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    2354   TW0002354008

FOXCONN TECHNOLOGY CO., LTD.

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Thai energy giant PTT increases renewable target, eyes EV venture

08/17/2021 | 07:32am EDT
FILE PHOTO: The logo of PTT is pictured at the 38th Bangkok International Motor Show in Bangkok

BANGKOK (Reuters) - Thailand's state-owned PTT Pcl is setting its sights on a future in electric vehicles (EV) and more renewable power, its top executive said on Tuesday.

"We have a new vision," Auttapol Rerkpiboon said, laying out plans for growth and increasing its renewable power target to 12 gigawatts (GW) by 2030, from 8 GW previously.

"Energy has arrived at a point of change, moving more towards renewables, and fossil fuels are contributing to climate change - its time we adjust our vision."

PTT also targets 9 million tonnes of liquefied natural gas per year and reach 8 GW of electricity from conventional sources by 2030. It plans to have at least 30% of net income from new energy and business sources like EV, life science and logistics by 2030, Auttapol said.

In May it announced a partnership https://www.reuters.com/article/foxconn-ptt-electric-idUSL3N2NI0LY with Taiwan's Foxconn on EV production.

PTT plans to invest $1 billion to $2 billion over the next five to six years in a facility to produce smart chassis for EVs, said senior executive for innovation, Noppadol Pinsupa.

It could become a regional export centre, he added, building on Thailand's position as Asia's fourth-largest autos assembly and export hub. Thailand is a production base for top carmakers, such as Toyota and Honda.

"The factory will be able to produce an EV and the smart chassis, the key technology in an EV that manages electricity," CEO Auttapol said.

"Auto brands who have not developed this can order it from us."

The company this year has also formed joint ventures in plant-based meats, pharmaceuticals and cloud computing to boost new business streams.

PTT's subsidiaries have invested https://www.reuters.com/article/allnex-ma-pttgc-idUSL1N2OO0E6 over $7.5 billion, mostly overseas, in chemicals, renewable power, biopolymers.

"There will continue to be investments at home and abroad," Auttapol said, adding cashflow was sufficient, with room to borrow more.

(Reporting by Chayut Setboonsarng; Editing by Martin Petty)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
FOXCONN TECHNOLOGY CO., LTD. -1.02% 68 End-of-day quote.27.34%
PTT PUBLIC COMPANY LIMITED -1.25% 39.5 End-of-day quote.-7.06%
S&P GSCI NATURAL GAS INDEX -2.15% 245.3882 Delayed Quote.106.77%
TOYOTA INDUSTRIES CORPORATION -0.61% 9760 End-of-day quote.19.17%
WISDOMTREE CLOUD COMPUTING UCITS ETF - ACC - USD -0.19% 61.8 Delayed Quote.16.34%
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Financials
Sales 2021 118 B 4 246 M 4 246 M
Net income 2021 8 018 M 288 M 288 M
Net cash 2021 61 934 M 2 221 M 2 221 M
P/E ratio 2021 13,1x
Yield 2021 3,49%
Capitalization 96 185 M 3 454 M 3 450 M
EV / Sales 2021 0,29x
EV / Sales 2022 0,27x
Nbr of Employees -
Free-Float 67,2%
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Number of Analysts 5
Last Close Price 68,00 TWD
Average target price 64,67 TWD
Spread / Average Target -4,90%
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Han Ming Li General Manager & Director
Tzu Hung Li Head-Finance
Chih Chien Hung Chairman
Sung Shu Lin Independent Director
Yao Ching Chen Independent Director
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