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As of 8:10 PM 04/9/15 All times are local (Market data is delayed by at least 15 minutes).

showa denko k k (SHWDF) Key Developments

Showa Denko Contracts to Transfer Business in Phenolic Resins to Aica Kogyo Company, Limited

Showa Denko (SDK) will establish a new company in May 2015. In September 2015, the new company will take over the phenolic resin business of SDK through absorption-type split and commence business. Then SDK will transfer 85% of the new company's shares to Aica also in September 2015. The remaining 15%, to be owned by SDK, will also be transferred to Aica within two years after the initial transfer. Thus, SDK and Aica have judged that integration of the strong points of the two companies' business schemes will spur their phenolic resin business to grow further, and SDK has recently decided to transfer its phenolic resin business to Aica. Under its medium-term consolidated business plan 'PEGASUS Phase II,' the Showa Denko Group classifies its business in functional chemicals in the category of 'Growth' business. After the transfer of its phenolic resin business, the group will focus its management resources concerning functional chemicals on businesses in functional polymer products including unsaturated polyester resins and specialty chemicals, and will accelerate expansion and strengthening of its functional chemicals business.

Showa Denko Expands High-Purity Hydrogen Bromide Plant

Showa Denko has expanded its capacity to produce high-purity hydrogen bromide (HBr), which is used in the manufacture of semiconductors, to 600 tons a year, 1.5 times as much as the previous level. SDK started operation of the expanded HBr plant in this March. High-purity HBr is a specialty gas mainly used for fine-etching of polysilicon in the manufacturing processes of semiconductors including NAND flash memories and DRAMs. In recent years, the demand for semiconductor memories is increasing very rapidly, centering on the use in portable terminals and data centers. The semiconductor memory market is expected to continue growing at an annual rate of 10% to 20% or more in the future.

Showa Denko Announces Completion of Expansion of Aluminum Foil Plant in China

Showa Denko announced that it has completed construction work to expand its capacity in China to produce aluminum foil for aluminum electrolytic capacitors. The expanded plant went into quantity production in April 2015. Aluminum electrolytic capacitors are used in wide areas such as electric appliances, IT devices, electric vehicles, hybrid cars and equipment for power generation utilizing renewable energy sources. Through the expansion work completion, SDAN's capacity to produce high-purity aluminum foil has been increased from 400 tons to 600 tons per month.

Showa Denko K.K. Announces Dividend for the Year Ended December 31, 2014; Provides Dividend Guidance for the Year Ending December 31, 2015; Reports Consolidated Earnings Results for the Year Ended December 31, 2014; Provides Consolidated Earnings Guidance for the First Half and Year Ending December 31, 2015

Showa Denko k.k. announced a dividend of JPY 3.00 per share for the year ended December 31, 2014. The company expects to pay a dividend of JPY 3.00 per share for the year 2015. The company reported consolidated earnings results for the year ended December 31, 2014. For the year, the company reported nets sales of JPY 876.6 billion compared to JPY 848.1 billion a year ago. Operating income was JPY 20.9 billion compared to JPY 26.0 billion a year ago. Income before income taxes and minority interests was JPY 9,964 million compared to JPY 24,033 million a year ago. Net income was JPY 3.5 billion or JPY 2.38 per share compared to JPY 9.1 billion or JPY 6.06 per share a year ago. Cash flow from operating activities was JPY 66 billion compared to JPY 63.6 billion a year ago. Capital expenditures were JPY 47.3 billion compared to JPY 44.4 billion a year ago. Free cash flow was JPY 18.8 billion against JPY 16.8 billion a year ago. For the first half of 2015, the company expects consolidated net sales of JPY 430,000 million, operating income of JPY 10,000 million, ordinary income of JPY 7,500 million and net income of JPY 2,000 million or JPY 1.40 per share. For the year ending December 31, 2015, the company expects consolidated net sales of JPY 900 billion, operating income of JPY 40 billion, net income of JPY 15 billion or JPY 10.50 per share. Cash flows from operating activities will slightly decrease. As for net cash used in investing activities, payment will increase. Thus, free cash flow for 2015 is expected to decrease by around JPY 3,800 million from JPY 18,771 million in 2014, to the proceeds of approximately JPY 15,000 million. Interest-bearing debt at the end of the year will be around JPY 385,000 million, up around JPY 1,900 million.

Showa Denko k.k. Presents at Credit Suisse 18th Annual Asian Investment Conference 2015, Mar-23-2015

Showa Denko k.k. Presents at Credit Suisse 18th Annual Asian Investment Conference 2015, Mar-23-2015 . Venue: Conrad Hotel, Pacific Place, 88 Queensway, Hong Kong, Hong Kong.


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Valuation SHWDF Industry Range
Price/Earnings 71.5x
Price/Sales 0.3x
Price/Book 0.8x
Price/Cash Flow 72.7x
TEV/Sales NM Not Meaningful

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