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    9502   JP3526600006

CHUBU ELECTRIC POWER CO., INC

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Delayed Japan Exchange  -  05/19 02:00:00 am EDT
1304.00 JPY   -0.38%
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Japan's Chubu Electric to boost overseas and renewables investment

11/24/2021 | 07:35am EDT
A worker stands next to a spent fuel pool on the top floor of the No.5 reactor building at Chubu Electric Power Co.'s Hamaoka Nuclear Power Station in Omaezaki

TOKYO (Reuters) - Japan's Chubu Electric Power plans to make strategic investments of 1 trillion yen ($8.7 billion) over the 10 years through 2030, mainly in overseas and renewable energy, to achieve its 2030 recurring profit goal of 250 billion yen.

Unveiling a new management strategy on Wednesday, the company also raised its 2030 renewable energy capacity target in Japan to 3.2 gigawatts (GW) from its previous goal of 2 GW. It now owns about 0.63 GW of renewable capacity.

"In addition to our mainstay energy business, we will expand our business areas to include real estate and resource recycling in response to the global push toward decarbonisation," the company said in a statement.

The new spending plan is more than double the previous budget of 400 billion yen over the five years through the financial year to March 2024.

Of the 1 trillion yen total, 400 billion yen will be allocated to both renewable energy and overseas operations, with the remaining 200 billion yen allocated to community services and resource recycling.

Like other Japanese energy companies, Chubu has been stepping up overseas investment in search of new growth opportunities.

In September Chubu said it will buy a 20% stake in Vietnamese renewable energy company Bitexco Power Corp to gain a foothold in the growing market and expand its portfolio of green energy.

Chubu and Japanese trading house Mitsubishi Corp bought Eneco last year in a deal valuing the Dutch energy business at 4.1 billion euros ($4.6 billion).

($1 = 115.0400 yen)

($1 = 0.8918 euros)

(Reporting by Yuka Obayashi; Editing by David Goodman)


© Reuters 2021
Stocks mentioned in the article
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CHUBU ELECTRIC POWER CO., INC -0.38% 1304 Delayed Quote.8.00%
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Financials
Sales 2022 2 600 B 20 414 M 20 414 M
Net income 2022 -50 480 M -396 M -396 M
Net Debt 2022 - - -
P/E ratio 2022 -19,5x
Yield 2022 3,83%
Capitalization 986 B 7 691 M 7 743 M
Capi. / Sales 2022 0,38x
Capi. / Sales 2023 0,32x
Nbr of Employees 28 238
Free-Float 96,0%
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Mean consensus HOLD
Number of Analysts 6
Last Close Price 1 304,00 JPY
Average target price 1 176,00 JPY
Spread / Average Target -9,82%
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Managers and Directors
Kingo Hayashi Senior Managing Executive Officer
Satoru Katsuno Director & Senior Managing Executive Officer
Kazuhiro Nabeta General Manager-Technology Development
Jin Mizutani Managing Executive Officer & Manager-Nagoya Branch
Takayuki Hashimoto Independent Outside Director
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