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SUMITOMO METAL MINING CO., LTD.

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Sumitomo Metal Mining : Japan's Sumitomo Metal lifts profit f'cast on higher metals prices

02/08/2021 | 08:28am EDT
Logo of Sumitomo Metal Mining Co is pictured at the company's headquarters in Tokyo

TOKYO (Reuters) - Japan's Sumitomo Metal Mining Co Ltd on Monday raised its annual net profit estimate by 70% for the year to March 31 thanks to higher copper and nickel prices as demand bounced back from the COVID-19 crisis.

The company now predicts a net profit of 78 billion yen ($739 million) for the year, against its previous guidance of 46 billion yen. The revised forecast represents a 29% annual increase, compared with an expected fall of 24% previously.

"We are now expecting higher prices of copper and nickel than we had anticipated," Shuichi Yasukawa, Sumitomo Metal's managing executive officer, told a news conference.

Its assumption is for an average copper price in January-March of $7,500 a tonne, up from $6,345 in April-December. Its estimate of the nickel price this quarter is $7.25 a pound, higher than $6.41 in April-December.

"The copper market has been strong amid expectations for growing demand from automobiles, especially electric vehicles, but it looks to be a bit overdone from a perspective of supply and demand," Yasukawa said.

"We are not expecting the prices of copper and nickel to keep rising."

Sumitomo Metal also raised its annual dividend forecast to 100 yen a share from its previous estimate of 59 yen.

The mining company said in October that it was considering selling its stake in Sierra Gorda copper mine in Chile.

"We are still considering to reshuffle our portfolio, including the possible sale of our stake in Sierra Gorda," Yasukawa said.

($1 = 105.5900 yen)

(Editing by Kirsten Donovan)


© Reuters 2021
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Financials
Sales 2022 1 112 B 10 141 M 10 141 M
Net income 2022 137 B 1 247 M 1 247 M
Net Debt 2022 257 B 2 347 M 2 347 M
P/E ratio 2022 8,88x
Yield 2022 3,96%
Capitalization 1 214 B 11 060 M 11 066 M
EV / Sales 2022 1,32x
EV / Sales 2023 1,36x
Nbr of Employees 7 072
Free-Float 85,8%
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Mean consensus OUTPERFORM
Number of Analysts 9
Last Close Price 4 418,00 JPY
Average target price 5 385,56 JPY
Spread / Average Target 21,9%
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Managers and Directors
Akira Nozaki President & Representative Director
Yoshiaki Nakazato Chairman
Masahiro Morimoto Manager-Accounting & Head-Secretariat
Atsushi Idegami Managing Executive Officer & GM-Technology
Hitoshi Taimatsu Independent Outside Director
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