SMBC Nikko Lowers Price Target on Axsome Therapeutics to $110 From $120, Maintains Outperform Rating
Tokyo District Court fines SMBC Nikko Securities ¥700 million and an additional penalty of ¥4.4 billion
SMBC to Phase Out Coal Mining Exposure by 2040
Singapore – Sumitomo Mitsui Banking (NASDAQ:SMBC) will phase out corporate and project finance exposure to coal mining by 2040 but does not have a specific timeline in place. This decision was made as part of the company’s commitment to combat climate change and promote sustainable finance.
SMBC has been active in the Fintech sector for a number of years and has been looking for ways to reduce its exposure to coal mining. The company has also taken steps to reduce its exposure to coal-fired power plants. SMBC is one of the few large banks in Japan to have taken such a stance.
The company is currently working with a number of international organizations to develop a plan for phasing out its coal mining exposure. The plan is expected to include a number of measures such as increasing the transparency of its energy investments, providing more detailed disclosures on its strategies and policies, and providing support for renewable energy projects.
SMBC has already taken steps to reduce its exposure to coal mining by decreasing the amount of direct investments in coal mining companies. The company has also taken steps to increase its investments in renewable energy projects.
SMBC Nikko Securities has also recently reduced its price target on Axsome Therapeutics to $110 from $120 and maintained its outperform rating. The Tokyo District Court recently handed down a fine of ¥700 million and an additional penalty of some ¥4.4 billion to SMBC Nikko Securities on the grounds of improper stock market manipulation.
The company has also recently arranged the financing of a deal for Grupo Argos, a Colombian conglomerate, for a four-year loan of COP233 billion ($49.5 million) from SMBC. This loan is expected to part-finance SMBC Aviation Capital’s recent purchase of Goshawk Management Ltd and associated corporate assets.
SMBC has also recently announced that it will be launching a short-term 'F1' rating based solely on the SMBC LOC. This rating will provide investors with more detailed information about the underlying credit rating of the company.
In addition to phasing out its coal mining exposure, SMBC is also looking to increase its commitment to renewable energy and sustainable finance. The company has recently set up a sustainability fund which will focus on investing in green energy projects.
SMBC is also continuing to explore ways to reduce its exposure to coal mining and increase its investments in renewable energy projects. The company is committed to making a positive contribution to the fight against climate change and is determined to continue to take steps to reduce its exposure to coal mining.
