Japan's Sanyo Special Steel jumps after Nippon Steel says to make it majority-owned subsidiary
16/03/2018 24:30
** Sanyo Special Steel 5481.T jumps 12 pct to 2,688 yen,
highest since Feb 5
** Nippon Steel said on Thursday it had started talks with
Sanyo Special Steel to increase its stake in the smaller
Japanese company from 14.5 percent to more than 51 percent and
make it a subsidiary urn:newsml:reuters.com:*:nL3N1QX2N3
** About 261,400 shares of the Hyogo-ken-based company had
been traded by 0022 GMT, about 121.1 percent of their 30-day
moving average of 215,830 thousand shares a day.
** Among the 3 analysts that cover Sanyo Special Steel Co
Ltd, the current average rating on the shares is "hold"; the
breakdown of recommendations is 1 "strong buy" or "buy", two
"hold", no "sell" or "strong sell". The analyst mean price
target is 2,933.33 yen.
** The forward price-to-earnings ratio for Sanyo Special
Steel Co Ltd for the next 12 months is 9.10, about 27.03 percent
lower than it was at the end of last year (12.47)
((Reuters
Messaging:ayai.tomisawa.thomsonreuters.com@reuters.net))