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    A096770   KR7096770003

SK INNOVATION CO., LTD.

(A096770)
  Report
End-of-day quote Korea Stock Exchange  -  2022-09-27
148500.00 KRW   -1.66%
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Biden welcomes SK Group plans to invest $22 bln in U.S. high-tech sectors

07/26/2022 | 11:02am EDT

WASHINGTON, July 26 (Reuters) - President Joe Biden on Tuesday welcomed plans from South Korea's second-largest conglomerate SK Group to invest $22 billion in new investments in the United States in semiconductors, green energy and bioscience projects. During a meeting at the White House with SK Group Chairman Chey Tae-won, Biden called the investment consequential.

He said it showed that the "United States, Korea and its allies are back and winning the technology competition" of the 21st century.

The investments are in semiconductors, green energy, and bioscience, "creating tens of thousands of new high-tech, high-paying American jobs," SK said in a statement.

They will come in addition to its $7 billion investment to build two new gigafactories in Tennessee and Kentucky as part of a joint venture with Ford Motor, it added.

Biden said some 613,000 manufacturing jobs had been created in the United States since he came into office. The White House has been eager to emphasize the strength of the labor market amid fears by some of a broader economic downturn.

Company executives and administration officials met in the White House Roosevelt Room, while Biden appeared virtually from the White House residence as he continues to recover from COVID-19. He said he was feeling great.

SK Group plans to invest $15 billion in the semiconductor industry through research and development programs, materials, and the creation of an advanced packaging and testing facility.

It will spend another $5 billion on other green energy businesses, including electric vehicle (EV) charging systems, green hydrogen production, battery materials and recycling. Additionally it will invest 'several billions of dollars' in biotechnologies, the company said in the statement.

The $22 billion announced Tuesday is part of the $52 billion SK's chairman said last year it planned to invest in the United States through 2030.

In May, SK Group said it will invest 247 trillion won ($195.24 billion) in the semiconductor, battery and biopharmaceutical sectors over the next five years in South Korea and overseas. (Reporting by Steve Holland, David Shepardson, Jeff Mason and Jack Kim; Additional reporting by Heekyong Yang and Joyce Lee; Editing by Andrea Ricci)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
FORD MOTOR COMPANY 2.27% 12.18 Delayed Quote.-42.27%
GREEN HYDROGEN SYSTEMS A/S -3.74% 13.9 Delayed Quote.-57.96%
SK HYNIX INC. -0.98% 81200 End-of-day quote.-38.02%
SK INC. -3.48% 194000 End-of-day quote.-22.71%
SK INNOVATION CO., LTD. -1.66% 148500 End-of-day quote.-37.74%
All news about SK INNOVATION CO., LTD.
09/27Ford Motor to Invest $700 Million to Support Vehicle Production in Kentucky
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09/27Ford investing $700 million in Kentucky truck plant, adding 500 jobs
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09/23Ford Motor Company Starts Construction of Electric Vehicle Plant in West Tennessee
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09/22SK Group Chairman Celebrates Growing U.S. Partnerships at SK Night
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09/20S.Korean shares rebound on battery makers boost
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09/08S.Korean shares end higher; mark fourth straight weekly loss
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09/05South Korea braces for 'very strong' typhoon, businesses curb operations
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09/01Analysis-New U.S. rules on EV subsidies slam Hyundai, Kia's dreams
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08/29S.Korea to raise concerns about EV credits, battery sourcing in U.S. visit
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Analyst Recommendations on SK INNOVATION CO., LTD.
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Financials
Sales 2022 75 077 B 52,4 B 52,4 B
Net income 2022 3 418 B 2,39 B 2,39 B
Net Debt 2022 12 255 B 8,55 B 8,55 B
P/E ratio 2022 3,90x
Yield 2022 2,47%
Capitalization 12 536 B 8 750 M 8 750 M
EV / Sales 2022 0,33x
EV / Sales 2023 0,36x
Nbr of Employees 1 280
Free-Float 55,0%
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 26
Last Close Price 148 500,00 KRW
Average target price 281 038,46 KRW
Spread / Average Target 89,3%
EPS Revisions
Managers and Directors
Jun Kim President, Chief Executive Officer & Director
Yang-Seob Kim Chief Financial Officer
Il-Soo Kim Head-Research & Development
Byung-Rae Lee Head-Compliance Support
Yoon-Kyung Ha Independent Director
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