Japanese conglomerate Hitachi Ltd <6501.T> could be on the road to recovery following a decade-long slump from numerous failed restructurings, Barron's said.

Company shares are trading at a 66 percent discount to the estimated value some analysts place on Hitachi's assets, even as the conglomerate appears headed for cyclical recovery in some industrial operations and from earthquake reconstruction work in Japan, the report said.

Some bullish investors believe Hitachi's low valuation makes it a low-risk bet, and that the company will make good on its goal to significantly improve profit margins for the year ending next March, Barron's said in its latest edition.

(Reporting By Ransdell Pierson; Editing by Marguerita Choy)

Japan Manufacturing