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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  China Suntien Green Energy Corporation Limited    0956   CNE100000TW9

CHINA SUNTIEN GREEN ENERGY CORPORATION L

(0956)
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China wind power firm plans $1 billion LNG terminal by end-2022

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11/01/2019 | 03:05am EST
A liquefied natural gas (LNG) pump is pictured at a gas station in Yutian county

SINGAPORE (Reuters) - China's Suntien Green Energy Co. Ltd, a wind power producer and piped gas distributor, plans to build a $1 billion liquefied natural gas (LNG) receiving terminal in north China by end-2022, after its investment plans won state approval, a company official said.

The little-known firm, backed by the Hebei provincial government, joins a handful of Chinese companies outside the dominant state energy giants aiming to own and operate a receiving facility for the super-chilled fuel, of which China is the world's second-largest buyer.

In a Hong Kong exchange filing on Thursday, Suntien said the central government had approved its plan to build a gas terminal in the city of Tangshan with an eventual handling capacity of 12 million tonnes a year.

A Hongkong-based investor relations official told Reuters the company would initially invest 8.07 billion yuan ($1.15 billion) for a first-stage terminal able to handle 5 million tonnes of LNG a year by the end of 2022.

The project will include eight storage tanks, each sized 200,000 cubic meters, and a berth able to dock LNG tankers between 80,000 and 266,000 cubic meters, the official said.

Suntien, which has a market capitalization of HK$8.47 billion ($1.1 billion), said it plans to finance the Tangshan project through its own capital and loans from financial institutions.

The company began life in 2010 as a wind power generator, but wants to beef up its natural gas business to contribute half its profit in five years' time, versus 30% in 2018, said the official, who declined to be named as she is not the company's official spokesperson.

The move would compensate for a less prospective wind power business, which is facing headwinds from over-capacity and dwindling state subsidies, the official said.

"The outlook of wind power is less certain ... because of lags in state subsidies and the limits on the amount of generation," she said.

Its gas business, however, has been robust.

Suntien currently operates 4,140 km (2,575 miles) of pipelines in Hebei, China's top steel-making province, and last year supplied the province with nearly 20% of its total gas needs, securing gas mostly from top gas producer PetroChina.

Gas demand in Hebei is forecast to hit 20 billion cubic meters in 2020, up more than 40% from 2018, thanks to a strong government push to switch from coal to gas to tackle pollution, the official said.

(Reporting by Chen Aizhu; editing by Richard Pullin)

By Chen Aizhu

Stocks mentioned in the article
ChangeLast1st jan.
CHINA SUNTIEN GREEN ENERGY CORPORATION LIMITED 0.95% 2.12 End-of-day quote.4.95%
PETROCHINA COMPANY LIMITED -0.54% 3.7 End-of-day quote.-23.40%
TOTAL 0.40% 49.275 Real-time Quote.6.70%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.02% 7.01312 Delayed Quote.1.97%
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Financials (CNY)
Sales 2019 12 321 M
EBIT 2019 2 735 M
Net income 2019 1 516 M
Debt 2019 21 137 M
Yield 2019 8,26%
P/E ratio 2019 4,69x
P/E ratio 2020 4,26x
EV / Sales2019 2,29x
EV / Sales2020 2,33x
Capitalization 7 054 M
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Mean consensus BUY
Number of Analysts 9
Average target price 2,69  CNY
Last Close Price 1,90  CNY
Spread / Highest target 65,3%
Spread / Average Target 41,6%
Spread / Lowest Target 30,1%
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NameTitle
Chun Xiao Mei President & Executive Director
Xin Cao Chairman
Chun Dong Wang Chairman-Supervisory Board
Lian Ping Li Non-Executive Director
Guo Jie Qiao Member-Supervisory Board