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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Agricultural Bank of China Limited    1288   CNE100000Q43

AGRICULTURAL BANK OF CHINA LIMITED

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Sinochem unit gets $1.65 billion investment from state firms

12/28/2019 | 08:41am GMT
A logo of Sinochem is seen outside an office building of Sinochem in Beijing

Sinochem Energy, a unit of China's Sinochem Group, has agreed to sell a 20% stake to five state-owned firms for 11.56 billion yuan ($1.65 billion), Xinhua news agency reported.

The strategic investors included financial investment arms of Agricultural Bank of China and Industrial Bank of China (ICBC), and Citic Securities Investment Co, the official news agency said late on Friday.

Sinochem Energy operates the group's oil and petroleum products trading, refining, storage and logistics, as well as distribution and retail businesses, but not its struggling upstream business that includes overseas oil and gas production.

China National Chemical Corp, or ChemChina, has also approached Chinese state-backed investors for up to $10 billion in funding as part of a reorganization of its agrichemicals business ahead of a public float, sources have said.

The fundraising efforts and eventual stock market listing are designed to cut ChemChina's debts ahead of a long-awaited mega-merger with state-owned peer Sinochem.

Frank Ning Gao Ning, the chairman of both companies, has encouraged individual business units to tap capital markets ahead of any tie-up, which has been in the works since 2016.

(Reporting by Kevin Yao and Sophie Yu; Editing by Jacqueline Wong)


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
AGRICULTURAL BANK OF CHINA LIMITED 0.70% 2.89 End-of-day quote.-15.74%
AT HOME GROUP INC. 1.54% 19.14 Delayed Quote.248.00%
BANK OF CHINA LIMITED 0.74% 2.72 End-of-day quote.-18.32%
BYD COMPANY LIMITED -1.45% 189.9 End-of-day quote.388.80%
CHINA JINMAO HOLDINGS GROUP LIMITED 0.26% 3.87 End-of-day quote.-36.24%
CITIC LIMITED -0.97% 6.15 End-of-day quote.-40.98%
CITIC SECURITIES COMPANY LIMITED 0.27% 29.3 End-of-day quote.15.81%
FAR EAST HORIZON LIMITED 1.91% 8.01 End-of-day quote.9.73%
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED 1.97% 4.67 End-of-day quote.-22.17%
INDUSTRIAL BANK CO., LTD. 3.29% 20.41 End-of-day quote.3.08%
JUST GROUP PLC 0.79% 57.65 Delayed Quote.-27.03%
LINE CORPORATION 0.19% 5380 End-of-day quote.0.56%
LONDON BRENT OIL 1.13% 48.24 Delayed Quote.-27.73%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.5734 Delayed Quote.-5.64%
WILL GROUP, INC. 0.91% 999 End-of-day quote.-20.21%
WTI 1.29% 45.54 Delayed Quote.-26.73%
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Financials
Sales 2020 670 B 102 B 76 515 M
Net income 2020 197 B 30 042 M 22 565 M
Net Debt 2020 - - -
P/E ratio 2020 4,53x
Yield 2020 6,94%
Capitalization 1 137 B 173 B 130 B
Capi. / Sales 2020 1,70x
Capi. / Sales 2021 1,60x
Nbr of Employees 464 011
Free-Float 61,3%
Chart AGRICULTURAL BANK OF CHINA LIMITED
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Technical analysis trends AGRICULTURAL BANK OF CHINA LIMITED
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 3,17 CNY
Last Close Price 2,54 CNY
Spread / Highest target 65,9%
Spread / Average Target 25,2%
Spread / Lowest Target -10,1%
EPS Revisions
Managers
NameTitle
Qing Song Zhang Vice Chairman & President
Mu Bing Zhou Chairman
Jing Dong Wang Chairman-Supervisory Board
Xing Xiao Independent Non-Executive Director
Ke Qiu Zhang Executive Director & Head-Investor Relations