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MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  Pangang Group Vndm Tm & Res Co Ltd    000629   CNE0000007H2

PANGANG GROUP VNDM TM & RES CO LTD

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China titanium producer Pangang shuts unit as coronavirus cases found

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02/14/2020 | 05:36am EST

One of China's top titanium producers has halted production at its unit in Chongqing after members of staff were found to be infected with the new coronavirus, a local government official said on Friday.

Pangang Group Vanadium Titanium and Resources, which produces around 220,000 tonnes per year of titanium dioxide - used as white pigment in paints, paper, plastics and textiles - subsequently put the facility in Chongqing's Banan district under lockdown, the Banan official said.

The municipality of Chongqing in China's southwest borders the virus epicentre of Hubei province, where the outbreak has so far killed more than 1,300 people.

Local media reported that two cases were confirmed on Pangang's Chongqing premises, on a Banan industrial park, as it "failed to strictly meet ... virus control and prevention after returning to work," and potentially exposed 131 people.

The Banan official said she did not "totally agree" with the media report but that further details would be disclosed later on Friday or on Saturday.

An investor relations representative for Pangang, which is headquartered in nearby Chengdu, said she had no information on the matter. It was not immediately clear how much production the Chongqing unit accounted for.

Pangang's sales to demand centres in eastern China "are likely affected by the transportation lockdowns" aimed at stopping the spread of the virus, one titanium trader said.

The company's shares nonetheless closed up 9.9% at 2.55 yuan on Friday. UK-based titanium dioxide producer Venator Materials said on Feb. 10 it was raising prices globally for all its pigments, without providing a reason for the hike.

Pangang said on Jan. 14 it expected its 2019 net profit to fall by 53-55% year-on-year to 1.4-1.46 billion yuan ($200-209 million).

(Reporting by Min Zhang and Tom Daly; editing by David Evans)

Stocks mentioned in the article
ChangeLast1st jan.
CARDINAL HEALTH, INC. -1.02% 59.01 Delayed Quote.17.87%
CARDLYTICS, INC. 4.58% 102.66 Delayed Quote.56.16%
FASTLY, INC. -0.70% 22.8 Delayed Quote.13.60%
HUAZHU GROUP LIMITED -3.82% 35.5 Delayed Quote.-7.89%
PANGANG GROUP VNDM TM & RES CO LTD End-of-day quote.
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.09% 6.99929 Delayed Quote.0.64%
VENATOR MATERIALS PLC -1.57% 3.14 Delayed Quote.-18.02%
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Financials (CNY)
Sales 2019 13 624 M
EBIT 2019 2 250 M
Net income 2019 2 025 M
Debt 2019 -
Yield 2019 -
P/E ratio 2019 11,0x
P/E ratio 2020 10,1x
Capi. / Sales2019 1,63x
Capi. / Sales2020 1,55x
Capitalization 22 162 M
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 2
Average target price 3,18  CNY
Last Close Price 2,58  CNY
Spread / Highest target 23,1%
Spread / Average Target 23,1%
Spread / Lowest Target 23,1%
EPS Revisions
Managers
NameTitle
Xiu Liang Yang General Manager & Director
Xiang Dong Duan Chairman
Chang Chun Shen Chairman-Supervisory Board
Xian Bin Zeng Director & Financial Manager
Zhi Jie Zhang Director
Sector and Competitors