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    601088   CNE100000767

CHINA SHENHUA ENERGY COMPANY LIMITED

(601088)
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Shenhua and Guodian - China's latest state marriage

08/29/2017 | 08:51pm EDT

BEIJING (Reuters) - China's top coal miner Shenhua Group Corp Ltd [SHGRP.UL] will take over China Guodian Group Corp [CNGUO.UL], among the country's top five state power producers, in a deal that will create the world's largest power utility worth $278 billion.

With an estimated 326,000 staff, it will have a workforce almost four times bigger than the entire U.S. coal-fired power industry in 2016.

The combined entity will have an installed capacity topping 225 gigawatts (GW), eclipsing EDF (>> Electricité de France) and Enel (>> Enel) to become the world's biggest power company by capacity.

It will also be the largest wind power developer in the world with 33 gigawatts of capacity and the biggest coal producer.

Here is a breakdown of each companies' operations:

GUODIAN GROUP:

Guodian Group had total installed capacity of 143 gigawatts of power, including 26.17 GW of wind at end-June. It is also a leading hydropower and renewables developer and produced 58.72 million tonnes of coal in the first of the year.

Its listed unit GD Power (>> GD Power Development Co Ltd) has 22 coal-fired power plants with capacity of 34.3 GW and also has 7.6 GW under construction. Five of those operating plants lost money in the first half.

According to Fortune magazine, it had 124,057 staff.

Other listed units of China Guodian are Guodian Changyuan Electric Power Co Ltd (>> Guodian Changyuan Electric Power Co. Ltd), Yantai LongYuan Power Technology Co Ltd (>> Yantai Longyuan Power Technology Co.,Ltd) and Ningxia Younglight Chemicals Co Ltd (>> Ningxia Younglight Chemicals Co Ltd).

SHENHUA GROUP:

Shenhua said on Monday it expects to produce 278 million tonnes of coal in 2017, down from a previous target of 290 million tonnes. It also set a sales target of 396 million tonnes for 2017.

In 2016, it accounted for 8 percent of China's total output and produced almost four times more than the second-largest producer Shanxi Coking Coal Group Co Ltd.

Its website says that at end-2015 it had 54 coal mines; total installed power capacity of 78.5 GW; 2,155 km of rail network; and a port cargo capacity of 270 million tonnes.

According to Fortune, it has a workforce of 202,200 staff.

Shenhua's listed unit Shenhua Energy Co Ltd (>> China Shenhua Energy Company Limited) has 18 power plants with capacity of 33 GW, with 3.9 GW under construction.

Seven of those were in deep loss in the first half. The listed company was one of the most profitable public commodity companies in the first half.

(Reporting by Josephine Mason and Meng Meng; Editing by Tom Hogue)


© Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
AMP LIMITED 1.63% 1.245 End-of-day quote.-20.19%
CHINA SHENHUA ENERGY COMPANY LIMITED -2.36% 19.84 End-of-day quote.10.16%
ELECTRICITÉ DE FRANCE -0.26% 11.605 Real-time Quote.-9.81%
ENEL S.P.A. -1.16% 8.028 Delayed Quote.-1.89%
GD POWER DEVELOPMENT CO.,LTD -0.82% 2.41 End-of-day quote.7.11%
GOLD -0.38% 1778.24 Delayed Quote.-6.79%
GUODIAN CHANGYUAN ELECTRIC POWER CO., LTD. 2.12% 10.59 End-of-day quote.163.43%
NINGXIA YINGLITE CHEMICALS CO., LTD 1.06% 10.46 End-of-day quote.34.62%
SILVER -0.24% 25.8663 Delayed Quote.-1.69%
YANTAI LONGYUAN POWER TECHNOLOGY CO., LTD. 4.68% 4.92 End-of-day quote.12.33%
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Financials
Sales 2021 259 B 40 019 M 40 019 M
Net income 2021 44 172 M 6 831 M 6 831 M
Net cash 2021 80 487 M 12 448 M 12 448 M
P/E ratio 2021 6,52x
Yield 2021 10,7%
Capitalization 368 B 56 866 M 56 860 M
EV / Sales 2021 1,11x
EV / Sales 2022 1,07x
Nbr of Employees 76 182
Free-Float 29,9%
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Average target price 16,06 CNY
Last Close Price 14,06 CNY
Spread / Highest target 37,8%
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Spread / Lowest Target -25,1%
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Ji Ping Yang Chief Executive Officer, GM & Director
Shan Cheng Xu Chief Financial Officer
Xiangxi Wang Chairman
Meijian Luo Chairman-Supervisory Board
Kwok Keung Yuen Independent Non-Executive Director
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