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    000876   CNE000000VB0

NEW HOPE LIUHE CO., LTD.

(000876)
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New Hope Liuhe : China's live hog futures jump on falling sow inventory, govt purchases

10/11/2021 | 05:05am EST

SHANGHAI, Oct 11 (Reuters) - China's live hog futures hit its upside limit of 8% on Monday afternoon, tracking spot prices and helped by government stockpiling and falling sow inventory.

Live hog prices on the Dalian Commodity Exchange were last up 8% at 15,285 yuan ($2,374.44) per tonne - a one-month high. Prices also marked their sharpest intraday gain since the contract's launch in January.

"The driving force mainly came from the supply side," said Rosa Wang, an analyst with Shanghai JC Intelligence Co Ltd, citing decreasing sow inventory as a factor.

China's sow herd contracted by 0.9% in August versus the prior month after a 0.5% fall in July - the first decline in almost two years, according to data published by the Ministry of Agriculture and Rural Affairs.

"Losses are expanding for pig farms as prices had (earlier) dropped too much and to even below 4 yuan per 500 grams in some areas," said Wang.

Live hog spot prices in China's northern, northeastern and central provinces such as Henan <JCI-HOG-LUOHE>, Shandong <JCI-HOG-SHOUGN> and Hubei <JCI-HOG-NANZH> have increased or held steady since the end of September after months of declines.

Large volumes of heavy pigs being sent to slaughter have weighed on prices, driving firms such as Jiangxi Zhengbang Technology Co Ltd and New Hope Liuhe to sharp net losses in the first half of the year.

With falling hog prices causing sharp losses, producers sent their pigs including sows to slaughter to save on feed costs, eventually leading to a contraction in future output.

Analysts say the government's stockpiling of pork for reserves also supports prices.

China's commerce ministry announced on Monday it bought 30,000 tonnes of pork for state reserves on Oct. 10, the latest in a series of purchases.

Its state planner also said last month the total volume of reserves purchase will significantly increase, and that several provinces had already bought pork for their reserves while others plan to buy during the fourth quarter.

"In the short term, the second round of reserves buying will definitely provide spot price support," said Haitong Futures analyst Yuan Shiyang. ($1 = 6.4373 Chinese yuan)

(Reporting by Emily Chow and Dominique Patton; Editing by Subhranshu Sahu and Jacqueline Wong)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
JIANGXI ZHENGBANG TECHNOLOGY CO.LTD. 1.56% 9.76 End-of-day quote.-42.72%
NEW HOPE LIUHE CO., LTD. 1.31% 14.67 End-of-day quote.-34.51%
All news about NEW HOPE LIUHE CO., LTD.
11/02New Hope Liuhe Sells $1.3 Billion Renminbi Convertible Bonds; Shares Rally 9%
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10/29New Hope Liuhe Co., Ltd. Reports Earnings Results for the Nine Months Ended September 3..
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10/11Tranche Update on New Hope Liuhe Co., Ltd.'s Equity Buyback Plan announced on January 2..
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10/11NEW HOPE LIUHE : China's live hog futures jump on falling sow inventory, govt purchases
RE
08/31New Hope Liuhe Co., Ltd. Reports Earnings Results for the Half Year Ended June 30, 2021
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08/30New Hope Liuhe Co., Ltd. Provides Sales Guidance for Fiscal Year 2021
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07/14NEW HOPE LIUHE : hog farms, heavy pigs drive China pork output to best Q2 in at least 7 ye..
RE
07/05Tranche Update on New Hope Liuhe Co., Ltd.'s Equity Buyback Plan announced on January 2..
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06/15China urges pig farmers to maintain production as prices fall further
RE
04/30New Hope Liuhe Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31,..
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Financials
Sales 2021 122 B 19 175 M 19 175 M
Net income 2021 -4 800 M -757 M -757 M
Net Debt 2021 47 759 M 7 529 M 7 529 M
P/E ratio 2021 -13,7x
Yield 2021 -
Capitalization 65 070 M 10 256 M 10 258 M
EV / Sales 2021 0,93x
EV / Sales 2022 0,85x
Nbr of Employees 70 600
Free-Float 37,0%
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Number of Analysts 4
Last Close Price 14,67 CNY
Average target price 15,90 CNY
Spread / Average Target 8,38%
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Managers and Directors
Xing Yao Chen Chief Financial Officer & Vice President
Chang Liu Chairman
Zhi Gang Xu Chairman-Supervisory Board
Jia Lan Secretary & Chief Strategic Investment Officer
Man Li Cai Independent Director
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