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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  JXTG Holdings, Inc.    5020   JP3386450005

JXTG HOLDINGS, INC.

(5020)
  Report
End-of-day quote. End-of-day quote Tokyo Stock Exchange - 06/04
417.1 JPY   -1.37%
06/03China drives global oil demand recovery out of coronavirus collapse
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05/31Main events scheduled for Monday, June 1
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05/26Japan's refiners facing stagnant market may cut capacity
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Japan's JXTG plans to spend $14 billion on transformation plan

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05/20/2020 | 05:38am EDT

By Yuka Obayashi

JXTG Holdings Inc, Japan's biggest oil refiner, said on Wednesday it will spend 1.5 trillion yen ($14 billion) for the next three years to drive its transformation into a supplier of low-carbon energy and materials.

The planned spending, mapped out under a new medium-term business plan through end-March 2023, is a 44% jump from the 1.04 trillion yen spent in the past 3 years.

The fund will be used to strengthen its business in renewable energy, electronic materials and petrochemicals,

JXTG Holdings President Tsutomu Sugimori said.

The new plan is based on an assumption that a decline in demand for petroleum products and others due to the pandemic will continue in the April-September half of the current financial year, he said.

"We don't know how long an impact from the pandemic will continue, but we don't think the current trend toward a low-carbon society will change," Sugimori told a news conference.

"We will stick to our long-term vision," he said.

Last year, the oil and metals group unveiled a long-term vision through 2040, reinforcing growth areas such as renewable energy, chemical products, power generation and electronic materials, based on an estimate that domestic oil demand will halve by 2040.

On Wednesday, the company added a new goal to become "carbon neutral" in 2040, by reducing emissions from refineries and boosting carbon-free assets such as renewable energy, hydrogen generation, and carbon capture and storage (CCS).

"The growing trend of boosting renewable energy won't change despite a slump in oil prices," Sugimori said.

The company also announced that Katsuyuki Ota, president of JXTG Nippon Oil & Energy, an energy unit of the group, will become JXTG Holdings' president in June. Sugimori will become chairman.

(Reporting by Yuka Obayashi; Editing by Tom Hogue and Louise Heavens)

Stocks mentioned in the article
ChangeLast1st jan.
JXTG HOLDINGS, INC. -1.37% 417.1 End-of-day quote.-16.23%
LONDON BRENT OIL 5.20% 41.86 Delayed Quote.-40.24%
WTI 4.50% 38.823 Delayed Quote.-39.82%
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Financials
Sales 2020 10 129 B 92 699 M 92 699 M
Net income 2020 -292 206 M -2 674 M -2 674 M
Net Debt 2020 1 962 B 17 953 M 17 953 M
P/E ratio 2020 -4,66x
Yield 2020 5,27%
Capitalization 1 342 B 12 310 M 12 282 M
EV / Sales 2019
EV / Sales 2020 0,33x
Nbr of Employees 40 695
Free-Float 96,5%
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Technical analysis trends JXTG HOLDINGS, INC.
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 9
Average target price 524,44 JPY
Last Close Price 417,10 JPY
Spread / Highest target 58,2%
Spread / Average Target 25,7%
Spread / Lowest Target 3,09%
EPS Revisions
Managers
NameTitle
Tsutomu Sugimori President & Representative Director
Junichi Kawada Director, Executive Vice President & Head-Audit
Hiroko Ota Independent Outside Director
Mutsutake Otsuka Independent Outside Director
Shunsaku Miyake Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
JXTG HOLDINGS, INC.-16.23%12 310
EXXON MOBIL CORPORATION-29.44%207 605
RELIANCE INDUSTRIES LTD4.34%124 015
BP PLC-28.71%85 155
CHINA PETROLEUM & CHEMICAL CORPORATION-24.73%67 936
PHILLIPS 66-25.38%36 301