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    5406   JP3289800009

KOBE STEEL, LTD.

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Kobe Steel : ups profit forecast on yen's drop, bigger power sales

04/05/2021 | 05:39am EDT
Kobe Steel's logo is seen through a fence at a facility of Kakogawa Works in Kakogawa

TOKYO (Reuters) - Japan's Kobe Steel on Monday lifted its annual net profit forecast for the year just ended to 7 billion yen ($63 million) from nil, as the yen's drop helped boost machinery exports and an electricity crunch in winter raised its power sales.

"A weaker-than-expected yen against the U.S. dollar helped improve profitability in our exports of construction machinery while power sales volume expanded amid an electricity crunch during the winter," a Kobe Steel spokesman said.

The dollar hit a one-year high versus the yen in March as investors bet that fiscal stimulus and aggressive vaccinations will help the United States lead a global recovery from the pandemic.

Japan's wholesale electricity prices hit record highs in January, stoked by cold weather, causing a supply crunch and sending power generators scrambling to source supplies.

The earnings prediction by Japan's third-biggest steelmaker and the supplier of aluminium and copper products also comes as a global chip shortage failed to slow down automobile production, as the company had anticipated, the spokesman said.

The automobile industry has been grappling with a shortfall in chip supply since late last year, driven by coronavirus lockdowns in Southeast Asia and bulk-buying by U.S. sanctions-hit Chinese tech giant Huawei Technologies while a recent fire at a Japanese semiconductor factory has exacerbated the shortage.

Kobe Steel's latest profit forecast compares with a net loss of 68.0 billion yen in the year ended March 2020 when steel demand from the manufacturing industry declined and steel prices slumped amid the U.S.-China trade war, even before the COVID-19 pandemic hit global demand.

It had not expected to make an annual net profit for the year ended March 31, 2021 in its February forecast. It also now predicts a recurring profit of 6 billion yen, instead of its February forecast of a loss of 10 billion yen.

It's scheduled to report annual results on May 11.

($1 = 110.6200 yen)

(Reporting by Yuka Obayashi; editing by Emelia Sithole-Matarise)


© Reuters 2021
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Financials
Sales 2021 1 714 B 15 796 M 15 796 M
Net income 2021 2 480 M 22,9 M 22,9 M
Net Debt 2021 781 B 7 198 M 7 198 M
P/E ratio 2021 112x
Yield 2021 0,11%
Capitalization 277 B 2 561 M 2 551 M
EV / Sales 2021 0,62x
EV / Sales 2022 0,61x
Nbr of Employees 40 831
Free-Float 89,2%
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Technical analysis trends KOBE STEEL, LTD.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 8
Average target price 779,38 JPY
Last Close Price 763,00 JPY
Spread / Highest target 31,1%
Spread / Average Target 2,15%
Spread / Lowest Target -13,5%
EPS Revisions
Managers and Directors
NameTitle
Kunio Uchiyamada Head-Company-Wide Compliance
Takao Kitabata Independent Outside Director
Takashi Okimoto Independent Outside Director
Hiroyuki Bamba Independent Outside Director
Yoshiiku Miyata Independent Outside Director
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