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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  Samsung SDI Co., Ltd.    A006400   KR7006400006

SAMSUNG SDI CO., LTD.

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SK Innovation CEO says South Korea to restart Iran oil imports in Jan-Feb

01/10/2019 | 03:38am EST
FILE PHOTO: The logo of SK Innovation is seen in front of its headquarters in Seoul

LAS VEGAS (Reuters) - South Korean oil buyers are expected to restart Iranian oil imports in late January or early February, the head of South Korea's SK Innovation, which owns South Korea's biggest oil refiner SK Energy, said on Wednesday.

In November, South Korea won a six-month waiver from sanctions imposed by the United States allowing the purchase a limited amount of Iranian oil, but the country has not imported any crude from the country since September.[O/KOREA1]

"As South Korea received a waiver and has been in talks with Iran about the first import volume, it seems (Iran oil) could be brought in late in January or early February at the earliest," SK Innovation Chief Executive Officer and President Kim Jun told Reuters on the sidelines of the Consumer Electronics Show (CES) in Las Vegas.

South Korean and Japanese buyers were expected to restart Iranian oil imports early this year, industry sources said in November. South Korea can buy up to 200,000 barrels per day of Iran oil, mostly condensate, an ultra-light form of crude oil under the waiver, the sources said.

South Korea was the third-biggest buyer of Iranian oil and the largest importer of Iranian condensate before the U.S. sanctions were reimposed in November.

Kim also said that SK Innovation, a supplier of electric vehicle (EV) batteries to Daimler and Volkswagen, may increase the investment into its U.S.-based EV battery manufacturing business to $5 billion to secure more of the market.

"SK Group Chairman Chey Tae-won expects the U.S. battery manufacturing capacity to be 50 gigawatt-hours (GWh) by as early as 2025," Kim said, adding that the investment will be focused in the U.S. state of Georgia.

The annual capacity of its global electric car battery production is expected to reach 100 GWh by 2025, and the company is aiming to cut annual production costs by 4 percent to meet demands from car makers, Kim said.

Late to the EV battery market compared with rivals LG Chem and Samsung SDI, SK Innovation has announced investment plans worth $3 billion since late 2017, to build new factories in China, Hungary and the U.S.

Under this investment agenda, the company expects its battery orders to double by 2020 from a total of 320 GWh of orders as of the end of 2018, Kim said.

"Our petrochemical business is affected a lot by things like oil prices. We will continue to keep that business competitive but we also need to have a new growth driver. That is our electric car batteries," Kim said.

(Reporting By Jane Lanhee Lee in LAS VEGAS; additional reporting by Heekyong Yang in SEOUL; writing by Jane Chung; editing by Christian Schmollinger)

By Jane Lanhee Lee


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
AMP LIMITED -0.95% 1.565 End-of-day quote.0.32%
DAIMLER AG -2.68% 56.26 Delayed Quote.-2.65%
JUST GROUP PLC -3.16% 79.65 Delayed Quote.14.45%
LG CHEM, LTD. -3.07% 979000 End-of-day quote.18.81%
SAMSUNG SDI CO., LTD. -1.60% 737000 End-of-day quote.17.36%
SK HOLDINGS CO., LTD -1.14% 302500 End-of-day quote.25.78%
SK INNOVATION CO., LTD. 0.19% 262500 End-of-day quote.38.16%
VOLKSWAGEN AG -0.07% 151.88 Delayed Quote.-0.35%
WILL GROUP, INC. -0.81% 976 End-of-day quote.-2.98%
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More news
Financials
Sales 2020 11 602 B 10,5 B 10,5 B
Net income 2020 611 B 0,55 B 0,55 B
Net Debt 2020 2 685 B 2,43 B 2,43 B
P/E ratio 2020 84,3x
Yield 2020 0,13%
Capitalization 48 897 B 44 344 M 44 301 M
EV / Sales 2020 4 215x
EV / Sales 2021 3 379x
Nbr of Employees 24 718
Free-Float 73,0%
Chart SAMSUNG SDI CO., LTD.
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Samsung SDI Co., Ltd. Technical Analysis Chart | A006400 | KR7006400006 | MarketScreener
Technical analysis trends SAMSUNG SDI CO., LTD.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 33
Average target price 685 000,00 KRW
Last Close Price 737 000,00 KRW
Spread / Highest target 31,6%
Spread / Average Target -7,06%
Spread / Lowest Target -57,3%
EPS Revisions
Managers and Directors
NameTitle
Young-Hyun Jun President, Chief Executive Officer & Director
Yoon-Tae Kim MD, Head-Finance & Management Support
Hyeok Jang Vice President & Head-Research Institute
Sung-Jae Kim Independent Director
Nan-Do Kim Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
SAMSUNG SDI CO., LTD.17.36%44 344
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EVE ENERGY CO., LTD12.88%26 818
SUNWODA ELECTRONIC CO.,LTD-18.72%6 067
VARTA AG-2.88%5 611
SHENZHEN CAPCHEM TECHNOLOGY CO., LTD.-15.37%5 440