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showa denko k k (4004) Details

Showa Denko K.K. operates as a chemical company in Japan and internationally. The company operates through six segments: Petrochemicals, Chemicals, Electronics, Inorganics, Aluminum, and Others. The Petrochemicals segment offers olefins, including ethylene and propylene, C4 fraction, cracked fuel oils, etc.; organic chemicals, such as vinyl acetate monomer, ethyl acetate, and ester resins, as well as acetaldehyde, acetic acid, and allyl alcohol. The Chemicals segment provides industrial gases, including oxygen, nitrogen, argon, compressed hydrogen, carbonic acid, dry ice, and other gases; basic chemicals, such as acrylonitril, ammonia, amino acid, chelate agent, caustic soda, hydrochloric acid, chloroprene rubber, and chlorinated polyethylene; electronic chemicals; functional polymers comprising plastics and molding compounds for various applications; and specialty chemicals, including raw materials for cosmetics, functional monomers, hydrophilic polymers, and HPLC columns. The Electronics segment offers hard disks, compound semiconductors, and rare earth magnetic alloys. The Inorganics segment offers ceramics products, such as alumina, abrasive, refractory, and graphite electrodes for electric steel making furnaces; fine carbon products; and ceramics that include aluminum hydroxide and alumina. The Aluminum segment provides rolled products, such as high-purity foils for capacitors and aluminum sheets; specialty products, including cylinders for laser beam printers; cast rods of aluminum alloys; forged products; heat exchangers; and beverage cans. The Others segment offers lithium-ion battery (LIB) materials and building products, as well as is involved in general trading activities. Showa Denko K.K. provides its products to energy/environment and electronics markets. The company was founded in 1908 and is headquartered in Tokyo, Japan.

10,234 Employees
Last Reported Date: 03/27/14
Founded in 1908

showa denko k k (4004) Top Compensated Officers

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showa denko k k (4004) Key Developments

Showa Denko Increases Capacity to Produce 6" Silicon Carbide Epi-Wafers for Power Devices

Showa Denko increased its capacity to produce silicon carbide (SiC) epitaxial wafers with a diameter of six inches (150mm) for use in power devices from 400 units a month to 1,100 units a month. As a result, SDK increased its total capacity to produce SiC epitaxial wafers in terms of four-inch (100mm) wafers from 1,500 units a month to 2,500 units a month, an increase of about 60% from the previous level. SDK will also start shipping of a new grade of SiC epitaxial wafers with fewer defects and higher uniformity in this October. When compared with the mainstream silicon-based semiconductors, SiC power devices using SiC epitaxial wafers can operate under relatively high-temperature, high-voltage and heavy-current conditions, while substantially reducing energy loss. With these features, SiC power devices are watched as next-generation power devices that enable the production of smaller, lighter, and more efficient power control modules. Inverters based on SiC power devices are already used in such applications as power sources for servers in data centers, decentralized power generation systems utilizing new energy sources, and subway railcars. Moreover, some car manufacturers and their suppliers recently announced to use SiC-power-device-based inverters in electric vehicles and hybrid cars. Thus, SiC power devices are expected to be in rising demand. SDK has so far been producing and selling three-inch (76.2mm), four-inch and six-inch SiC epitaxial wafers. In order to increase the supply of six-inch wafers, which can help increase productivity of power device manufacturers, SDK introduced additional chemical vapor deposition (CVD) equipment which can be applied to the production of all sizes of SiC epitaxial wafers in its lineup. This new equipment improves epitaxial-wafer productivity for about 30%, and will help further reduce power-device production costs. SiC-based power control modules for use in automobiles, power generation facilities, power transmission facilities and high-speed trains are requested to have heavier withstanding currents, while SiC-power-control-module market for these devices are expected to grow in the near future. To meet these requests, enlargement of the sizes of SiC chips is necessary. In order to prevent deterioration of yield rates in production of large-sized SiC chips from epitaxial wafers, SDK will start sales of a new grade of SiC epitaxial wafers with fewer surface defects in this October. The new grade products will enable its customers to expect yield rates improvement for more than 10% in production of large SiC chips for the above applications.

Showa Denko Announces Consolidated Earnings Results for Six Months Ended June 30, 2014; Revises Earnings Guidance for the Full Year Ending December 31, 2014; Provides End of Term Dividend Guidance for the Year 2014

Showa Denko announced consolidated earnings results for the six months ended June 30, 2014. For the period, the company reported net sales of JPY 413,606 million, operating income of JPY 10,542 million, ordinary income of JPY 7,210 million and net loss of JPY 3,433 million or JPY 2.29 per share compared to net sales of JPY 401,409 million, operating income of JPY 6,723 million, ordinary income of JPY 5,387 million and net income of JPY 2,158 million or JPY 2.29 per share a year ago. Net sales increased due mainly to higher-than-expected sales in the Petrochemicals segment, in which selling prices increased following the rise in naphtha prices. Operating income increased from the earlier forecast due to the improvement in the HD media business (Electronics segment) and steady demand for olefins (Petrochemicals segment), notwithstanding less-than-expected operating income in the Chemicals and Aluminum segments due mainly to the influence of higher raw material costs. Ordinary income increased, reflecting higher operating income. However, the net income figure fell below the earlier forecast, reflecting the recording of loss on valuation of investment securities and the increase in tax expenses. Income before income taxes and minority interests was JPY 2,524 million compared to JPY 4,099 million a year ago. Net cash from operating activities was JPY 11,298 million, compared to JPY 17,076 million for the last year. Purchase of property, plant and equipment was JPY 26,365 million, compared to JPY 22,523 million for the last year. Free cash flow was negative JPY 19.3 billion, with a decrease of JPY 9 billion year-on-year. Capex increased JPY 5.1 billion, due to the shutdown maintenance of every 4 years in Petrochemicals. The company revised earnings forecast for the full year ending December 31, 2014. The company now expects net sales of JPY 895,000 million, operating income of JPY 32,000 million, ordinary income of JPY 26,000 million, net income of JPY 7,000 million or JPY 4.68 per share compared to net sales of JPY 890,000 million, operating income of JPY 32,000 million, ordinary income of JPY 25,000 million, net income of JPY 12,000 million or JPY 8.02 per share previously estimated. As for the full-year performance forecast, net sales will increase slightly due mainly to higher sales in the Petrochemicals segment recorded in the first half of the year. Although operating income in the first half was actually higher than the earlier forecast, the company will maintain the operating income forecast for full year at the initial level. This is mainly because operating income from the Aluminum segment in the second half of the year is expected to fall below the initial forecast due to the influence of the soaring aluminum metal price. Ordinary income is expected to increase slightly. Nevertheless, in the second half of the year, the company will not be able to fully offset the fall in net income recorded in the first half. As a result, the company has revised downward net income forecast for the full year. Capex is revised up from the initial forecast by JPY 5.7 billion, due to the phasing of capacity expansion booking. It includes expenses of facilities for a aluminum laminated film and high purity aluminum foil for capacitors. Depreciation will be slightly down from the initial forecast, JPY 40.4 billion. The company expects end of term dividend per share of JPY 3.00, compared to JPY 3.00 for the last year.

Showa Denko k.k., Q2 2014 Earnings Call, Aug 01, 2014

Showa Denko k.k., Q2 2014 Earnings Call, Aug 01, 2014

 

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Valuation 4004 Industry Range
Price/Earnings 57.9x
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Price/Cash Flow 57.9x
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