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MarketScreener Homepage  >  Equities  >  Shanghai Stock Exchange  >  Baoshan Iron & Steel Co., Ltd.    600019   CNE0000015R4

BAOSHAN IRON & STEEL CO., LTD.

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Japan's MUFG takes big loss on loan to Glencore-led coal port: sources

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03/18/2020 | 05:08pm EDT
FILE PHOTO: A branch of the Mitsubishi UFJ Financial Group's bank of Tokyo-Mitsubishi UFJ in Tokyo

Mitsubishi UFJ Financial Group (MUFG) sold off its $85 million loan to Glencore's Wiggins Island Coal Export Terminal (WICET) in Australia to a hedge fund on Wednesday at about 52 cents on the dollar, two sources said.

The costly decision at a time of extreme market volatility extinguishes MUFG's exposure to the coal-related asset ahead of the bank's financial year-end on March 31, the two sources and a third person told Reuters.

A spokesman for Mitsubishi UFJ declined to comment. The three sources declined to comment publicly because they were not allowed to speak to the media.

"March 31 is approaching and Japanese banks tend to offload positions before that, but that's a huge discount for something that is a performing asset," one of the sources, who is also a WICET lender, said. "It was a great buy."

WICET, the world's most expensive coal terminal, is owned by Glencore Plc and four partners, including New Hope Corp , China's Yancoal, Coronado Global Resources, and Baosteel arm Aquila Resources.

The coal terminal is funded entirely by debt backed by port fees. It owes $2.6 billion in senior debt due September 2026, A$383 million ($227.96 million) in junior debt and a A$575 million shareholder loan maturing in 2020 and 2046 respectively.

The lending syndicate of the Queensland-based terminal comprises around 23 lenders including Australia's four largest banks, Asian and European banks, and a couple of hedge funds.

Asset values globally have fallen to record lows in recent days as the coronavirus epidemic that has infected tens of thousands of people triggers social restrictions unseen since World War Two and sends economies spinning toward recession.

By Paulina Duran

Stocks mentioned in the article
ChangeLast1st jan.
BAOSHAN IRON & STEEL CO., LTD. 1.67% 4.86 End-of-day quote.-15.33%
CORONADO GLOBAL RESOURCES INC. 4.85% 1.08 End-of-day quote.-51.13%
GLENCORE PLC 2.87% 156.36 Delayed Quote.-33.48%
MITSUBISHI UFJ FINANCIAL GROUP, INC. 3.64% 444.5 End-of-day quote.-25.07%
NEW HOPE CORPORATION LIMITED -0.71% 1.4 End-of-day quote.-32.04%
NEXT 1.06% 4875 Delayed Quote.-30.31%
WORLD CO., LTD. 2.39% 1541 End-of-day quote.-42.74%
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Financials (CNY)
Sales 2020 273 B
EBIT 2020 12 738 M
Net income 2020 9 076 M
Debt 2020 52 934 M
Yield 2020 4,51%
P/E ratio 2020 11,6x
P/E ratio 2021 9,57x
EV / Sales2020 0,59x
EV / Sales2021 0,54x
Capitalization 108 B
Chart BAOSHAN IRON & STEEL CO., LTD.
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Technical analysis trends BAOSHAN IRON & STEEL CO.,
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TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 6,12 CNY
Last Close Price 4,86 CNY
Spread / Highest target 72,8%
Spread / Average Target 26,0%
Spread / Lowest Target 0,82%
EPS Revisions
Managers
NameTitle
Angui Hou General Manager & Director
Ji Xin Zou Chairman
Yong Hong Zhu Chairman-Supervisory Board
Li Li Independent Director
Yu Chang Huang Independent Director
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