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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Mitsui & Co., Ltd.    8031   JP3893600001

MITSUI & CO., LTD.

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Exclusive: Mitsui & Co to sell all stakes in coal-fired power plants by 2030 - CEO

10/12/2020 | 02:08am EST
FILE PHOTO: People walk past the logo of Japanese trading company Mitsui & Co in Tokyo

TOKYO (Reuters) - Japanese trading house Mitsui & Co Ltd plans to sell its remaining stakes in coal-fired power stations by the end of the decade as it shifts to gas from coal to help achieve its 2050 net zero emission target, its chief executive told Reuters.

"We still own stakes in coal-fired plants in Indonesia, China, Malaysia and Morocco, but our goal is to make it zero by 2030," Mitsui CEO Tatsuo Yasunaga said in an interview on Friday.

The comment - Mitsui's first on selling out of coal-fired power generation - comes as firms worldwide move away from coal to cut harmful carbon dioxide emissions and slow climate change.

Mitsui, which generates about two-thirds of profit from energy and metals, is also shifting away from oil.

"With the COVID-19 crisis, we have postponed investment in a few upstream oil deals, but our liquefied natural gas (LNG) projects are on track," he said.

Through equity holdings, Mitsui's energy assets comprise 78,000 barrels per day (bpd) of crude oil and 181,000 bpd in gas measured in oil-equivalent terms.

Its crude ratio will decline by 2030 due to the scheduled launch in about four years of LNG projects in Mozambique and arctic Russia, Yasunaga said.

"Renewable energy can't replace all other power sources in one fell swoop. Gas goes well with volatile renewable energy as gas-fired power generation is easy to switch on and off," he said, adding Mitsui is also keen on cleaner energy such as offshore wind farms and hydrogen projects.

Outside of energy and resources, Mitsui is betting on healthcare, especially through Malaysian hospital operator IHH Healthcare of which it owns 32.9%.

"The pandemic has helped spread virtual diagnosis and other services in Singapore and Malaysia, helping our plans to use data to provide new services, including nutrition and disease prevention," he said.

Mitsui is one of five trading houses that Warren Buffett's Berkshire Hathaway Inc bought 5% stakes in August with the possibility of increasing its holdings to 9.9%.

Mitsui has been in mail contact with the U.S. investor and has received no specific requests, Yasunaga said.

"We are committed to implementing our growth plans as promised and seeking new opportunities that bring mutual benefit," he said, citing as an example its alliance with U.S. dialysis provider DaVita Inc whose biggest shareholder is Berkshire.

Growing DaVita in Asia will bring mutual benefit and Mitsui is eager to pursue similar collaborations, he said.

"We have to show an outcome that could prompt Berkshire to boost its stake to 9.9%," Yasunaga said.

(Reporting by Yuka Obayashi and Noriyuki Hirata; Editing by Christopher Cushing)

By Yuka Obayashi and Noriyuki Hirata


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BERKSHIRE HATHAWAY INC. 0.23% 346689.99 Delayed Quote.1.85%
DAVITA INC. -2.71% 105.42 Delayed Quote.40.50%
HIRATA CORPORATION -0.58% 8590 End-of-day quote.21.50%
IHH HEALTHCARE -1.79% 5.5 End-of-day quote.0.55%
LONDON BRENT OIL 1.76% 49.64 Delayed Quote.-28.42%
MITSUI & CO., LTD. 2.16% 1867.5 End-of-day quote.-4.03%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.09% 74.338 Delayed Quote.21.05%
WTI 1.60% 46.385 Delayed Quote.-28.04%
YASUNAGA CORPORATION 6.12% 1266 End-of-day quote.3.94%
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Financials
Sales 2021 6 400 B 61 607 M 61 607 M
Net income 2021 224 B 2 156 M 2 156 M
Net Debt 2021 3 833 B 36 897 M 36 897 M
P/E ratio 2021 14,6x
Yield 2021 4,28%
Capitalization 3 136 B 30 207 M 30 189 M
EV / Sales 2021 1,09x
EV / Sales 2022 1,07x
Nbr of Employees 45 624
Free-Float 95,9%
Chart MITSUI & CO., LTD.
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Mitsui & Co., Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends MITSUI & CO., LTD.
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 10
Average target price 2 117,78 JPY
Last Close Price 1 867,50 JPY
Spread / Highest target 28,5%
Spread / Average Target 13,4%
Spread / Lowest Target -6,29%
EPS Revisions
Managers
NameTitle
Tatsuo Yasunaga President, CEO & Representative Director
Masami Iijima Chairman
Takakazu Uchida CFO, Representative Director & Executive VP
Toshiro Mutoh Independent Outside Director
Kenichi Hori Representative Director & Head-Basic Materials
Sector and Competitors
1st jan.Capitalization (M$)
MITSUI & CO., LTD.-4.03%29 363
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MITSUBISHI CORPORATION-13.36%35 201
SAMSUNG C&T CORPORATION12.44%18 242
SUMITOMO CORPORATION-18.23%16 016
TOYOTA TSUSHO CORPORATION-0.91%12 822