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MarketScreener Homepage  >  Equities  >  Shanghai Stock Exchange  >  Wanhua Chemical Group Co., Ltd.    600309   CNE0000016J9

WANHUA CHEMICAL GROUP CO., LTD.

(600309)
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Covestro reports third-quarter profit beat on strong Asia, furniture units

10/27/2020 | 11:50am EST
Reuters
FILE PHOTO: The logo of German chemicals maker Covestro is pictured outside its headquarters in Leverkusen

(Reuters) - German chemicals maker Covestro reported forecast-beating third-quarter profits on Tuesday, citing cost cuts and a recovery from a pandemic-induced slump driven by strength in its Asia-Pacific and furniture component units.

The group, whose main products include foam chemicals used in mattresses, furniture upholstery and car seats, saw demand from the furniture industry rise 6% year-on-year, led by Asia-Pacific, Chief Executive Markus Steilemann told a conference call.

A key driver behind the increase has been people refurbishing their homes with new sofas and mattresses instead of spending money to travel, Steilemann said.

"I think there is a stronger trend that we're currently seeing, a societal trend that people are focusing more towards home," the CEO said.

"I would believe that this trend will also last longer than one or two quarters, maybe longer than one and two years," he added.

Covestro said net income for the three months ending Sept. 30 was 179 million euros ($212 million), compared with 147 million euros a year earlier and an average 112 million euros expected by analysts in a company-provided poll.

Its rebound should continue into the fourth quarter, finance chief Thomas Toepfer told Reuters.

"While our guidance is subject to the risk of a second massive lockdown, we do not expect that at the moment and see ourselves absolutely on track to reach the targets," he said.

Recovery across all segments and regions, especially China, balanced out softer demand from the automotive industry, Toepfer said.

Covestro's acquisition of Dutch peer DSM's paint and coating component unit should also reduce its exposure to car production, Toepfer said, though he added he still expects to sell more products to carmakers long term.

The company confirmed the preliminary sales, earnings before tax, and guidance adjustments it announced at the beginning of the month.

($1 = 0.8461 euros)

(Reporting by Zuzanna Szymanska in Gdansk; Editing by Rashmi Aich, Mike Harrison and Jan Harvey)

By Zuzanna Szymanska

10/27/2020 | 11:50am EST
Reuters
Stocks mentioned in the article
ChangeLast1st jan.
BASF SE 1.27% 58.38 Delayed Quote.-13.32%
BAYER AG -0.60% 47.61 Delayed Quote.-34.61%
COVESTRO AG 0.98% 46.23 Delayed Quote.11.53%
ROYAL DSM N.V. -2.37% 140.1 Delayed Quote.23.60%
WANHUA CHEMICAL GROUP CO., LTD. -1.31% 89.41 End-of-day quote.59.18%
All news about WANHUA CHEMICAL GROUP CO., LTD.
10/27Covestro reports third-quarter profit beat on strong Asia, furniture units
RE
10/20WANHUA CHEMICAL GROUP CO., LTD. : quaterly earnings release
10/09SUEZ : Wins Waste-Water Treatment Contracts in Asia
DJ
09/30Covestro buys DSM's resins unit for 1.6 billion euros
RE
09/30Covestro buys DSM's resins unit for 1.6 bln euros
RE
08/17WANHUA CHEMICAL GROUP CO., LTD. : half-yearly earnings release
08/05WANHUA CHEMICAL : ADNOC L&S and Wanhua Chemical Group form Strategic Shipping Jo..
AQ
08/04UAE's ADNOC and Wanhua Chemical form shipping JV
RE
07/23Covestro says recovery continues in July thanks to polycarbonates
RE
03/26WANHUA CHEMICAL GROUP CO., LTD. : annual earnings release
More news
Financials
Sales 2020 68 372 M 10 426 M 10 426 M
Net income 2020 8 924 M 1 361 M 1 361 M
Net Debt 2020 29 494 M 4 497 M 4 497 M
P/E ratio 2020 32,3x
Yield 2020 1,19%
Capitalization 284 B 43 338 M 43 375 M
EV / Sales 2020 4,59x
EV / Sales 2021 3,43x
Nbr of Employees 15 392
Free-Float 41,1%
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Technical analysis trends WANHUA CHEMICAL GROUP CO., LTD.
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 21
Average target price 88,36 CNY
Last Close Price 90,60 CNY
Spread / Highest target 50,4%
Spread / Average Target -2,47%
Spread / Lowest Target -47,7%
EPS Revisions
Managers
NameTitle
Guang Wu Kou President, General Manager & Director
Zeng Tai Liao Chairman
Xiao Sun Chairman-Supervisory Board
Xing Tian Guo Director
Wan Bin Zhang Independent Director
Sector and Competitors