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school135perm Homepage > Equities > Tokyo > Mitsubishi Materials Corp 5711 JP3903000002

MITSUBISHI MATERIALS CORP (5711)
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Mitsubishi Materials says push for market share led to data falsification

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12/28/2017 | 05:14am CET
Mitsubishi Materials Corp. President Takeuchi bows with Executive Vice President Ono,  Mitsubishi Shindoh Co. President Hori and Mitsubishi Cable Industries Ltd. President Takayanagi during a news conference

Mitsubishi Materials Corp (>> Mitsubishi Materials Corp) said on Thursday that a push to expand market share had driven a subsidiary to fake product specification, one of several compliance scandals that have come to light this year in a blow to the reputation of Japan Inc.

Mitsubishi Materials Corp (>> Mitsubishi Materials Corp) said on Thursday that a push to expand market share had driven a subsidiary to fake product specification, one of several compliance scandals that have come to light this year in a blow to the reputation of Japan Inc.

Mitsubishi Materials said in November that its subsidiaries falsified data about products, including parts for aircraft and automobiles. Japan's Kansai Electric Power Co (>> Kansai Electric Power Co Inc) said earlier this month that two of its nuclear plants used parts with possibly falsified data supplied by Mitsubishi Cable Industries, one of the units.

Mitsubishi Materials said a committee looking into the case had found that Mitsubishi Shindoh, which was late to enter the market for metal products used in device connectors for cars, had taken orders even when they could not meet customers' product specification.

It also cited an urge to approve products to prevent losses, and a lack of awareness about compliance and quality assurance among its staff.

Other companies that have admitted to product data falsification including Kobe Steel (>> Kobe Steel, Ltd.) and Toray Industries (>> Toray Industries Inc) have also blamed a focus on profit, lax quality controls and staffing shortages.

(Reporting by Ritsuko Ando; Editing by Shri Navaratnam)

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Financials ( JPY)
Sales 2018 1 587 B
EBIT 2018 -
Net income 2018 37 313 M
Debt 2018 479 B
Yield 2018 1,89%
P/E ratio 2018 14,92
P/E ratio 2019 12,57
EV / Sales 2018 0,65x
EV / Sales 2019 0,63x
Capitalization 556 B
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Technical analysis trends MITSUBISHI MATERIALS CORP
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Mean consensus HOLD
Number of Analysts 9
Average target price 4 130 JPY
Spread / Average Target -2,4%
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Managers
NameTitle
Akira Takeuchi President & Representative Director
Hiroshi Yao Chairman
Kenichiro Ishizuka Executive Officer, Manager-Finance & Accounting
Yukio Okamoto Independent Director
Toshinori Kato Representative Director & Vice President
Sector and Competitors
1st jan.Capitalization (M$)
MITSUBISHI MATERIALS CORP3.58%5 009
GENERAL ELECTRIC COMPANY7.51%162 688
3M3.87%145 608
SIEMENS5.42%126 961
HONEYWELL INTERNATIONAL3.72%119 516
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