Yaskawa Shares Rise After Credit Suisse Raises Investment Rating
April 22, 2011, 12:18 AM EDTBy Kazuyo Sawa and Yuki Yamaguchi
April 22 (Bloomberg) -- Yaskawa Electric Corp., Japan’s first maker of industrial robots, climbed the most in more than a month in Tokyo trading after Credit Suisse Group AG raised the stock’s investment rating.
Yaskawa gained 5.9 percent to 914 yen as of 11:00 a.m. on the Tokyo Stock Exchange, headed for the biggest increase since March 16 and the highest since April 8. The benchmark Topix index fell 0.7 percent.
The Kitakyushu-based company has made strong progress in switching replacement parts and suppliers after last month’s earthquake, said Shinji Kuroda, a Tokyo-based analyst at Credit Suisse, who raised his rating on the Yaskawa to "outperform’’ from “neutral” yesterday.
“Yaskawa seems to have more orders than I expected even after the earthquake,” Kuroda said by telephone. Yaskawa postponed its fiscal year 2011’s net income forecast on March 20 because of the earthquake.
--Editors: Young-Sam Cho, Chua Kong Ho
To contact the reporters on this story: Kazuyo Sawa in Tokyo at ksawa3@bloomberg.net;
To contact the editor responsible for this story: Young-Sam Cho at ycho2@bloomberg.net
