family rating (CFR) to Caa3 from Caa1 and the rating on the senior unsecured notes issued by Prime Bloom Holdings Limited and guaranteed by Shandong Ruyi to Ca from Caa2. "The downgrade reflects Shandong Ruyi's tightening liquidity position and elevated refinancing risk amid increased economy uncertainty, with sizeable upcoming maturities over the next 12-18 months," says Chenyi Lu, a Moody's Vice President and Senior Credit Officer. On 15 March 2020, based on an agreement with all its bondholders, Shandong Ruyi extended its annual interest payment of about RMB75 million on its RMB1.0 billion MTN, which matures in March 2022, by three months to 15 June 2020.
- Moody's
Bristol Water plc -- Moody's downgrades Bristol Water to Baa2, negative outlook
Moody's Investors Service (Moody's) has today downgraded to Baa2 from Baa1 the backed senior secured debt rating of Bristol Water plc (Bristol Water). This rating action follows Bristol Water's announcement, on 13 February 2020, that it will not accept the final determination by the Water Services Regulation Authority (Ofwat) for the five-year regulatory period starting in April 2020 (AMP7).
- Moody's
Bristol Water plc -- ITOCHU Moody's downgrades Bristol Water to Baa2, negative outlook
Moody's Investors Service (Moody's) has today downgraded to Baa2 from Baa1 the backed senior secured debt rating of Bristol Water plc (Bristol Water). This rating action follows Bristol Water's announcement, on 13 February 2020, that it will not accept the final determination by the Water Services Regulation Authority (Ofwat) for the five-year regulatory period starting in April 2020 (AMP7).
- Moody's
Bristol Water plc -- Moody's reviews Bristol Water's Baa1 rating for downgrade
Moody's Investors Service (Moody's) has today placed on review for downgrade the Baa1 senior secured debt ratings of Bristol Water plc (Bristol Water). The determination includes a significant cut in allowed returns which, in conjunction with challenging performance targets and gaps between allowed and requested expenditure, will weigh on Bristol Water's credit quality. Today's rating actions take into account (1) Bristol Water's exposure to a significant cut in allowed wholesale returns to ca.
- Moody's
ITOCHU Treasury Centre Europe Plc -- Moody's affirms ITOCHU's A3 ratings; outlook remains stable
Moody's Japan K.K. has affirmed ITOCHU Corporation's A3 issuer rating, (P)A3 senior unsecured MTN program rating, and P-2 Commercial Paper. "ITOCHU is fairly leveraged considering its A3 rating but has a track record of steadily managing its debt level through financial discipline," says Masako Kuwahara, a Moody's Vice President and Senior Analyst. The affirmation of A3 ratings reflect ITOCHU's highly diversified portfolio of numerous holdings which altogether generate stable cash flow.
- Moody's
Shandong Ruyi Technology Group Co., Ltd. -- Moody's downgrades Shandong Ruyi Technology Group to Caa1; changes outlook to negative
Moody's Investors Service has downgraded Shandong Ruyi Technology Group Co., Ltd. (Shandong Ruyi)'s corporate family rating (CFR) to Caa1 from B3. At the same time, Moody's has downgraded the rating on the senior unsecured notes issued by Prime Bloom Holdings Limited and guaranteed by Shandong Ruyi, to Caa2 from Caa1.
- Reuters
Russia's Rosneft seeks Japanese investors for giant Vostok oil development
TOKYO/MOSCOW (Reuters) - Rosneft CEO Igor Sechin is seeking investment in the company's $157 billion Vostok oil project in the Russian Arctic from Japanese trading houses and oil companies, three sources told Reuters. Vostok Oil is a newly established company that was formed to unite Rosneft's projects in northern Russia, including the Lodochnoye, Tagulskoye and Suzunskoye oilfields, and other projects, including the Ermak Neftegaz venture with BP. Crude oil is expected to be shipped to Asia via the North Sea Route (NSR).
- PR Newswire
Dole Packaged Foods Honored With Corporate Superhero Award From The Captain Planet Foundation
ATLANTA, Nov. 18, 2019 /PRNewswire/ -- Dole Packaged Foods was given the Corporate Superhero Award by the Captain Planet Foundation at their annual gala this past weekend. Dole has partnered with the Foundation for 5 years and has donated over 150 Project Learning Gardens to elementary schools over that time. The Project Learning Garden program provides a context for multidisciplinary learning, ranging from nutrition and science to social studies, math and language arts.
- Reuters
Itochu lifts stake in Chinese EV maker Singulato, may invest more: sources
Japan's Itochu Corp has invested nearly $100 million in Chinese electric vehicle maker Singulato Motors to lift its stake to about 7% and plans to boost the holding if the startup meets certain conditions, two people familiar with the matter said.
- Moody's
Shandong Ruyi Technology Group Co., Ltd. -- Moody's downgrades Shandong Ruyi Technology Group to B3, places ratings on review for further downgrade
Moody's Investors Service has downgraded Shandong Ruyi Technology Group Co., Ltd.'s corporate family rating (CFR) to B3 from B2 and the rating on the senior unsecured notes issued by Prime Bloom Holdings Limited and guaranteed by Shandong Ruyi to Caa1 from B3. The outlook for Shandong Ruyi and Prime Bloom Holdings Limited was changed to ratings under review from negative. "The downgrade of the ratings reflect our expectation that Shandong Ruyi's liquidity will remain weak and debt leverage will stay elevated," says Chenyi Lu, a Moody's Vice President and Senior Credit Officer.
- Moody's
Trafigura Securitisation Finance PLC -- Moody's: Trafigura Securitisation Finance PLC ratings unaffected by proposed amendment
Moody's Investors Service ("Moody's") announced today that the proposed changes by Trafigura Securitisation Finance PLC will not, in and of itself and at this time, cause the current Moody's ratings of the debt issued by the Issuer to be reduced or withdrawn.
