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    000998   CNE000001360

YUAN LONG PING HIGH-TECH AGRICULTURE CO., LTD.

(000998)
  Report
End-of-day quote Shenzhen Stock Exchange  -  2022-06-23
16.76 CNY   +0.06%
05/16China's LongPing to launch Brazil sorghum seed next year
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04/27UBS Adjusts Yuan Long Ping High-Tech Agriculture's Price Target to 23.34 Yuan From 25.90 Yuan, Keeps at Buy
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04/26Yuan Long Ping High-Tech Agriculture Co., Ltd. signed an agreement to acquire the remaining 20% stake in Tianjin Derit Seeds Co., Ltd from Ma Dehua, Zhang Qingdong, Pang Jinan, Li Huaizhi, Zhang Wenzhu and Lei Jin for approximately CNY 260 million.
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China's LongPing to launch Brazil sorghum seed next year

05/16/2022 | 03:36pm EDT
FILE PHOTO: A farmer works with his tractor on a field near Brasilia

SAO PAULO (Reuters) - Chinese seed company LongPing High-Tech is preparing the commercial launch of a new sorghum seed aimed at Brazilian farmers next January, Brazil Chief Executive Aldenir Sgarbossa told Reuters in an interview on Monday.

The company, which mainly focuses on corn seeds, is also working to adapt a Chinese soy seed to Brazilian conditions that could be launched by the 2025/2026 crop season, the executive said.

LongPing's plans for the Brazilian market, where it sells products under the Morgan and Forseed brands, means fiercer competition for rivals like Bayer and Corteva.

In the future, corn will be LongPing's No.1 seed platform, soy second and sorghum third, Sgarbossa said.

LongPing High-Tech Agriculture Co Ltd's Brazil office will also lead an international expansion, the executive said from the town of Cravinhos, where it is building new local headquarters.

The Brazilian unit of LongPing already oversees its international operations in the United States, Paraguay, Argentina and Chile, among others, he said.

The company, which engages in the development, planting and packaging of seeds, has two industrial facilities in Brazil. One is in Paracatu, Minas Gerais state, and the second is in Primavera do Leste, in Brazil's top grain state of Mato Grosso.

Last week, LongPing announced investments of about 500 million reais ($99 million) to grow its presence in Brazil.

"Internally, we say we are doing in one-and-a-half-year something that needs 10 years to get done," Sgarbossa said.

($1 = 5.0511 reais)

(Reporting by Ana Mano; Editing by Lisa Shumaker)

By Ana Mano


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BAYER AG -1.28% 57.79 Delayed Quote.22.96%
CORN FUTURES (C) - CBR (FLOOR)/C1 -0.51% 777.25 End-of-day quote.31.02%
CORTEVA, INC. 5.16% 53.56 Delayed Quote.13.28%
EURO / ARGENTINE PESO (EUR/ARS) -0.07% 131.2154 Delayed Quote.12.35%
EURO / BRAZILIAN REAL (EUR/BRL) 0.08% 5.5367 Delayed Quote.-12.46%
S&P GSCI CORN INDEX -2.31% 550.4644 Real-time Quote.15.09%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.00% 124.24 Delayed Quote.21.00%
YUAN LONG PING HIGH-TECH AGRICULTURE CO., LTD. 0.06% 16.76 End-of-day quote.-27.94%
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Analyst Recommendations on YUAN LONG PING HIGH-TECH AGRICULTURE CO., LTD.
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Financials
Sales 2022 4 030 M 602 M 602 M
Net income 2022 276 M 41,2 M 41,2 M
Net Debt 2022 3 296 M 493 M 493 M
P/E ratio 2022 80,4x
Yield 2022 0,46%
Capitalization 21 687 M 3 242 M 3 242 M
EV / Sales 2022 6,20x
EV / Sales 2023 5,24x
Nbr of Employees 2 763
Free-Float 66,4%
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Mean consensus BUY
Number of Analysts 7
Last Close Price 16,76 CNY
Average target price 21,94 CNY
Spread / Average Target 30,9%
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Managers and Directors
Zhen Yu Zou Chief Financial Officer
Hong Tang Independent Director
Chao Chen Independent Director
Shou Lin Pang Independent Director
Ding Jiang Yuan Vice Chairman