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    3407   JP3111200006

ASAHI KASEI CORPORATION

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Japan's new battery industry group to seek increased gov't support

04/14/2021 | 08:49am EDT

TOKYO (Reuters) - Japan's newly created Battery Association for Supply Chain (BASC) said on Wednesday it will seek increased government support as it aims to reinforce the industry's global competitiveness and speed up decarbonisation.

Formed this month, the BASC's 55 members include Nissan Motor Co Ltd, Sumitomo Metal Mining Co Ltd, Asahi Kasei Corp, Panasonic Corp and Toyotsu Lithium Corp.

"We will come up with policy recommendations that will boost global competitiveness of Japanese battery industry and help the industry's decarbonisation," Isao Abe, chairman of the BASC, told a news conference.

Increased support from government is needed as rivals in China, the United States and Europe receive much bigger subsidies and tax advantages, Abe said.

The group plans to submit policy recommendations to the industry ministry by the end of July.

These will map out measures to secure lithium, cobalt and nickel and other natural resources used in batteries to help the sector lower investment and manufacturing costs.

Global battery demand is expected to grow as electric vehicles replace gasoline-powered cars.

"We will also actively participate in international standard deliberations and new regulatory planning," Abe said, pointing to discussion over standardisation in lithium including mining, concentration and conversion to lithium-ion battery materials as an example.

The BASC's members include suppliers of battery materials and parts, battery manufacturers, trading houses and automakers.

(Reporting by Yuka Obayashi; editing by Jason Neely)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ASAHI GROUP HOLDINGS, LTD. -2.40% 4911 End-of-day quote.15.72%
ASAHI KASEI CORPORATION -1.53% 1187 End-of-day quote.12.57%
NISSAN MOTOR CO., LTD. 0.48% 630.9 End-of-day quote.12.66%
PANASONIC CORPORATION -3.30% 1305.5 End-of-day quote.9.66%
SUMITOMO METAL MINING CO., LTD. -1.27% 4418 End-of-day quote.-3.52%
TOYOTA TSUSHO CORPORATION -1.91% 5140 End-of-day quote.23.41%
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Financials
Sales 2022 2 350 B 21 424 M 21 424 M
Net income 2022 149 B 1 354 M 1 354 M
Net Debt 2022 412 B 3 754 M 3 754 M
P/E ratio 2022 11,1x
Yield 2022 2,89%
Capitalization 1 647 B 15 006 M 15 014 M
EV / Sales 2022 0,88x
EV / Sales 2023 0,82x
Nbr of Employees 44 497
Free-Float 95,4%
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Number of Analysts 12
Last Close Price 1 187,00 JPY
Average target price 1 315,45 JPY
Spread / Average Target 10,8%
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Managers and Directors
Hideki Kobori Executive President & Representative Director
Koshiro Kudo Head-Finance, Accounting & Investor Relations
Masami Takenaka General Manager-Research & Development
Nobuyuki Kakizawa Head-Risk, Compliance, Legal & General Affairs
Masumi Shiraishi Independent Outside Director
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