Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$14.68, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 353% over the past three years. Reported Earnings • Apr 26
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: US$0.10 (up from US$0.10 in FY 2024). Revenue: US$3.42b (down 10% from FY 2024). Net income: US$404.3m (up 1.5% from FY 2024). Profit margin: 12% (up from 10% in FY 2024). The increase in margin was driven by lower expenses. Production and reserves: Copper Production: 0.227 Mt (0.112 Mt in FY 2024) Proved and probable reserves (ore): 90.14 Mt (101.1 Mt in FY 2024) Number of mines: 3 (3 in FY 2024) Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) also missed analyst estimates by 16%. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Apr 11
Dividend of US$0.041 announced Shareholders will receive a dividend of US$0.041. Ex-date: 30th June 2026 Payment date: 14th July 2026 Dividend yield will be 0.3%, which is lower than the industry average of 2.0%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has increased by an average of 31% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 61% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • Apr 11
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. 1 highly experienced director. Independent Non-Executive Director Huan Fei Guan is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Mar 25
China Nonferrous Mining Corporation Limited, Annual General Meeting, Jun 25, 2026 China Nonferrous Mining Corporation Limited, Annual General Meeting, Jun 25, 2026. Announcement • Mar 09
China Nonferrous Mining Corporation Limited to Report Fiscal Year 2025 Results on Mar 24, 2026 China Nonferrous Mining Corporation Limited announced that they will report fiscal year 2025 results on Mar 24, 2026 Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to HK$16.50, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 13x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 381% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$26.59 per share. New Risk • Nov 14
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. This is currently the only risk that has been identified for the company. Board Change • Nov 04
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. 1 highly experienced director. Independent Non-Executive Director Huan Fei Guan is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to HK$14.98, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 14x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 461% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$24.62 per share. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$12.76, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 348% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$24.56 per share. Reported Earnings • Sep 02
First half 2025 earnings released: EPS: US$0.067 (vs US$0.058 in 1H 2024) First half 2025 results: EPS: US$0.067 (up from US$0.058 in 1H 2024). Revenue: US$1.75b (down 13% from 1H 2024). Net income: US$263.3m (up 20% from 1H 2024). Profit margin: 15% (up from 11% in 1H 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Metals and Mining 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 increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to HK$10.36, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 258% over the past three years. Announcement • Aug 12
China Nonferrous Mining Corporation Limited to Report First Half, 2025 Results on Aug 28, 2025 China Nonferrous Mining Corporation Limited announced that they will report first half, 2025 results on Aug 28, 2025 Announcement • Jul 03
China Nonferrous Mining Corporation Limited Announces Change of Nomination Committee Member, with Effect from 30 June 2025 The Board (the "Board") of Directors (the "Directors") of China Nonferrous Mining Corporation Limited (the "Company") hereby announces the following changes for the nomination committee of the Board (the "Nomination Committee"), with effect from 30 June 2025: (1) Mr. Bo XIAO, an executive Director of the Company, has ceased to be a member of the Nomination Committee; and (2) Ms. Yani GONG, a non-executive Director of the Company, has been appointed as a member of the Nomination Committee. Following the above changes, the Nomination Committee comprises 3 members, namely Mr. Yufeng SUN (chairman), Ms. Yani GONG and Mr. Guangfu GAO. Announcement • Jun 26
China Nonferrous Mining Corporation Limited Declares Final Dividend for the Year Ended 31 December 2024, Payable on or Around 14 July 2025 China Nonferrous Mining Corporation Limited announced that at the AGM held on June 26, 2025, declared a final dividend of HKD 0.336697 per share of the Company for the year ended 31 December 2024. In relation to the resolution number 2 above, the Final Dividend will be paid on or around 14 July 2025 to the Shareholders whose names appear on the register of members of the Company on 3 July 2025. The register of members of the Company will be closed on 3 July 2025, and no transfer of Shares will be registered on that day. In order to be qualified for the Final Dividend, all properly completed transfer forms accompanied by the relevant share certificates must be lodged with the Company's share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712 1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong, not later than 4:30 p.m. on 2 July 2025 for registration. The Shares will be traded on an ex-dividend basis on 30 June 2025. Upcoming Dividend • Jun 23
Upcoming dividend of US$0.043 per share Eligible shareholders must have bought the stock before 30 June 2025. Payment date: 14 July 2025. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Hong Kong dividend payers (7.5%). Higher than average of industry peers (4.1%). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to HK$4.41, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 8x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 23% over the past three years. Declared Dividend • Mar 31
Dividend of US$0.043 announced Shareholders will receive a dividend of US$0.043. Ex-date: 30th June 2025 Payment date: 14th July 2025 Dividend yield will be 0.8%, which is lower than the industry average of 2.0%. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 36% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 25% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 28
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: US$5.10 (up from US$0.074 in FY 2023). Revenue: US$3.82b (up 5.8% from FY 2023). Net income: US$398.5m (up 44% from FY 2023). Profit margin: 10% (up from 7.7% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 7.1%. Earnings per share (EPS) exceeded analyst estimates by 3.4%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 167% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Mar 22
China Nonferrous Mining Corporation Limited Announces Board and Committee Changes The Board of Directors of China Nonferrous Mining Corporation Limited announced that, on and with effect from 21 March 2025, Mr. Dingfan QIU (‘Mr. Qiu’) has notified the Board of his intention to tender his resignation as an Independent Non-Executive Director of the Company, the Chairman of Nomination Committee, and a Member of Remuneration Committee and Compliance Committee, in order to dedicate his time to his personal endeavours. Mr. Qiu has confirmed that he did not have any disagreement with the Board and there is no matter concerning his resignation that needs to be brought to the attention of the shareholders of the Company (the ‘Shareholders’). The Board is not aware of any matter concerning Mr. Qiu's resignation that needs to be brought to the attention of the Shareholders. The Board announced that Mr. Yufeng SUN (‘Mr. Sun’) has been appointed as an Independent Non-Executive Director, the Chairman of Nomination Committee, and a member of Remuneration Committee and Compliance Committee, with effect from 21 March 2025. Mr. Yufeng SUN, aged 60, obtained a Bachelor's degree in English Literature from the Shanghai International Studies University in 1987 and a Master's degree in Business Administration from the University of Delaware in the United States in 1997. Mr. Sun joined the CITIC Group Corporation in 1987 and CITIC Metal Co. Ltd. in 1999. He acted as the president and the chairman of CITIC Metal Co. Ltd. between 2003 and 2016, where he was responsible for managing trading and investment businesses. He acted as the vice-chairman and president of CITIC Metal Group Limited from January 2017 to May 2023. From March 2019 to April 2023, he acted as an executive director and the chairman of CITIC Resources Holdings Limited, a company listed on The Stock Exchange of Hong Kong Limited, where he was responsible for the strategic and corporate development, management and operations of the group. From September 2018 to July 2023, Mr. Sun was a non-executive co-chairman of Ivanhoe Mines Ltd., a company listed on the Toronto Stock Exchange and OTC Markets Group Inc. Mr. Sun possesses over 30 years of experience in the metal trading and mining sector, including business management and investment. Announcement • Mar 12
China Nonferrous Mining Corporation Limited to Report Fiscal Year 2024 Results on Mar 26, 2025 China Nonferrous Mining Corporation Limited announced that they will report fiscal year 2024 results on Mar 26, 2025 Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$5.50, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 111% over the past three years. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$5.02, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 102% over the past three years. Announcement • Oct 22
China Nonferrous Mining Corporation Limited Provides Earnings Guidance for the Nine Months Ended 30 September 2024 China Nonferrous Mining Corporation Limited provided earnings guidance for the nine months ended 30 September 2024. For the nine months ended 30 September 2024, the Group is expected to record a profit attributable to owners of the Company amounting to approximately USD 314 million, representing an increase of approximately 23% year-on-year. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$5.68, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 81% over the past three years. Reported Earnings • Aug 31
First half 2024 earnings released: EPS: US$0.058 (vs US$0.05 in 1H 2023) First half 2024 results: EPS: US$0.058 (up from US$0.05 in 1H 2023). Revenue: US$2.01b (up 9.0% from 1H 2023). Net income: US$219.1m (up 18% from 1H 2023). Profit margin: 11% (in line with 1H 2023). Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Aug 08
China Nonferrous Mining Corporation Limited to Report First Half, 2024 Results on Aug 29, 2024 China Nonferrous Mining Corporation Limited announced that they will report first half, 2024 results on Aug 29, 2024 Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$5.65, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 70% over the past three years. Announcement • Jun 28
China Nonferrous Mining Corporation Limited Approves Final Ordinary Dividend for the Financial Year End 31 December 2023, Payable on July 15, 2024 China Nonferrous Mining Corporation Limited approves final ordinary dividend USD 0.029702 per share for the financial year end 31 December 2023. Ex-dividend date 02 July 2024, Record date 04 July 2024 and Payment date 15 July 2024. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to HK$6.90, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 111% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$7.53 per share. New Risk • Apr 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. 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. Shareholders have been diluted in the past year (4.4% increase in shares outstanding). Announcement • Apr 10
China Nonferrous Mining Corporation Limited has filed a Follow-on Equity Offering in the amount of HKD 978 million. China Nonferrous Mining Corporation Limited has filed a Follow-on Equity Offering in the amount of HKD 978 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 163,000,000
Price\Range: HKD 6
Transaction Features: Subsequent Direct Listing Declared Dividend • Mar 31
Dividend of US$0.03 announced Shareholders will receive a dividend of US$0.03. Ex-date: 28th June 2024 Payment date: 15th July 2024 Dividend yield will be 0.5%, which is lower than the industry average of 2.0%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 31% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 42% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 30
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: US$0.074 (up from US$0.071 in FY 2022). Revenue: US$3.61b (down 12% from FY 2022). Net income: US$277.6m (up 5.3% from FY 2022). Profit margin: 7.7% (up from 6.4% in FY 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 43% per year, which means it is well ahead of earnings. Announcement • Mar 29
China Nonferrous Mining Corporation Limited, Annual General Meeting, Jun 27, 2024 China Nonferrous Mining Corporation Limited, Annual General Meeting, Jun 27, 2024. Announcement • Mar 14
China Nonferrous Mining Corporation Limited to Report Fiscal Year 2023 Results on Mar 28, 2024 China Nonferrous Mining Corporation Limited announced that they will report fiscal year 2023 results on Mar 28, 2024 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$5.58, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 221% over the past three years. Announcement • Jan 27
China Nonferrous Mining Corporation Limited Provides Production Guidance for the Year 2024 China Nonferrous Mining Corporation Limited provided production guidance for the year 2024. Based on the production schedule and operational needs of its mines and smelters, the company expects to produce approximately 550,000 tonnes of overall copper output, of which approximately 140,000 tonnes are copper cathodes, and approximately 410,000 tonnes are blister copper and copper anodes (including copper products processing services); approximately 160,000 tonnes of copper by self-owned mines; approximately 1,000,000 tonnes of sulphuric acid; approximately 650 tonnes of cobalt contained in cobaltous hydroxide; and approximately 13,000 tonnes of liquid sulphur dioxide in the year 2024. Board Change • Jan 05
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. 1 highly experienced director. Independent Non-Executive Director Huan Fei Guan is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Oct 28
China Nonferrous Mining Corporation Limited Provides Earnings Guidance for the Nine Months Ended 30 September 2023 China Nonferrous Mining Corporation Limited provided earnings guidance for the nine months ended 30 September 2023. For the period, the company is expected to record a profit attributable to owners of the Company amounting to approximately USD 255 million, representing an increase of approximately 9% year-on-year. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to HK$5.10, the stock trades at a forward P/E ratio of 46x. Average forward P/E is 10x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 236% over the past three years. New Risk • Sep 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 58% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 58% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Sep 01
First half 2023 earnings released: EPS: US$0.05 (vs US$0.052 in 1H 2022) First half 2023 results: EPS: US$0.05 (down from US$0.052 in 1H 2022). Revenue: US$1.84b (down 17% from 1H 2022). Net income: US$185.7m (down 5.3% from 1H 2022). Profit margin: 10% (up from 8.9% in 1H 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 09
China Nonferrous Mining Corporation Limited to Report First Half, 2023 Results on Aug 29, 2023 China Nonferrous Mining Corporation Limited announced that they will report first half, 2023 results on Aug 29, 2023 Upcoming Dividend • Jun 23
Upcoming dividend of US$0.028 per share at 6.0% yield Eligible shareholders must have bought the stock before 30 June 2023. Payment date: 13 July 2023. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 6.0%. Lower than top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (3.2%). Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$4.41, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 237% over the past three years. Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: US$0.071 (vs US$0.098 in FY 2021) Full year 2022 results: EPS: US$0.071 (down from US$0.098 in FY 2021). Revenue: US$4.09b (up 1.1% from FY 2021). Net income: US$263.7m (down 26% from FY 2021). Profit margin: 6.4% (down from 8.8% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 34% per year whereas the company’s share price has increased by 33% per year. Announcement • Jan 21
China Nonferrous Mining Corporation Limited Provides Production Guidance for Year 2023 China Nonferrous Mining Corporation limited provided production guidance for year 2023. For the year, based on the production schedule and operational needs of its mines and smelters, the Company expects to produce approximately 140,000 tonnes of copper cathodes, approximately 380,000 tonnes of blister copper and copper anodes (including copper products processing services), approximately 160,000 tonnes of copper by self-owned mines, approximately 980,000 tonnes of sulphuric acid, approximately 1,480 tonnes of cobalt contained in cobaltous hydroxide and approximately 24,000 tonnes of liquid sulphur dioxide in 2023. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improved over the past week After last week's 17% share price gain to HK$3.95, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 6x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 198% over the past three years. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improved over the past week After last week's 18% share price gain to HK$3.37, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 5x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 164% over the past three years. Reported Earnings • Sep 01
First half 2022 earnings released: EPS: US$0.053 (vs US$0.067 in 1H 2021) First half 2022 results: EPS: US$0.053 (down from US$0.067 in 1H 2021). Revenue: US$2.21b (up 4.6% from 1H 2021). Net income: US$196.2m (down 18% from 1H 2021). Profit margin: 8.9% (down from 11% in 1H 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 22%, compared to a 2.5% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 23
Upcoming dividend of US$0.038 per share Eligible shareholders must have bought the stock before 30 June 2022. Payment date: 14 July 2022. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 7.4%. Lower than top quartile of Hong Kong dividend payers (7.9%). Higher than average of industry peers (4.6%). Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 15% share price gain to HK$4.28, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 180% over the past three years. Reported Earnings • Apr 29
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: US$0.098 (up from US$0.036 in FY 2020). Revenue: US$4.05b (up 56% from FY 2020). Net income: US$357.1m (up 186% from FY 2020). Profit margin: 8.8% (up from 4.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 9.7%. Earnings per share (EPS) also missed analyst estimates by 2.2%. Over the next year, revenue is forecast to grow 22%, compared to a 23% growth forecast for the mining industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improved over the past week After last week's 19% share price gain to HK$4.73, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 147% over the past three years. Reported Earnings • Apr 01
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: US$0.098 (up from US$0.036 in FY 2020). Revenue: US$4.05b (up 56% from FY 2020). Net income: US$357.1m (up 186% from FY 2020). Profit margin: 8.8% (up from 4.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 9.7%. Earnings per share (EPS) also missed analyst estimates by 2.2%. Over the next year, revenue is forecast to grow 22%, compared to a 9.1% growth forecast for the mining industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improved over the past week After last week's 15% share price gain to HK$3.58, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 76% over the past three years. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improved over the past week After last week's 16% share price gain to HK$4.26, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 128% over the past three years. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improved over the past week After last week's 23% share price gain to HK$3.74, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 6x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 101% over the past three years. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improved over the past week After last week's 15% share price gain to HK$4.27, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 154% over the past three years.