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4-Traders Homepage  >  Equities  >  Tokyo  >  ORIX CORPORATION    8591   JP3200450009

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ORIX CORPORATION : ORIX Announces Capital Participation in Leading South Korean Energy Company STX Energy

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12/06/2012 | 07:49am CEST

TOKYO, Japan - December 6, 2012 - ORIX Corporation (TSE: 8591; NYSE: IX), a leading integrated financial services group, today announced capital participation in STX Energy Co., Ltd., an energy business in the STX Group, a leading South Korean corporation. ORIX will acquire a maximum of 49.9% by accepting common shares of STX Energy held by the STX Group and other minority shareholders, and the issuance of new preferred shares by STX Energy.

STX Energy is an energy company involved in cogeneration, IPP, and energy distribution. The main business line is cogeneration, where STX Energy currently operates two large-scale co-generation plants located in two industrial parks in South Korea that result in stable profit recognition.

In the IPP business, STX Energy invested jointly with Korea Electric Power Corporation (KEPCO) subsidiary Korea East-West Power Company, Ltd., and as South Korea's first public/private coal-fired thermal power IPP operation is developing a cutting-edge ultra supercritical coal-fired thermal power plant with high efficiency and low environmental impact in Gangwon Province. This facility aims to become a new primary source of revenue in the IPP business with an expected capacity of 1,190 MW (1,190,000 kW) and operation set to begin in 2016.

In addition to the capital participation, ORIX will actively participate in the management of STX Energy by selecting and dispatching directors and establishing a joint management framework. Through this, ORIX aims to further improve existing operations in addition to promoting stable operation of the under construction ultra supercritical coal-fired thermal power plant as a joint operation.

Electricity demand in South Korea is growing faster than government forecasts, centered on industrial consumption. South Korea is facing a critical electricity shortage with the current reserve rate falling below the 10% safety margin. IPP businesses currently account for approx. 10% of total electricity in South Korea. However, with the continued future growth of electricity demand expected, the demand for an IPP using a highly efficient ultra supercritical coal-fired thermal power plant is expected to increase. Through the joint management of STX Energy, ORIX plans to expand the electricity market in South Korea and aims to provide stable electricity supply.

Along with pursuing the energy and environment business both in Japan and overseas, ORIX will actively increase investment in growth industries in the growing Asian market.

Overview of STX Energy

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Financials ( JPY)
Sales 2017 2 479 587 M
EBIT 2017 -
Net income 2017 273 127 M
Debt 2017 -
Yield 2017 3,06%
P/E ratio 2017 7,99
P/E ratio 2018 7,38
Capi. / Sales 2017 0,90x
Capi. / Sales 2018 0,87x
Capitalization 2 225 812 M
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 2 154  JPY
Spread / Average Target 28%
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Managers
NameTitle
Makoto Inoue President, Chief Executive Officer & Director
Kazuo Kojima CFO, Director & Representative Executive VP
Tamio Umaki Director, Chief Information Officer & GM-Personnel
Robert A. Feldman Independent Director
Eiko Tsujiyama Independent Director
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