Reported Earnings • May 01
First quarter 2026 earnings released: EPS: CN¥0.08 (vs CN¥0.08 in 1Q 2025) First quarter 2026 results: EPS: CN¥0.08 (in line with 1Q 2025). Revenue: CN¥92.2b (down 25% from 1Q 2025). Net income: CN¥1.63b (up 1.6% from 1Q 2025). Profit margin: 1.8% (up from 1.3% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Construction industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Apr 07
Consensus revenue estimates fall by 19% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from CN¥535.8b to CN¥435.7b. EPS estimate fell from CN¥0.342 to CN¥0.28 per share. Net income forecast to grow 12% next year vs 6.6% growth forecast for Construction industry in Hong Kong. Consensus price target down from HK$2.55 to HK$1.95. Share price was steady at HK$1.62 over the past week. New Risk • Apr 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 79% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). Reported Earnings • Apr 01
Full year 2025 earnings: Revenues miss analyst expectations Full year 2025 results: Revenue: CN¥455.4b (down 18% from FY 2024). Net income: CN¥1.32b (down 73% from FY 2024). Profit margin: 0.3% (down from 0.9% in FY 2024). Revenue missed analyst estimates by 4.6%. Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Construction industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Mar 30
Metallurgical Corporation of China Ltd. to Report Q1, 2026 Results on Apr 30, 2026 Metallurgical Corporation of China Ltd. announced that they will report Q1, 2026 results on Apr 30, 2026 Announcement • Jan 16
Metallurgical Corporation of China Ltd. Provides Earning Guidance for the Year Ending 31 December 2025 Metallurgical Corporation of China Ltd. provided earning guidance for the year ending 31 December 2025. The Company is expected to record a net profit attributable to owners of the parent is estimated to show a decrease of over 50% compared with the same period last year. The primary reasons are losses arising from the Company's real estate business in 2025, as well as the increased impairment provisions for various assets including inventory, fixed assets, and investment properties, and additionally, the declined revenue impacted by the downturn in the construction industry. Announcement • Dec 26
Metallurgical Corporation of China Ltd. to Report Fiscal Year 2025 Results on Mar 31, 2026 Metallurgical Corporation of China Ltd. announced that they will report fiscal year 2025 results on Mar 31, 2026 Announcement • Dec 09
Minmetals Property Holding Co Ltd agreed to acquire MCC Real Estate Group Co., Ltd. from Metallurgical Corporation of China Ltd. (SEHK:1618) for CNY 31.2 billion. Minmetals Property Holding Co Ltd agreed to acquire MCC Real Estate Group Co., Ltd. from Metallurgical Corporation of China Ltd. (SEHK:1618) for CNY 31.2 billion on December 8, 2025. A cash consideration of CNY 31.24 billion will be paid by Minmetals Property Holding Co Ltd. As part of consideration, CNY 31.24 billion is paid towards common equity of MCC Real Estate Group Co., Ltd.
As at the date of this announcement the asset valuation results relating to the First Disposal with the relevant state-owned asset authorities having been duly filed, and the necessary approvals for the economic transaction having been completed.
For the period ended July 31, 2025 MCC Real Estate Group Co., Ltd. reported net liabilities of CNY 16.275 billion.
China International Capital Corporation Hong Kong Securities Limited acted as financial advisor for Metallurgical Corporation of China Ltd. Gram Capital Limited acted as the independent financial advisor to advise the Independent Board Committee and the Independent
Shareholders. WUYIGE Certified Public Accountants. LLP acted as accountant for Metallurgical Corporation of China Ltd. New Risk • Dec 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (10% average weekly change). Profit margins are more than 30% lower than last year (0.4% net profit margin). Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$1.88, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Construction industry in Hong Kong. Total returns to shareholders of 16% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$2.96 per share. Buy Or Sell Opportunity • Dec 09
Now 37% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to HK$1.88. The fair value is estimated to be HK$2.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.8% over the last 3 years. Earnings per share has declined by 38%. Revenue is forecast to grow by 21% in 2 years. Earnings are forecast to grow by 255% in the next 2 years. Buy Or Sell Opportunity • Nov 04
Now 21% undervalued Over the last 90 days, the stock has risen 35% to HK$2.33. The fair value is estimated to be HK$2.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.8% over the last 3 years. Earnings per share has declined by 38%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 265% in the next 2 years. Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: CN¥0.044 (vs CN¥0.10 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.044 (down from CN¥0.10 in 3Q 2024). Revenue: CN¥97.6b (down 14% from 3Q 2024). Net income: CN¥2.19b (down 52% from 3Q 2024). Profit margin: 2.2% (down from 4.0% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Construction industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to HK$2.71, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Construction industry in Hong Kong. Total returns to shareholders of 138% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$4.63 per share. Announcement • Sep 30
Metallurgical Corporation of China Ltd. to Report Q3, 2025 Results on Oct 31, 2025 Metallurgical Corporation of China Ltd. announced that they will report Q3, 2025 results on Oct 31, 2025 Price Target Changed • Sep 02
Price target increased by 27% to HK$2.72 Up from HK$2.13, the current price target is an average from 2 analysts. New target price is 15% above last closing price of HK$2.37. Stock is up 80% over the past year. The company is forecast to post earnings per share of CN¥0.36 for next year compared to CN¥0.24 last year. New Risk • Sep 02
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: CN¥0.031 (vs CN¥0.018 loss in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.031 (up from CN¥0.018 loss in 2Q 2024). Revenue: CN¥115.3b (down 23% from 2Q 2024). Net income: CN¥1.49b (up CN¥1.84b from 2Q 2024). Profit margin: 1.3% (up from net loss in 2Q 2024). The move to profitability was driven by lower expenses. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Construction industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to HK$2.05, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Construction industry in Hong Kong. Total returns to shareholders of 50% over the past three years. Declared Dividend • Jul 16
Dividend of HK$0.061 announced Shareholders will receive a dividend of HK$0.061. Ex-date: 25th July 2025 Payment date: 14th August 2025 Dividend yield will be 3.5%, which is lower than the industry average of 6.2%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 1.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 74% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 30
Metallurgical Corporation of China Ltd. to Report First Half, 2025 Results on Aug 30, 2025 Metallurgical Corporation of China Ltd. announced that they will report first half, 2025 results on Aug 30, 2025 Announcement • Jun 06
Metallurgical Corporation of China Ltd., Annual General Meeting, Jun 30, 2025 Metallurgical Corporation of China Ltd., Annual General Meeting, Jun 30, 2025, at 10:00 China Standard Time. Location: mcc tower, no. 28 shuguang xili, chaoyang district, 10028, beijing China New Risk • Apr 30
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Apr 30
First quarter 2025 earnings released: EPS: CN¥0.08 (vs CN¥0.12 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.08 (down from CN¥0.12 in 1Q 2024). Revenue: CN¥122.3b (down 19% from 1Q 2024). Net income: CN¥1.61b (down 40% from 1Q 2024). Profit margin: 1.3% (down from 1.8% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Construction industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Apr 05
Consensus revenue estimates decrease by 11%, EPS upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from CN¥644.0b to CN¥571.3b. EPS estimate increased from CN¥0.364 to CN¥0.38 per share. Net income forecast to grow 47% next year vs 12% growth forecast for Construction industry in Hong Kong. Consensus price target up from HK$2.00 to HK$2.13. Share price fell 3.1% to HK$1.57 over the past week. Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: CN¥0.24 (vs CN¥0.33 in FY 2023) Full year 2024 results: EPS: CN¥0.24 (down from CN¥0.33 in FY 2023). Revenue: CN¥552.0b (down 13% from FY 2023). Net income: CN¥4.88b (down 29% from FY 2023). Profit margin: 0.9% (down from 1.1% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Construction industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Mar 28
Metallurgical Corporation of China Ltd. to Report Q1, 2025 Results on Apr 30, 2025 Metallurgical Corporation of China Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 Board Change • Mar 13
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Guoping Zhou was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 12
Metallurgical Corporation of China Ltd. Announces Board Changes The board of directors of Metallurgical Corporation of China Ltd. announced that on 12 March 2025, the Board received a written resignation report from Mr. Zhou Jichang as he has served as an independent non-executive director of the Company for six consecutive years, in accordance with the relevant provisions of the Measures for the Administration of Independent Directors of Listed Companies issued by China Securities Regulatory Commission and the articles of association of the Company, he has applied for resignation as an independent non-executive director of the Company and as a member of the Finance and Audit Committee, the chairman of the Nomination Committee, and a member of the Remuneration and Appraisal Committee of the Board. Upon the resignation taking effect, Mr. Zhou will no longer hold any position in the Company, and his resignation shall be effective on the date when the resignation report is delivered to the Board. The Board announces that, upon approval at the Board meeting held on 12 March 2025, Ms. Zhou Guoping, an independent non-executive director of the Company, has been appointed as the chairlady of the Nomination Committee and a member of the Remuneration and Appraisal Committee. Her appointment will take effect from 12 March 2025 until the expiry of the term of the third session of the Board of the Company. Board Change • Jan 03
High number of new directors Independent Non-Executive Director Guoping Zhou was the last director to join the board, commencing their role in 2024. Announcement • Dec 30
Metallurgical Corporation of China Ltd. Announces Board Appointments Metallurgical Corporation of China Ltd. at the extraordinary general meeting held on 30 December 2024, Mr. Bai Xiaohu was newly elected as an executive Director of the third session of the Board of the Company, and Ms. Zhou Guoping was newly elected as an independent non-executive Director of the third session of the Board of the Company, with their respective terms effective from 30 December 2024. The Board announced that, upon approval at the Board meeting held on 30 December 2024, Mr. Bai Xiaohu has been appointed as a member of the Strategy Committee and the Sustainable Development Committee of the Board, and Ms. Zhou Guoping has been appointed as a member of the Finance and Audit Committee and the Sustainable Development Committee of the Board. Their appointments will take effect from 30 December 2024 until the expiry of the term of the third session of the Board of the Company. Announcement • Dec 27
Metallurgical Corporation of China Ltd. to Report Fiscal Year 2024 Results on Mar 29, 2025 Metallurgical Corporation of China Ltd. announced that they will report fiscal year 2024 results on Mar 29, 2025 Major Estimate Revision • Nov 05
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥644.7b to CN¥635.7b. EPS estimate also fell from CN¥0.395 per share to CN¥0.351 per share. Net income forecast to grow 46% next year vs 16% growth forecast for Construction industry in Hong Kong. Consensus price target broadly unchanged at HK$2.00. Share price rose 6.7% to HK$1.76 over the past week. Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: CN¥0.10 (vs CN¥0.072 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.10 (up from CN¥0.072 in 3Q 2023). Revenue: CN¥113.8b (down 14% from 3Q 2023). Net income: CN¥4.50b (up 66% from 3Q 2023). Profit margin: 4.0% (up from 2.0% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Construction industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Sep 30
Metallurgical Corporation of China Ltd. to Report Q3, 2024 Results on Oct 30, 2024 Metallurgical Corporation of China Ltd. announced that they will report Q3, 2024 results on Oct 30, 2024 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$1.47, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 5x in the Construction industry in Hong Kong. Total loss to shareholders of 27% over the past three years. Reported Earnings • Aug 31
Second quarter 2024 earnings released: CN¥0.018 loss per share (vs CN¥0.11 profit in 2Q 2023) Second quarter 2024 results: CN¥0.018 loss per share (down from CN¥0.11 profit in 2Q 2023). Revenue: CN¥148.9b (down 22% from 2Q 2023). Net loss: CN¥350.9m (down 117% from profit in 2Q 2023). Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Construction industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Declared Dividend • Jul 13
Dividend of HK$0.079 announced Shareholders will receive a dividend of HK$0.079. Ex-date: 24th July 2024 Payment date: 15th August 2024 Dividend yield will be 4.9%, which is lower than the industry average of 6.2%. Sustainability & Growth Dividend is covered by earnings (24% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 67% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 12
Metallurgical Corporation of China Ltd. Approves Final Dividend for the Year Ended 31 December 2023, Payable on 15 August 2024 Metallurgical Corporation of China Ltd. approved Final Dividend of RMB 0.72 per 10 share or HKD 0.78964 per 10 share for the Year Ended 31 December 2023. Ex-dividend date is 24 July 2024. Record date is 02 August 2024. Payment date is 15 August 2024. Announcement • Jun 28
Metallurgical Corporation of China Ltd. to Report First Half, 2024 Results on Aug 30, 2024 Metallurgical Corporation of China Ltd. announced that they will report first half, 2024 results on Aug 30, 2024 Announcement • Jun 05
Metallurgical Corporation of China Ltd., Annual General Meeting, Jun 25, 2024 Metallurgical Corporation of China Ltd., Annual General Meeting, Jun 25, 2024, at 10:00 China Standard Time. Location: No. 28, Shuguang West Lane, Chaoyang District, Beijing China Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: CN¥0.12 (vs CN¥0.15 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.12 (down from CN¥0.15 in 1Q 2023). Revenue: CN¥149.9b (up 3.8% from 1Q 2023). Net income: CN¥2.68b (down 21% from 1Q 2023). Profit margin: 1.8% (down from 2.3% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Construction industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Apr 16
Now 23% undervalued Over the last 90 days, the stock has risen 4.2% to HK$1.49. The fair value is estimated to be HK$1.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 8.4%. For the next 3 years, revenue is forecast to grow by 7.4% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. New Risk • Apr 01
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.1% Last year net profit margin: 1.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (115% cash payout ratio). Profit margins are more than 30% lower than last year (1.1% net profit margin). Announcement • Mar 29
Metallurgical Corporation of China Ltd. to Report Q1, 2024 Results on Apr 30, 2024 Metallurgical Corporation of China Ltd. announced that they will report Q1, 2024 results on Apr 30, 2024 Reported Earnings • Mar 29
Full year 2023 earnings released: EPS: CN¥0.33 (vs CN¥0.45 in FY 2022) Full year 2023 results: EPS: CN¥0.33 (down from CN¥0.45 in FY 2022). Revenue: CN¥633.9b (up 7.0% from FY 2022). Net income: CN¥8.67b (down 6.1% from FY 2022). Profit margin: 1.4% (down from 1.6% in FY 2022). Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Construction industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Mar 29
Metallurgical Corporation of China Ltd. Proposes Final Ordinary Cash Dividend for the Year Ended 31 December 2023 Metallurgical Corporation of China Ltd. proposed final ordinary cash dividend of RMB 0.72 per 10 share for the year ended 31 December 2023. Buy Or Sell Opportunity • Feb 26
Now 21% undervalued Over the last 90 days, the stock has risen 7.4% to HK$1.59. The fair value is estimated to be HK$2.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 43% in the next 2 years. Buy Or Sell Opportunity • Feb 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.9% to HK$1.48. The fair value is estimated to be HK$1.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 43% in the next 2 years. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$1.57, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 3x in the Construction industry in Hong Kong. Total returns to shareholders of 19% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$1.85 per share. Buying Opportunity • Jan 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.5%. The fair value is estimated to be HK$1.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 26% in 2 years. Earnings is forecast to grow by 43% in the next 2 years. Announcement • Dec 29
Metallurgical Corporation of China Ltd. to Report Fiscal Year 2023 Results on Mar 29, 2024 Metallurgical Corporation of China Ltd. announced that they will report fiscal year 2023 results on Mar 29, 2024 Announcement • Nov 09
Metallurgical Corporation of China Ltd. Announces Resignation of Mr. Zhang Mengxing, as President The board of directors of Metallurgical Corporation of China Ltd. announced that on 7 November 2023, the Board received a written resignation report from Mr. Zhang Mengxing, the executive director and president. Mr. Zhang Mengxing resigned from his positions of executive director, president, member of the strategy committee of the Board and member of the sustainable development committee of the Board of the Company as he had reached the statutory retirement age. The resignation shall be effective on the date when the resignation report is delivered to the Board. Upon the resignation taking effect, Mr. Zhang Mengxing will no longer hold any position in the Company. Mr. Zhang Mengxing has confirmed that he has no disagreement with the Board and there is no other matter relating to his resignation that would need to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited. The resignation of Mr. Zhang Mengxing will neither cause the number of incumbent members of the Board to fall short of the quorum as provided by the Company Law of the People's Republic of China nor have any effect on the normal operation of the Board. The Company will, pursuant to the requirements of the articles of association of the Company, perform the corresponding procedures for by-election of director as soon as possible. Announcement • Nov 08
Metallurgical Corporation of China Ltd. Announces Executive Changes The board of directors of Metallurgical Corporation of China Ltd. announced that on 7 November 2023, the Board received a written resignation report from Mr. Zhang Mengxing, the executive director and president. Mr. Zhang Mengxing resigned from his positions of executive director, president, member of the strategy committee of the Board and member of the sustainable development committee of the Board of the Company as he had reached the statutory retirement age. The resignation shall be effective on the date when the resignation report is delivered to the Board. Upon the resignation taking effect, Mr. Zhang Mengxing will no longer hold any position in the Company. Mr. Zhang Mengxing has confirmed that he has no disagreement with the Board and there is no other matter relating to his resignation that would need to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited. The resignation of Mr. Zhang Mengxing will neither cause the number of incumbent members of the Board to fall short of the quorum as provided by the Company Law of the People's Republic of China nor have any effect on the normal operation of the Board. The Company will, pursuant to the requirements of the articles of association of the Company, perform the corresponding procedures for by-election of director as soon as possible. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: CN¥0.072 (vs CN¥0.06 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.072 (up from CN¥0.06 in 3Q 2022). Revenue: CN¥132.9b (up 23% from 3Q 2022). Net income: CN¥2.71b (up 48% from 3Q 2022). Profit margin: 2.0% (up from 1.7% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Sep 30
Metallurgical Corporation of China Ltd. to Report Q3, 2023 Results on Oct 27, 2023 Metallurgical Corporation of China Ltd. announced that they will report Q3, 2023 results on Oct 27, 2023 Price Target Changed • Sep 07
Price target decreased by 12% to HK$2.75 Down from HK$3.12, the current price target is an average from 2 analysts. New target price is 61% above last closing price of HK$1.70. Stock is up 13% over the past year. The company is forecast to post earnings per share of CN¥0.57 for next year compared to CN¥0.45 last year. Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: CN¥0.12 (vs CN¥0.12 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.12 (up from CN¥0.12 in 2Q 2022). Revenue: CN¥190.0b (up 11% from 2Q 2022). Net income: CN¥3.85b (up 75% from 2Q 2022). Profit margin: 2.0% (up from 1.3% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 20
Upcoming dividend of HK$0.091 per share at 4.7% yield Eligible shareholders must have bought the stock before 27 July 2023. Payment date: 15 August 2023. Payout ratio is a comfortable 17% and the cash payout ratio is 94%. Trailing yield: 4.7%. Lower than top quartile of Hong Kong dividend payers (7.7%). In line with average of industry peers (4.9%). Announcement • Jul 15
Metallurgical Corporation of China Ltd. Approves Final Dividend for the Year Ended 31 December 2022, Payable on August 15, 2023 Metallurgical Corporation of China Ltd. approved Final Dividend of RMB 0.83 per 10 share for the Year Ended 31 December 2022. Ex-dividend date is July 27, 2023. Record date is August 3, 2023. Payment date is August 15, 2023. Announcement • Jun 28
Metallurgical Corporation of China Ltd. to Report First Half, 2023 Results on Aug 31, 2023 Metallurgical Corporation of China Ltd. announced that they will report first half, 2023 results on Aug 31, 2023 Announcement • Jun 23
Metallurgical Corporation of China Ltd. announced that it expects to receive CNY 15 billion in funding Metallurgical Corporation of China Ltd. announced that it will issue up to 150 million preferred shares for gross proceeds of up to CNY 15,000 million on June 21, 2023. The transaction will include participation of not more than 200 qualified investors. The transaction will be completed in multiple tranches. The first tranche, being no less than 50% of the total number of Preference Shares to be issued, will be issued within 6 months upon approval of the Shanghai Stock Exchange and registration of the CSRC, and the rest will be issued within 24 months of the date of obtaining of approval of the Shanghai Stock Exchange and approval of registration of the CSRC. There is no preferential placement arrangement to the existing shareholders of the Company under the Proposed Issuance. The transaction has been approved by the board of directors. the listing rules of the places where the securities of the Company are listed and all applicable laws, regulations and rules of any other government or regulatory authorities and only if all necessary approvals from the CSRC and other relevant PRC governmental authorities are obtained. 
