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

JXTG HOLDINGS, INC.

(5020)
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Japan's refiners facing stagnant market may cut capacity

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05/26/2020 | 06:11am EDT

By Aaron Sheldrick and Yuka Obayashi

Japanese refineries may be forced to shut down capacity once again unless they see a strong recovery from the coronavirus pandemic.

They've been hit by declining use for fuel at home, competition from newer refineries in China and South Korea dominating in other markets, as well.

Idemitsu Kosan on Tuesday reported an annual loss, like its competitors have done in recent days.

Executive Officer Noriaki Sakai said Japan's second-biggest refiner expects fuel sales to fall 30% in the year through March 2021 while President Shunichi Kito said the company "may need to consider some measures (to consolidate refineries) in the mid-2020s".

Tsutomu Sugimori, president of JXTG Holdings, Japan's biggest refiner, told an earnings conference last week: "We have been considering consolidation of refineries since our merger in 2017. We will adjust our production facilities to reflect weakening demand."

JXTG, which accounts for about half of the market, has already decided to shut a refinery in Osaka with partner PetroChina and shut its Muroran refinery in Hokkaido.

Japan's oil refining capacity peaked at 5.6 million barrels per day (bpd) in 1982, data from the BP Statistical Review of Energy shows.

It currently has about 3.4 million bpd of capacity in mostly aging refineries and industry ministry estimates suggest that could fall to 2.3 million bpd by the end of the decade.

For a graphic: Refinery markings in Asia -

(This story corrects to read stagnant in headline)

(Reporting by Aaron Sheldrick and Yuka Obayashi; editing by Jason Neely)

Stocks mentioned in the article
ChangeLast1st jan.
COSMO ENERGY HOLDINGS CO., LTD. -3.90% 1479 End-of-day quote.-41.19%
IDEMITSU KOSAN CO.,LTD. -2.94% 2248 End-of-day quote.-25.81%
JASON CO., LTD. 3.45% 689 End-of-day quote.89.29%
JXTG HOLDINGS, INC. -1.96% 374.8 End-of-day quote.-24.72%
KITO CORPORATION -4.46% 1179 End-of-day quote.-31.53%
LETS HOLDINGS GROUP CO., LTD. -1.85% 11.64 End-of-day quote.92.72%
LONDON BRENT OIL 1.13% 42.92 Delayed Quote.-34.38%
LOOK HOLDINGS INCORPORATED -2.42% 685 End-of-day quote.-45.29%
PETROCHINA COMPANY LIMITED -3.83% 2.76 End-of-day quote.-29.41%
THE NEW HOME COMPANY INC. -2.16% 3.17 Delayed Quote.-30.47%
WTI 1.22% 40.125 Delayed Quote.-33.37%
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Financials
Sales 2021 7 431 B 69 605 M 69 605 M
Net income 2021 88 879 M 833 M 833 M
Net Debt 2021 - - -
P/E ratio 2021 13,6x
Yield 2021 6,05%
Capitalization 1 206 B 11 245 M 11 296 M
EV / Sales 2020
Capi. / Sales 2021 0,16x
Nbr of Employees 40 983
Free-Float 96,5%
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Technical analysis trends JXTG HOLDINGS, INC.
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 9
Average target price 501,11 JPY
Last Close Price 374,80 JPY
Spread / Highest target 46,7%
Spread / Average Target 33,7%
Spread / Lowest Target 14,7%
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.-24.72%11 470
EXXON MOBIL CORPORATION-38.18%174 879
RELIANCE INDUSTRIES LTD20.49%154 178
BP PLC-38.51%73 638
CHINA PETROLEUM & CHEMICAL CORPORATION-25.59%69 285
PTT-10.80%35 859