Report
Kazunori Ito

Toshiba Needs to Show its Future Vision to Restore the Market’s Confidence; Shares Undervalued

Recovering positive shareholders’ equity was one of the requirements for Toshiba to avoid delisting from Tokyo Stock Exchange, and it achieved that, with a balance of JPY 783 billion at the end of fiscal year 2018 (financial year ending March 2018) compared with negative JPY 553 billion on the previous year. The recovery was mainly driven by: 1) issue of JPY 600 billion of new shares; 2) retained profit of JPY 530 billion, mainly from the memory business; and 3) sales of assets and businesses of...
Underlying
Toshiba Corporation

Toshiba is engaged in the manufacture and sale of electronics and energy products. Along with its affiliates, Co. operates in six business segments: energy systems & solutions, infrastructure systems & solutions, retail & printing solutions, storage & electronic devices solutions, industrial ICT solutions, and others. Co. provides thermal power generation systems, nuclear power generation systems, water supply and sewerage systems, instrumentation and control systems, environmental systems, automatic railroad station equipment, transportation equipment, POS systems, small-signal devices, information technology ("IT") solution services, personal computers, tablets, televisions, and others.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Kazunori Ito

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