27 Oct 2009 - KM News
KONICA MINOLTA JUMPS ON RATING UPGRADE, COST CUTS
Konica Minolta Holdings Inc rose 5.6 percent to 924 yen, with a rating upgrade from Credit Suisse and its setting of a higher target for costs cuts offsetting a downward earnings revision on Friday.
Credit Suisse raised its investment rating for Konica Minolta to 'outperform' from 'neutral', saying two major concerns for Konica Minolta shares - its excessively bullish projections for office equipment and the risk of declining market share in LCD film - have largely been priced in.
The brokerage's decision on the rating change was made before Konica Minolta's announcement of the revision and was made public late on Friday afternoon.
Konica Minolta Senior Executive Officer Shoei Yamana told Reuters after the earnings revision that the company now plans to cut costs by 38 billion yen for the year to March 2010, 15 percent more than it originally planned.
-ENDS-
About Konica Minolta Business Solutions Australia
Konica Minolta Business Solutions Australia Pty Ltd, offers a broad range of multifunctional digital imaging solutions inspired by its bizhub brand of powerful solutions that serve as the central resource for document scanning, in-house printing, copying, faxing and electronic archiving and distribution.
From high-quality colour and monochrome bizhub systems for workgroups and small offices, to advanced high-volume bizhub PRO™ production printing systems for large corporations and print-for-pay services, Konica Minolta is leading the industry toward integrated, networked hardware / software solutions that are more simple, reliable, and cost-effective. Complementing its bizhub solutions, Konica Minolta also offers desktop laser printers and software solutions to improve business processes.
Headquartered in Sydney, Konica Minolta delivers expert professional services and experienced, responsive client support, in addition to the world-class service provided through its extensive network of direct sales offices and authorised dealers. For more information, please visit Konica Minolta at www.konicaminolta.com.au
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