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Sumitomo Mitsui Financial Group, Inc. (SMFNF)

Other OTC - Other OTC Delayed price. Currency in USD
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34.78-0.72 (-2.04%)
At close: 10:31AM EST
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Trade prices are not sourced from all markets
Previous close35.50
Open34.78
Bid0.00 x 0
Ask0.00 x 0
Day's range34.78 - 34.78
52-week range21.23 - 36.35
Volume7
Avg. volume4,152
Market cap48.631B
Beta (5Y monthly)1.03
PE ratio (TTM)6.55
EPS (TTM)5.31
Earnings dateN/A
Forward dividend & yield1.77 (5.09%)
Ex-dividend date30 Mar 2021
1y target estN/A
  • Chile Coal Plant Bonds Rally as WEG Vows to Meet Commitments
    Bloomberg

    Chile Coal Plant Bonds Rally as WEG Vows to Meet Commitments

    (Bloomberg) -- Empresa Electrica Guacolda SA’s bonds jumped the most in more than a month after Grupo WEG said it will honor commitments previously made to creditors after it acquires AES Gener’s stake in the coal-fired power producer.Guacolda’s $500 million of notes due in 2025 rose 3.4 cents on the dollar Friday to 80 cents, according to Trace trading data. Yields fell to 10.7%, a drop of about 200 basis points from highs hit this week.WEG, a Santiago-based investment firm, signed a contract on Feb. 23 to buy the 50% stake from co-owner AES Gener, a Chilean energy giant that is selling as part of its plan to cut carbon emissions. Guacolda operates coal-burning power plants in the Atacama region in northern Chile.The price of the company’s bonds had slumped amid concerns that the deal, which requires regulatory approval, would leave bondholders without assurances that WEG would honor certain financial commitments.Read more: Chile coal plant debt falls to distressed on AES stake sale However, in an email response to questions Friday, WEG said it will comply with previously signed commitments “including those relating to the bond issued at the time in the North American market.”Once the sale is completed, WEG said it will also sign on to the Chilean government’s national de-carbonization agreement and work to develop the plant as the country goes through an energy transition process.“These Guacolda bonds were structured as stand-alone with minimal restrictions on dividends, so that means that yes, the intentions of the new shareholders are what matters,” said Roger Horn, a senior strategist at SMBC Nikko Securities America in New York.(Adds strategist comment in last paragraph, updates pricing in second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Japan's SMFG likely to halt all new lending to coal-powered plants, sources say
    Reuters

    Japan's SMFG likely to halt all new lending to coal-powered plants, sources say

    Japan's Sumitomo Mitsui Financial Group is likely to halt all new financing to coal-fired power plants, including the most efficient ones, two sources said, reflecting growing pressure from investors and environmentalists on Japan's lenders to cut funding to coal. While SMFG has said it would not finance new coal-fired power plants in principle, up until now it hasn't ruled out funding projects seen as more environmentally friendly, such as so-called "ultra-supercritical (USC) power plants" that burn coal more efficiently than older designs. It is now likely to remove that exception from its lending policy, meaning a complete halt to new finance for coal plants, said the sources, who declined to be named as the information is not public.

  • SoftBank Takes Top Spot on Topix From Toyota as Clout Grows
    Bloomberg

    SoftBank Takes Top Spot on Topix From Toyota as Clout Grows

    (Bloomberg) -- Masayoshi Son has come to dominate Silicon Valley. Now his company is increasingly dominating Japan’s markets, with SoftBank Group Corp. rising to become the largest-weighted stock on the country’s Topix index.SoftBank pulled ahead of Toyota Motor Corp. in pole position on the benchmark gauge last week, and sat as the highest weighting, albeit by a fraction, as of market close on Wednesday. That’s ended an almost 13-year streak for the automaker as the largest stock on the index, according to data compiled by Bloomberg.The change is further evidence of SoftBank’s own winning run. While Toyota trades little changed in 2021, SoftBank stock is up over 30%, rallying past a two-decade record to a new high, backed by a surging stock market which has lifted the value of its portfolio companies.Masayoshi Son Just Pushed SoftBank Shares Past Dot-Com PeakToyota, meanwhile, has been impacted by production outages due to earthquakes in Japan and freezing temperatures in the U.S., concerns over the global semiconductor shortage, and fears it’s losing out in the red-hot electric vehicle market.“It’s good news for the Japanese equity market, which has traditionally been dominated by manufacturers that have very low valuation,” said Mitsushige Akino, a senior executive officer at Ichiyoshi Asset Management Co. “If Toyota continued to remain the top weight, then there’s limit to how high the index can go. It’s a historic turning point.”Shares of SoftBank rose 2.1% on Wednesday, beating a 0.5% gain in the Topix gauge and a 0.6% advance in Toyota’s stock.Changing TimesAnother reason for SoftBank’s dominance is the makeup of the Topix. The index is weighted by market value, where Toyota still dominates. But that value is adjusted by a “free-float weight ratio,” based on the number of shares actually available to be traded in the market. The opaque measurement ignores stock that’s locked up by major shareholders, treasury stock or cross-shareholdings held by units or firms with business dealings.A recent review in January trimmed Toyota’s ratio to 50% from more than 55%, with Keiichi Ito, chief quants analyst at SMBC Nikko Securities Inc., noting that Toyota is impacted by its vast series of cross-shareholdings. SoftBank has a ratio of 60%.SoftBank’s dominance in Japan’s markets is becoming more pronounced. It’s the second-largest weighting on the Nikkei 225 Stock Average after Fast Retailing Co., as well as the second most valuable company in the country by market value.“Changing times demand different companies,” said Ito.With Toyota having lost its crown as the world’s most valuable automaker to Tesla Inc. last summer, it may soon discover that SoftBank also outranks it in Japan too. While SoftBank’s market value trails Toyota’s 25.9 trillion yen valuation by around 4 trillion yen, that gap has narrowed by more than two-thirds in the past year.(Adds Akino’s comment in the fifth paragraph, updates prices throughout.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.