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

JXTG HOLDINGS, INC.

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Japanese companies likely to spurn Saudi Aramco IPO: JXTG president

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11/08/2019 | 03:17am EST
FILE PHOTO: Amin H. Nasser, president and CEO of Aramco, and Yasser al-Rumayyan, Saudi Aramco's chairman, attend a news conference in Dhahran

, TOKYO (Reuters) - Japanese companies are unlikely to invest in Saudi Aramco's blockbuster initial public offering (IPO) because it is difficult to evaluate the value of the world's biggest oil company, the head of Japan's largest refiner said on Friday.

The unusually frank remarks from the head of a typically conservative Japanese company underscore potential challenges for the IPO, which Aramco has announced is going ahead although the state-owned oil giant has released few details.

Sources have told Reuters that Aramco could offer 1%-2% of its shares, raising as much as $20 billion to $40 billion. A deal over $25 billion would top the record-breaking IPO of Chinese e-commerce giant Alibaba in 2014.

"It's difficult to think that many Japanese investors will make investments," JXTG Holdings President Tsutomu Sugimori said at an earnings briefing.

"Japanese companies have stakeholders and they need good reasons to explain to shareholders why they would make such hefty investments and we need to do strict due diligence."

He was responding to a question on whether Japanese companies would follow Chinese investors, after Bloomberg reported that Chinese state-owned firms, including Sinopec Corp, were considering investing up to $10 billion in the Aramco share offer.

"We don't know about Aramco's crude oil reserves and how their contracts with the Saudi royal family work and so on. Aramco will need to disclose this information, but it is not clear how open Aramco will become," Sugimori said.

Aramco, the world's most profitable company, said on Sunday it was kicking off a domestic IPO, with scant details disclosed and expert valuations varying from around $1.2 to $2.3 trillion.

JXTG and other Japanese refiners have longstanding relationships with Aramco, having been big buyers of Saudi crude for decades, although Japan's oil imports have fallen as a declining population uses more efficient automobiles.

Aramco supplied almost 36% of Japan's crude imports in September, which totaled 2.8 million barrels per day.

The Saudi oil company owns a 7.65% stake in Idemitsu Co, Japan's second-largest refiner, according the Japanese company's website.

Graphic: Aramco vs. Majors valuation, https://fingfx.thomsonreuters.com/gfx/ce/7/7185/7167/Pasted%20Image.jpg

(Reporting by Yuka Obayashi; Writing by Aaron Sheldrick; Editing by Edmund Blair)

Stocks mentioned in the article
ChangeLast1st jan.
IDEMITSU KOSAN CO.,LTD. -1.75% 3080 End-of-day quote.-12.99%
JXTG HOLDINGS, INC. -0.14% 504 End-of-day quote.-11.89%
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Financials (JPY)
Sales 2020 10 647 B
EBIT 2020 371 B
Net income 2020 209 B
Debt 2020 -
Yield 2020 4,44%
P/E ratio 2020 7,95x
P/E ratio 2021 6,11x
Capi. / Sales2020 0,15x
Capi. / Sales2021 0,15x
Capitalization 1 572 B
Technical analysis trends JXTG HOLDINGS, INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 8
Average target price 647,50  JPY
Last Close Price 504,00  JPY
Spread / Highest target 68,7%
Spread / Average Target 28,5%
Spread / Lowest Target -4,76%
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
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