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4-Traders Homepage  >  Equities  >  KOREA EXCHANGE  >  Samsung SDI Co Ltd    006400   KR7006400006

SAMSUNG SDI CO LTD (006400)
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Samsung SDI : Chinese cars with South Korean batteries turned down for subsidies

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05/23/2018 | 06:53pm CEST

South Korea is facing an uphill climb in getting Chinese subsidies for car batteries ahead of a bilateral meeting between industrial ministers on Thursday.

South Korean battery manufacturers have struggled to gain a foothold in the Chinese market at least since late 2016, when China's Ministry of Industry and Information Technology began to withdraw subsidies for Chinese electric cars that ran on batteries from South Korea's Samsung SDI and LG Chem Limited.

In South Korea, industry experts have said the ban on Korean batteries was a Chinese action taken as part of unofficial sanctions for Seoul's deployment of a U.S. THAAD missile defense on the peninsula.

On Wednesday, China posted online a list of car models that are to be subsidized, but the list did not include models like the Dongfeng KIA and the Dongfeng Renault that use LG Chem batteries, Yonhap reported Wednesday.

Subsidies are critical for Chinese electric car manufacturers, because state subsidies for electric vehicles can cover as much as half of the price of the cars.

The government decision to exclude Korean battery-powered cars for subsidies comes after China's Association of Automobile Manufacturers published a "white list" of high-performing companies that includes LG Chem, Samsung SDI and SK Innovation.

A South Korean industry source told Yonhap the policy does not reflect retaliatory measures, but rather a turn toward industrial protectionism in the world's second-largest economy.

A second Yonhap source said the situation might change after China's Industry Minister Miao Wei meets with his South Korean counterpart Paik Un-gyu Thursday.

Chinese car manufacturers that prefer Korean batteries have found ways around protectionist policies, however.

The Wall Street Journal reported Geely, a Chinese producer, established a subsidiary to license and make batteries identical to those of Korea's LG Chem.

Bloomberg reported in February China has increased subsidies overall for electric cars to make them more affordable to local consumers.

Copyright 2018 United Press International, Inc. (UPI). Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent., source International Top News

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Financials ( KRW)
Sales 2018 8 355 B
EBIT 2018 429 B
Net income 2018 733 B
Debt 2018 255 B
Yield 2018 0,50%
P/E ratio 2018 19,21
P/E ratio 2019 13,84
EV / Sales 2018 1,73x
EV / Sales 2019 1,53x
Capitalization 14 215 B
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 32
Average target price 238 387  KRW
Spread / Average Target 17%
EPS Revisions
Managers
NameTitle
Young-Hyun Jun President, Chief Executive Officer & Director
Min-Gee No Outside Director
Sung-Jae Kim Outside Director
Nan-Do Kim Outside Director
Jae-Hui Kim Outside Director
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