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    6758   JP3435000009

SONY GROUP CORPORATION

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TSMC, Sony Group Plan $7 Billion Chip Plant, Expect Japan Government's Support

11/09/2021 | 06:16am EST

By Kosaku Narioka

Taiwan Semiconductor Manufacturing Co. and Sony Group Corp. said Tuesday that they planned to build a $7 billion chip plant in Japan and expect strong support from the Japanese government.

The Taiwanese chip maker said its board approved an equity investment of up to $2.12 billion to establish a majority-owned unit in Japan. Sony said it planned to make an equity investment of about $500 million in the TSMC unit to be established in the southern Japanese prefecture of Kumamoto, or less than a 20% stake.

TSMC and Sony said construction of the plant is scheduled to start in 2022 and production is targeted to begin by the end of 2024.

TSMC and Sony said the plant is expected to create about 1,500 high-tech professional jobs, and that the initial capital expenditure is estimated to be about $7 billion.

Manufacturers globally are trying to improve access to key parts, such as semiconductors, as the Covid-19 pandemic has disrupted supply chains and caused a shortage of chips, and as U.S.-China trade tensions have increased in recent years.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

11-09-21 0616ET

Stocks mentioned in the article
ChangeLast1st jan.
SONY GROUP CORPORATION -6.74% 11770 Delayed Quote.-12.82%
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED -0.78% 636 End-of-day quote.3.41%
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Analyst Recommendations on SONY GROUP CORPORATION
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Financials
Sales 2022 9 957 B 86 848 M 86 848 M
Net income 2022 803 B 7 000 M 7 000 M
Net Debt 2022 520 B 4 536 M 4 536 M
P/E ratio 2022 19,6x
Yield 2022 0,49%
Capitalization 15 643 B 137 B 136 B
EV / Sales 2022 1,62x
EV / Sales 2023 1,48x
Nbr of Employees 109 700
Free-Float -
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Mean consensus BUY
Number of Analysts 19
Last Close Price 12 620,00 JPY
Average target price 17 009,47 JPY
Spread / Average Target 34,8%
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Managers and Directors
Kenichiro Yoshida Chief Financial Officer & Executive Vice President
Hiroki Totoki Chief Financial Officer, Director & Vice President
Shuzo Sumi Co-Chairman
Toru Katsumoto Chief Technology Officer, Executive VP, Head-R&D
Tsuyoshi Kodera Head-Information Systems & Security
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