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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Tokyo Electric Power Company Holdings, Incorporated    9501   JP3585800000

TOKYO ELECTRIC POWER COMPANY HOLDINGS, INCORPORATED

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Japan utilities expect slow power demand recovery, cautious on outlook

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08/03/2020 | 04:12am EDT
Men work around an electric utility pole along the street in Urayasu

Japanese utilities expect a slow recovery in electric power demand toward March after a 5% drop in the April-June quarter though some are less confident that the worst is over.

Uncertainty over demand has deepened recently due to a resurgence in coronavirus cases in Japan, forcing most utilities to skip providing annual profit guidelines.

Slack power demand may cause a surplus of fuels such as liquefied natural gas (LNG).

That threatens losses for Japanese utilities committed to large volumes of LNG under term contracts linked to oil prices as they resell it at spot prices which are much lower.

In the April-June quarter, May was the weakest month with power demand falling 9%, according to the Organization for Cross-regional Coordination of Transmission Operators, Japan (OCCTO).

(Graphic: Japan electric power demand - https://graphics.reuters.com/JAPAN-UTILITIES/POWER-DEMAND/xklpydbzwvg/chart.png)

For industry leader Tokyo Electric Power Company, household power demand in its region rose 5% thanks to lockdown demand, but industrial and commercial demand have plunged, with April-May figures plunging by 20%-50%, Managing Executive Officer Rikuo Otsuki said.

"Power demand will slowly pick up, but it won't return to the levels before the pandemic during this financial year," he told an earnings news conference last week.

Chubu Electric Power also predicted a gradual recovery later in the year, but annual demand in its region will likely fall 6% year on year, said Yoshinobu Mishima, manager at its Tokyo office.

Others were even more cautious.

"As the coronavirus cases are rising again, we can't say demand has hit the bottom. ..it's difficult to make any predictions now," said Yuji Sasaki, general manager at Tohoku Electric Power's Tokyo office said.

Nine of the top 10 regional utilities reported a drop in their quarterly sales.

Only Chubu and Chugoku Electric Power gave full-year forecasts this time, both predicting falls in net profit.

Okinawa Electric Power forecast a gain in annual profit in April, without factoring in the impact of the pandemic.

Chubu has warned its JERA fuel joint venture will book a loss estimated at 50 billion yen ($471 million) on the resale of LNG cargoes this year.

By Yuka Obayashi


Stocks mentioned in the article
ChangeLast1st jan.
CHUBU ELECTRIC POWER COMPANY, INCORPORATED 0.08% 1239.5 End-of-day quote.-19.59%
LONDON BRENT OIL -2.45% 41.84 Delayed Quote.-35.68%
THE CHUGOKU ELECTRIC POWER CO., INC. 1.27% 1356 End-of-day quote.-5.17%
THE OKINAWA ELECTRIC POWER COMPANY, INCORPORATED 0.06% 1593 End-of-day quote.-18.33%
TOHOKU ELECTRIC POWER COMPANY, INCORPORATED 1.04% 972 End-of-day quote.-10.17%
TOKYO ELECTRIC POWER COMPANY HOLDINGS, INCORPORATED 1.05% 289 End-of-day quote.-38.12%
WTI -2.74% 40.25 Delayed Quote.-32.53%
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Financials
Sales 2021 5 563 B 53 147 M 53 147 M
Net income 2021 195 B 1 858 M 1 858 M
Net Debt 2021 3 820 B 36 496 M 36 496 M
P/E ratio 2021 2,38x
Yield 2021 -
Capitalization 463 B 4 386 M 4 424 M
EV / Sales 2021 0,77x
EV / Sales 2022 0,79x
Nbr of Employees 37 892
Free-Float 92,8%
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Technical analysis trends TOKYO ELECTRIC POWER COMPANY HOLDINGS, INCORPORATED
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Consensus
 
Mean consensus SELL
Number of Analysts 3
Average target price 300,00 JPY
Last Close Price 289,00 JPY
Spread / Highest target 17,6%
Spread / Average Target 3,81%
Spread / Lowest Target -10,0%
EPS Revisions
Managers
NameTitle
Tomoaki Kobayakawa Executive President & Director
Shoei Utsuda Chairman
Kimikazu Noumi Outside Director
Hideko Kunii Independent Director
Seiji Moriya Director
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