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MarketScreener Homepage  >  Equities  >  Shanghai Stock Exchange  >  Shenghe Resources Holding Co., Ltd    600392   CNE000001DZ5

SHENGHE RESOURCES HOLDING CO., LTD

(600392)
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China rare earths firm Shenghe hit by 'once-in-a-century' flooding

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08/19/2020 | 05:30pm EDT

BEIJING, Aug 19 (Reuters) - Chinese rare earths producer Shenghe Resources Holding Co is set to lose tens of millions of dollars after reporting that "once-in-a-century" flooding in southwest Sichuan province had shut down plants and damaged inventory.

Floods on China's Yangtze river, which passes through Sichuan, forced authorities to evacuate more than 100,000 people on Tuesday.

Shenghe subsidiary Leshan Shenghe and Sichuan Runhe Catalytic New Material Co, in which it holds a 38.1% stake, were affected by the flooding, Shenghe said in a Wednesday filing to the Shanghai Stock Exchange.

"The water level ... is quite deep. At the moment the factories have completely stopped production and all personnel have been evacuated safely," the statement said.

Shenghe added in a follow-up statement there were no casualties and nor did any dangerous material leak. The rare earths production process can have a radioactive byproduct.

Shares of Shenghe fell 10 percent on Wednesday.

China is the world's dominant producer of rare earths, a group of 17 minerals used in consumer electronics and military equipment.

Leshan Shenghe, which processes rare earths into material usable by manufacturers, is expected to lose 240 million-330 million yuan ($35 million-$48 million) due to the flooding, including 220 million-280 million yuan in inventory, the filing said.

That exceeds the 83.8 million yuan Shenghe said in a separate filing that the unit's inventory was insured up to. Leshan Shenghe produced more than 28,000 tonnes of rare earth salts in 2019.

Shenghe, which also has a minority stake in U.S. rare earths miner MP Materials, said the plants would work to resume production under local government guidance, without giving a time frame.

Shenghe distributes rare earth concentrate from MP Materials' California mine to Chinese refiners. It was not immediately clear if the flooding had affected that distribution operation. MP Materials declined to give official comment. ($1 = 6.9075 Chinese yuan renminbi) (Reporting by Tom Daly, Min Zhang and Ernest Scheyder; Editing by Jan Harvey and Richard Pullin)


Stocks mentioned in the article
ChangeLast1st jan.
SHANGHAI A INDEX -0.09% 3484.8481 Real-time Quote.9.14%
SHANGHAI STOCK EXCHANGE B SHARES INDEX -0.72% 251.1248 Real-time Quote.-1.51%
SHENGHE RESOURCES HOLDING CO., LTD -0.86% 6.93 End-of-day quote.-23.59%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.27% 6.6389 Delayed Quote.-4.35%
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Financials
Sales 2020 6 670 M 1 003 M 1 003 M
Net income 2020 154 M 23,1 M 23,1 M
Net Debt 2020 - - -
P/E ratio 2020 77,0x
Yield 2020 0,14%
Capitalization 12 147 M 1 819 M 1 826 M
Capi. / Sales 2020 1,82x
Capi. / Sales 2021 1,78x
Nbr of Employees 2 046
Free-Float 50,8%
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 2
Average target price 7,80 CNY
Last Close Price 6,93 CNY
Spread / Highest target 12,6%
Spread / Average Target 12,6%
Spread / Lowest Target 12,6%
EPS Revisions
Managers
NameTitle
Ping Huang General Manager & Director
Ze Song Hu Chairman
Rong Gui Weng Chairman-Supervisory Board
Lan Tian Xia Chief Financial Officer
Guang Yue Tang Vice Chairman
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