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Inner Mongolia Yitai CoalLtd

SEHK:3948
Snowflake Description

Undervalued average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
3948
SEHK
$4B
Market Cap
  1. Home
  2. HK
  3. Energy
Company description

Inner Mongolia Yitai Coal Co.,Ltd. engages in the mining, production, and sale of coal products in the Inner Mongolia autonomous region of the People’s Republic of China. The last earnings update was 28 days ago. More info.


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3948 Share Price and Events
7 Day Returns
0.6%
SEHK:3948
-1.8%
HK Oil and Gas
-0.2%
HK Market
1 Year Returns
-24.5%
SEHK:3948
-6%
HK Oil and Gas
-3.9%
HK Market
3948 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Inner Mongolia Yitai CoalLtd (3948) 0.6% -2.5% 14.9% -24.5% 60.6% -32%
HK Oil and Gas -1.8% -3.1% 3.7% -6% 13.1% -26%
HK Market -0.2% 1.9% 13% -3.9% 28.2% 20.5%
1 Year Return vs Industry and Market
  • 3948 underperformed the Oil and Gas industry which returned -6% over the past year.
  • 3948 underperformed the Market in Hong Kong which returned -3.9% over the past year.
Price Volatility
3948
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for Inner Mongolia Yitai CoalLtd's competitors could be found in our database.

Value

 Is Inner Mongolia Yitai CoalLtd undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Inner Mongolia Yitai CoalLtd to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Inner Mongolia Yitai CoalLtd.

SEHK:3948 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 12.6%
Perpetual Growth Rate 10-Year HK Government Bond Rate 2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SEHK:3948
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 6%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.95
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.952 (1 + (1- 25%) (167.82%))
1.77
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.77
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.77 * 5.96%)
12.55%

Discounted Cash Flow Calculation for SEHK:3948 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Inner Mongolia Yitai CoalLtd is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SEHK:3948 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 12.55%)
2019 6,852.89 Est @ 16.9% 6,088.49
2020 7,704.61 Est @ 12.43% 6,081.67
2021 8,421.22 Est @ 9.3% 5,905.86
2022 9,020.11 Est @ 7.11% 5,620.24
2023 9,523.34 Est @ 5.58% 5,271.92
2024 9,952.48 Est @ 4.51% 4,894.93
2025 10,326.22 Est @ 3.76% 4,512.25
2026 10,659.72 Est @ 3.23% 4,138.40
2027 10,964.76 Est @ 2.86% 3,782.00
2028 11,250.28 Est @ 2.6% 3,447.64
Present value of next 10 years cash flows CN¥49,743.41
SEHK:3948 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CN¥11,250.28 × (1 + 2%) ÷ (12.55% – 2%)
CN¥108,754.91
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥108,754.91 ÷ (1 + 12.55%)10
CN¥33,327.89
SEHK:3948 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥49,743.41 + CN¥33,327.89
CN¥83,071.30
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥83,071.30 / 3,254.01
CN¥4.32
SEHK:3948 Discount to Share Price
Calculation Result
Exchange Rate CNY/USD
(Reporting currency to currency of SHSE:900948)
0.15
Value per Share
(USD)
= Value per Share in CNY x Exchange Rate (CNY/USD)
= CN¥25.53 x 0.15
$3.82
Non-primary Listing Adjustment Factor 1 share in SEHK:3948 represents 5.90912x of SHSE:900948
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
5.90912x
Value per Share
(Listing Adjusted, HKD)
= Value per Share (USD) x Listing Adjustment Factor
= $ 3.82 x 5.90912
HK$22.56
Value per share (HKD) From above. HK$22.56
Current discount Discount to share price of HK$7.02
= -1 x (HK$7.02 - HK$22.56) / HK$22.56
68.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Inner Mongolia Yitai CoalLtd is available for.
Intrinsic value
>50%
Share price is HK$7.02 vs Future cash flow value of HK$22.56
Current Discount Checks
For Inner Mongolia Yitai CoalLtd to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Inner Mongolia Yitai CoalLtd's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Inner Mongolia Yitai CoalLtd's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Inner Mongolia Yitai CoalLtd's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Inner Mongolia Yitai CoalLtd's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:3948 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CNY CN¥1.27
SHSE:900948 Share Price ** SHSE (2019-04-18) in USD $1.19
SHSE:900948 Share Price converted to CNY reporting currency Exchange rate (USD/ CNY) 6.688 CN¥7.95
Hong Kong Oil and Gas Industry PE Ratio Median Figure of 28 Publicly-Listed Oil and Gas Companies 10.84x
Hong Kong Market PE Ratio Median Figure of 1,475 Publicly-Listed Companies 11.98x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Inner Mongolia Yitai CoalLtd.

SEHK:3948 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SHSE:900948 Share Price ÷ EPS (both in CNY)

= 7.95 ÷ 1.27

6.26x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Inner Mongolia Yitai CoalLtd is good value based on earnings compared to the HK Oil and Gas industry average.
  • Inner Mongolia Yitai CoalLtd is good value based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does Inner Mongolia Yitai CoalLtd's expected growth come at a high price?
Raw Data
SEHK:3948 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.26x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
2.2%per year
Hong Kong Oil and Gas Industry PEG Ratio Median Figure of 11 Publicly-Listed Oil and Gas Companies 0.87x
Hong Kong Market PEG Ratio Median Figure of 463 Publicly-Listed Companies 0.87x

*Line of best fit is calculated by linear regression .

SEHK:3948 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 6.26x ÷ 2.2%

2.88x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Inner Mongolia Yitai CoalLtd is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Inner Mongolia Yitai CoalLtd's assets?
Raw Data
SEHK:3948 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CNY CN¥10.21
SHSE:900948 Share Price * SHSE (2019-04-18) in USD $1.19
SHSE:900948 Share Price converted to CNY reporting currency Exchange rate (USD/ CNY) 6.688 CN¥7.95
Hong Kong Oil and Gas Industry PB Ratio Median Figure of 43 Publicly-Listed Oil and Gas Companies 1.07x
Hong Kong Market PB Ratio Median Figure of 2,150 Publicly-Listed Companies 1.03x
SEHK:3948 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SHSE:900948 Share Price ÷ Book Value per Share (both in CNY)

= 7.95 ÷ 10.21

0.78x

* Primary Listing of Inner Mongolia Yitai CoalLtd.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Inner Mongolia Yitai CoalLtd is good value based on assets compared to the HK Oil and Gas industry average.
X
Value checks
We assess Inner Mongolia Yitai CoalLtd's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. Inner Mongolia Yitai CoalLtd has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Inner Mongolia Yitai CoalLtd expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
2.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Inner Mongolia Yitai CoalLtd expected to grow at an attractive rate?
  • Inner Mongolia Yitai CoalLtd's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • Inner Mongolia Yitai CoalLtd's earnings growth is positive but not above the Hong Kong market average.
  • Inner Mongolia Yitai CoalLtd's revenues are expected to decrease over the next 1-3 years, this is below the Hong Kong market average.
Annual Growth Rates Comparison
Raw Data
SEHK:3948 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:3948 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 2.2%
SEHK:3948 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts -1.3%
Hong Kong Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 6.2%
Hong Kong Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 1.8%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.7%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 11.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SEHK:3948 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:3948 Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 38,165 7,894 4,318 1
2019-12-31 37,261 7,792 4,056 1
SEHK:3948 Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2018-12-31 39,185 9,733 4,137
2018-09-30 37,823 6,026 5,055
2018-06-30 38,822 7,476 4,903
2018-03-31 38,072 5,752 5,042
2017-12-31 37,009 8,075 4,925
2017-09-30 35,748 9,663 4,901
2017-06-30 30,961 7,962 3,860
2017-03-31 26,125 8,293 2,844
2016-12-31 22,859 5,953 1,986
2016-09-30 19,762 3,691 549
2016-06-30 18,640 2,289 368
2016-03-31 19,051 2,114 -110

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Inner Mongolia Yitai CoalLtd's earnings are expected to grow by 2.2% yearly, however this is not considered high growth (20% yearly).
  • Inner Mongolia Yitai CoalLtd's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SEHK:3948 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Inner Mongolia Yitai CoalLtd Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:3948 Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
SEHK:3948 Past Financials Data
Date (Data in CNY Millions) EPS *
2018-12-31 1.27
2018-09-30 1.55
2018-06-30 1.50
2018-03-31 1.55
2017-12-31 1.51
2017-09-30 1.52
2017-06-30 1.19
2017-03-31 0.82
2016-12-31 0.61
2016-09-30 0.18
2016-06-30 0.13
2016-03-31 -0.04

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Inner Mongolia Yitai CoalLtd is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Inner Mongolia Yitai CoalLtd's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Hong Kong market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Hong Kong market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Inner Mongolia Yitai CoalLtd has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Inner Mongolia Yitai CoalLtd performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Inner Mongolia Yitai CoalLtd's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Inner Mongolia Yitai CoalLtd has delivered over 20% year on year earnings growth in the past 5 years.
  • Inner Mongolia Yitai CoalLtd's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Inner Mongolia Yitai CoalLtd's 1-year earnings growth is negative, it can't be compared to the HK Oil and Gas industry average.
Earnings and Revenue History
Inner Mongolia Yitai CoalLtd's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Inner Mongolia Yitai CoalLtd Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:3948 Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 39,184.62 4,136.73 2,576.29 662.31
2018-09-30 37,823.39 5,054.86 3,023.93 501.53
2018-06-30 38,822.32 4,902.69 3,394.56
2018-03-31 38,071.67 5,042.37 3,176.46
2017-12-31 37,008.67 4,925.37 2,536.38 509.68
2017-09-30 35,748.04 4,900.64 2,215.08 38.12
2017-06-30 30,961.37 3,860.14 2,152.78
2017-03-31 26,124.74 2,843.74 1,941.57
2016-12-31 22,858.50 1,985.76 1,929.69
2016-09-30 19,762.48 548.97 1,944.47
2016-06-30 18,639.96 367.83 2,152.98
2016-03-31 19,051.11 -110.02 2,200.53
2015-12-31 19,565.52 90.50 2,362.40
2015-09-30 20,256.38 731.54 2,334.15
2015-06-30 21,856.13 929.56 2,551.42
2015-03-31 24,381.84 1,445.45 2,861.68
2014-12-31 25,393.60 2,252.64 2,791.98
2014-09-30 26,469.34 2,301.69 3,318.37
2014-06-30 25,908.96 2,766.31 3,071.85
2014-03-31 24,562.51 3,437.98 2,937.91
2013-12-31 25,063.55 3,444.63 2,927.77
2013-09-30 23,985.25 3,853.76 2,889.87
2013-06-30 25,584.43 4,510.43 2,832.32
2013-03-31 30,283.01 5,691.82 2,853.04
2012-12-31 32,463.32 6,621.88 2,745.94
2012-09-30 32,937.42 7,380.70 2,336.73
2012-06-30 33,573.76 7,833.70 2,356.71

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Inner Mongolia Yitai CoalLtd has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Inner Mongolia Yitai CoalLtd used its assets less efficiently than the HK Oil and Gas industry average last year based on Return on Assets.
  • Inner Mongolia Yitai CoalLtd has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Inner Mongolia Yitai CoalLtd's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Inner Mongolia Yitai CoalLtd has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Inner Mongolia Yitai CoalLtd's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Inner Mongolia Yitai CoalLtd's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Inner Mongolia Yitai CoalLtd is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Inner Mongolia Yitai CoalLtd's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Inner Mongolia Yitai CoalLtd's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Inner Mongolia Yitai CoalLtd Company Filings, last reported 3 months ago.

SEHK:3948 Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 42,552.38 42,318.84 17,619.35
2018-09-30 42,025.30 39,292.90 16,076.95
2018-06-30 40,169.77 38,405.54 16,623.06
2018-03-31 38,680.20 38,261.91 15,762.65
2017-12-31 37,490.11 37,492.07 14,608.36
2017-09-30 32,753.45 39,270.89 13,631.54
2017-06-30 31,100.96 33,357.16 6,451.57
2017-03-31 29,044.41 32,678.29 5,454.72
2016-12-31 28,568.30 33,741.77 5,245.59
2016-09-30 27,524.37 34,028.86 4,827.84
2016-06-30 27,095.53 37,106.28 7,522.29
2016-03-31 26,780.51 37,513.56 7,926.59
2015-12-31 26,768.35 34,607.28 6,948.12
2015-09-30 27,075.57 30,016.58 4,246.45
2015-06-30 27,026.60 29,135.01 6,118.21
2015-03-31 27,749.27 28,249.91 6,811.68
2014-12-31 27,496.65 26,675.48 7,002.42
2014-09-30 26,405.81 23,800.82 5,288.71
2014-06-30 25,616.59 23,948.77 9,772.48
2014-03-31 26,131.90 20,914.84 7,947.54
2013-12-31 25,014.41 16,824.45 3,854.28
2013-09-30 24,553.30 14,480.82 5,687.34
2013-06-30 22,426.36 12,678.38 7,098.61
2013-03-31 23,127.14 9,380.94 5,234.58
2012-12-31 21,938.87 10,386.24 6,344.38
2012-09-30 20,893.72 9,046.43 7,292.55
2012-06-30 19,716.21 7,357.82 2,873.20
  • Inner Mongolia Yitai CoalLtd's level of debt (99.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (67.4% vs 99.5% today).
  • Debt is well covered by operating cash flow (23%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 8.9x coverage).
X
Financial health checks
We assess Inner Mongolia Yitai CoalLtd's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Inner Mongolia Yitai CoalLtd has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Inner Mongolia Yitai CoalLtd's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.29%
Current annual income from Inner Mongolia Yitai CoalLtd dividends.
If you bought HK$2,000 of Inner Mongolia Yitai CoalLtd shares you are expected to receive HK$126 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Inner Mongolia Yitai CoalLtd's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (1.95%).
  • Inner Mongolia Yitai CoalLtd's dividend is above the markets top 25% of dividend payers in Hong Kong (5.27%).
Upcoming dividend payment

Purchase Inner Mongolia Yitai CoalLtd before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SEHK:3948 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
Hong Kong Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 13 Stocks 5.4%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 965 Stocks 3.4%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.1%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 1.9%
Hong Kong Top 25% Dividend Yield 75th Percentile 5.3%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SEHK:3948 Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2020-12-31
2019-12-31
SEHK:3948 Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-03-21 0.500 6.187
2018-03-21 0.455 5.475
2017-04-06 0.184 2.209
2016-03-30 0.009 0.144
2015-06-09 0.208 3.693
2014-05-30 0.320 3.468
2013-05-13 0.625 5.900
2012-06-28 0.750 4.298
2011-02-22 0.750 4.088
2011-02-21 0.750 3.308
2010-08-18 0.250 1.146
2010-02-11 0.250 1.505
2009-04-20 0.250 2.445

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Inner Mongolia Yitai CoalLtd's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.5x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Inner Mongolia Yitai CoalLtd's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Inner Mongolia Yitai CoalLtd afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Inner Mongolia Yitai CoalLtd has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Inner Mongolia Yitai CoalLtd's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Sanmin Wang
COMPENSATION CN¥0
AGE 44
TENURE AS CEO 2.1 years
CEO Bio

Sanmin Wang is a member of the Communist Party of China and possesses a master’s degree. Mr. Wang joined Inner Mongolia Yitai Group Co., Ltd. (“Group”) in 1996 and joined the Inner Mongolia Yitai Coal Company Limited (“Company”) in April 2005. Mr. Wang held different positions in Group as the Director of the Marketing Department and the Finance Department of Taifeng Simengou Coke Flour Mill, Taifeng Variety Operating Company, Taifeng Coal Mine, Taifeng Hu City Clean Coal Branch, Taifeng General Company from 1996 to 2000. He was the head of Finance Department of Ordus Qian Qi Coking Plant from December 2000 to October 2001. From October 2001 to April 2004, he held various positions in Inner Mongolia Yitai Pharmaceutical Co., Ltd. as the head of the Finance Department of Licorice Base, deputy head of the Finance Department, and head of both the Finance Department and Corporate Management Department of Shenglong Branch. He was the head of the accounting department of Group from April 2004 to April 2005. Mr. Wang was the president of the labor union and the deputy general manager of the Shenglong Branch of Inner Mongolia Yitai Pharmaceutical Co., Ltd. from April 2005 to September 2006. He was the Deputy administrative general manager of Yitai (Beijing) Pharmatech Co., Ltd. from October 2006 to March 2007. He was the head of Inner MN Yitai Coal Co. Ltd.‘s corporate management department from April 2007 to November 2010. Mr. Wang was the head of the Supplies Purchase and Supply Department of the Company from December 2010 to March 2013. He was the deputy manager of the Company from April 2013 to March 2014. He served as the chairman and general manager of Inner Mongolia Yitai Zhundong Railway Co., Ltd. and Inner Mongolia Yitai Huzhun Railway Co., Ltd. (“IMYHRCL”) from March 2014 to March 2015 and has been the chairman and general manager of Inner Mongolia Yitai Zhundong Railway Co., Ltd., the chairman and general manager of IMYHRCL and the Chairman of Ordos Dama Railway Co., Ltd. from April 2015. He was a Supervisor of the Company from February 2011 to April 2013. Mr. Wang graduated from Inner Mongolia Finance & Economics College in July 2005. He was granted the qualification of international accountant in July 2010, operating manager and licensed pharmacist in March 2006, senior IT project manager in November 2008.

CEO Compensation
  • Sanmin's compensation has been consistent with company performance over the past year.
  • Sanmin's remuneration is lower than average for companies of similar size in Hong Kong.
Management Team Tenure

Average tenure and age of the Inner Mongolia Yitai CoalLtd management team in years:

5.2
Average Tenure
48
Average Age
  • The average tenure for the Inner Mongolia Yitai CoalLtd management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Donghai Zhang

TITLE
Chairman of the Board
AGE
48

Sanmin Wang

TITLE
GM & Executive Director
AGE
44
TENURE
2.1 yrs

Guiliang Lv

TITLE
CFO & Executive Director
AGE
52
TENURE
11 yrs

Chunlin Liu

TITLE
Executive Director
AGE
51

Yaoyong Ge

TITLE
Executive Director
AGE
48

Dongsheng Zhang

TITLE
Executive Director
AGE
47

Mingliang Zhang

TITLE
Chief Engineer
AGE
49
TENURE
6.5 yrs

Jian Liu

TITLE
Deputy Manager & Executive Director
AGE
51
TENURE
6.3 yrs

Xin Zhao

TITLE
Joint Company Secretary
AGE
37
TENURE
4 yrs

Haifeng Zhang

TITLE
Deputy Manager
AGE
45
TENURE
0.3 yrs
Board of Directors Tenure

Average tenure and age of the Inner Mongolia Yitai CoalLtd board of directors in years:

7
Average Tenure
51
Average Age
  • The tenure for the Inner Mongolia Yitai CoalLtd board of directors is about average.
Board of Directors

Donghai Zhang

TITLE
Chairman of the Board
AGE
48
TENURE
16 yrs

Sanmin Wang

TITLE
GM & Executive Director
AGE
44
TENURE
1.9 yrs

Guiliang Lv

TITLE
CFO & Executive Director
AGE
52
TENURE
8.2 yrs

Chunlin Liu

TITLE
Executive Director
AGE
51
TENURE
18.1 yrs

Yaoyong Ge

TITLE
Executive Director
AGE
48
TENURE
10.3 yrs

Dongsheng Zhang

TITLE
Executive Director
AGE
47
TENURE
9.9 yrs

Jian Liu

TITLE
Deputy Manager & Executive Director
AGE
51
TENURE
0.3 yrs

Youguang Yu

TITLE
Independent Non-Executive Director
AGE
63
TENURE
5.8 yrs

Zhiming Zhang

TITLE
Independent Non-Executive Director
AGE
56
TENURE
3.8 yrs

Sujian Huang

TITLE
Independent Non-Executive Director
AGE
63
TENURE
2.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
30. Nov 18 Buy Erdos City Hongrui Business Limited Liability Company Company 27. Nov 18 27. Nov 18 17,543,200 HK$11.72 HK$205,536,744
30. Nov 18 Sell CITIC Private Equity Funds Management Co., Ltd. Company 27. Nov 18 27. Nov 18 -17,543,200 HK$11.72 HK$-205,536,744
X
Management checks
We assess Inner Mongolia Yitai CoalLtd's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Inner Mongolia Yitai CoalLtd has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Inner Mongolia Yitai Coal Co.,Ltd. engages in the mining, production, and sale of coal products in the Inner Mongolia autonomous region of the People’s Republic of China. It operates through four segments: Coal, Transportation, Coal-Related Chemical, and Others. The company also provides road and railway transportation services to coal companies; and produces and sells coal-based synthetic fuels and coal-related chemicals. In addition, it is involved in the storage and transportation, coal wholesale, coal technology development and consulting, chemical production and sale, biotechnology, and finance service activities. The company was founded in 1997 and is based in Ordos, the People’s Republic of China. Inner Mongolia Yitai Coal Co.,Ltd. is a subsidiary of Inner Mongolia Yitai Group Co., Ltd.

Details
Name: Inner Mongolia Yitai Coal Co.,Ltd.
3948
Exchange: SEHK
Founded: 1997
$29,578,813,293
3,254,007,000
Website: http://www.yitaicoal.com
Address: Inner Mongolia Yitai Coal Co.,Ltd.
Yitai Building,
North Tianjiao Road,
Ordos,
Inner Mongolia Province, 017000,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SHSE 900948 Foreign Shares-Domestically Listed Shanghai Stock Exchange CN USD 28. Aug 1997
SEHK 3948 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 12. Jul 2012
DB YT8 Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 12. Jul 2012
Number of employees
Current staff
Staff numbers
6,280
Inner Mongolia Yitai CoalLtd employees.
Industry
Coal and Consumable Fuels
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/18 12:59
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/03/22
Last earnings filing: 2019/03/21
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.