Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Japan
  4. Japan Exchange
  5. Panasonic Corporation
  6. News
  7. Summary
    6752   JP3866800000

PANASONIC CORPORATION

(6752)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

SKIET shares fall 26% in debut after opening at double IPO price

05/10/2021 | 08:10pm EDT

* Battery material maker IPO comes amid global EV shift

* Shares close below debut price, still 47% above IPO price

* SKIET ends first day of trade valued at around $9.8 bln

* Drag on NASDAQ EV stocks likely affected debut -analyst

SEOUL/HONG KONG May 11 (Reuters) - SK IE Technology Co Ltd (SKIET) ended its first day of trade down 26.4% from its debut price but still far above its initial public offering (IPO) price, giving the battery material maker a market value of 11 trillion won ($9.83 billion).

The South Korean firm began Tuesday trade at double its IPO price at 210,000 won before almost immediately falling well beyond the 1.2% decline in the KOSPI benchmark index.

Analysts said the 154,500 won close, 47% above the IPO price, should be viewed as a reasonable price based on SKIET's fundamentals rather than as a failed listing.

The decline came after electric vehicle (EV) stocks were sold off on Wall Street overnight - including major Tesla Inc which lost 6.8% - during a broader tech rout, setting a negative tone, said Clepsydra Capital founder Sanghyun Park.

SKIET supplies separators - an essential battery component - to EV battery makers including Tesla partner Panasonic Corp .

"The latest bashing of the EV stocks on the NASDAQ seems to be affecting SKIET's market debut," Seoul-based Park, who publishes on Smartkarma, told Reuters.

Retail demand for local IPOs was the main force behind expectations for bullishness on SKIET stock, he said.

"But with another EV sector cooling-down like we saw yesterday in the U.S., even local retail investors have had a hard time maintaining the enthusiasm on SKIET whose business is directly correlated to the global EV sector," said Park.

Turnover on SKIET shares amounted to 1.91 trillion won, accounting for 9% of the day's total for the main board.

RECORD DEMAND

The listing comes as automakers worldwide increasingly add and even replace traditionally powered cars with new-energy alternatives such as fully battery-powered electric vehicles.

The trend pushed revenue from battery separators to 56% of SKIET's total sales last year, accelerating from 19% in 2018.

SKIET priced its IPO last month at 105,000 won per share, the top of its indicative price range. Parent SK Innovation Co Ltd said the IPO's institutional book was almost 2,000 times covered - the largest-ever for South Korea.

Chief Executive Rho Jae-sok has said the manufacturer will use IPO proceeds for capital expenditure topping 800 billion won annually for the next few years.

The firm operates factories in South Korea and China. In March, it said it would spend about 1.13 trillion won building two plants in Poland.

SKIET's first-day stock market performance mirrored that of Hybe Co Ltd - formerly Big Hit Entertainment, and manager of K-Pop boy band BTS - whose share price also doubled on debut in October before ending negative. ($1 = 1,119.5900 won) (Reporting by Heekyong Yang in Seoul and Scott Murdoch in Hong Kong; Additional reporting by Jihoon Lee; Editing by Christopher Cushing)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
HYBE CO., LTD. -0.17% 298500 End-of-day quote.86.56%
PANASONIC CORPORATION 0.34% 1325 End-of-day quote.11.30%
SAMSUNG SDI CO., LTD. 3.12% 760000 End-of-day quote.21.02%
SK IE TECHNOLOGY CO., LTD. -0.44% 228500 End-of-day quote.0.00%
SK INNOVATION CO., LTD. 0.39% 259000 End-of-day quote.36.32%
TESLA, INC. -1.95% 644.78 Delayed Quote.-8.63%
All news about PANASONIC CORPORATION
07/26ELON MUSK : Analysis-Tesla's plans for batteries, China scrutinized as Musk drop..
RE
07/26MARTIN SORRELL : Sorrell's S4 snaps up Salesforce-partner Destined
RE
07/21PANASONIC : Promotes Installers, Bringing the Company's Solar Energy Solutions t..
AQ
07/21PANASONIC : Expands Utility Services Using Smart Gas Meters in Europe
PU
07/20Japanese shares snap 5-day losing streak ahead of Olympics holiday
RE
07/19Olympics-Tokyo 2020 chief doesn't rule out cancelling Games
RE
07/16Small miners aim for European supply chain for electric vehicles independent ..
RE
07/15PANASONIC : Finds A Lasting Solution To Online Counterfeiting Problems
AQ
07/14PANASONIC : Expands Digital Wireless Microphone Ecosystem with New Product Addit..
AQ
07/12Panasonic Corporation Releases New Trimmer Designed for First-Time Shavers
CI
More news
Financials
Sales 2022 7 106 B 64 675 M 64 675 M
Net income 2022 222 B 2 024 M 2 024 M
Net cash 2022 535 B 4 866 M 4 866 M
P/E ratio 2022 13,9x
Yield 2022 2,19%
Capitalization 3 092 B 28 198 M 28 141 M
EV / Sales 2022 0,36x
EV / Sales 2023 0,34x
Nbr of Employees 243 540
Free-Float 90,9%
Chart PANASONIC CORPORATION
Duration : Period :
Panasonic Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends PANASONIC CORPORATION
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Last Close Price 1 325,00 JPY
Average target price 1 532,38 JPY
Spread / Average Target 15,7%
EPS Revisions
Managers and Directors
Kazuhiro Tsuga President, CEO & Representative Director
Hirokazu Umeda CFO, Director & Managing Executive Officer
Shusaku Nagae Chairman
Yoshiyuki Miyabe Chief Technology & Information Officer
Laurence William Bates Director & Chief Compliance Officer
Sector and Competitors
1st jan.Capi. (M$)
PANASONIC CORPORATION11.30%28 198
SONY GROUP CORPORATION7.44%124 874
LG ELECTRONICS INC.20.74%24 102
TCL TECHNOLOGY GROUP CORPORATION8.05%15 916
SHARP CORPORATION11.38%9 703
XIAMEN INTRETECH INC.4.65%4 725