Financials CMOC Group Limited

Equities

3993

CNE100000114

Specialty Mining & Metals

Delayed Hong Kong S.E. Other stock markets 11:59:09 2024-05-29 pm EDT			5-day change	1st Jan Change
7.42 ^HKD	-4.13%		+0.95%	+73.77%

May. 23	New entries in the Investor Asia portfolio
Apr. 29	CMOC Group Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	88,742	126,809	110,936	91,829	106,182	181,198	-	-
Enterprise Value (EV) ¹	116,804	154,647	133,244	107,319	124,958	184,613	182,075	188,370
P/E ratio	33.2 x	38.7 x	14 x	11.4 x	10.2 x	13.5 x	11.3 x	10.3 x
Yield	1.44%	0.77%	2.13%	-	3.97%	3.09%	3.52%	3.93%
Capitalization / Revenue	1.29 x	1.12 x	0.64 x	0.53 x	0.57 x	0.89 x	0.84 x	0.82 x
EV / Revenue	1.7 x	1.37 x	0.77 x	0.62 x	0.67 x	0.91 x	0.84 x	0.85 x
EV / EBITDA	20 x	21.8 x	10.4 x	7.52 x	7.73 x	7.35 x	6.45 x	6.35 x
EV / FCF	-115 x	157 x	69 x	21.5 x	41.4 x	24.6 x	15 x	15.2 x
FCF Yield	-0.87%	0.64%	1.45%	4.64%	2.41%	4.06%	6.68%	6.57%
Price to Book	1.58 x	2.36 x	1.81 x	-	1.39 x	2.22 x	2.03 x	1.79 x
Nbr of stocks (in thousands)	21,599,241	21,550,727	21,450,727	21,394,310	21,394,310	21,394,310	-	-
Reference price ²	2.985	4.259	3.349	3.179	3.881	7.180	7.180	7.180
Announcement Date	3/29/20	3/22/21	3/15/22	3/17/23	3/12/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	68,677	112,981	173,863	172,991	186,269	203,000	216,148	220,592
EBITDA ¹	5,847	7,087	12,817	14,271	16,167	25,127	28,235	29,652
EBIT ¹	2,222	2,947	8,789	9,889	13,288	19,804	22,599	23,533
Operating Margin	3.23%	2.61%	5.05%	5.72%	7.13%	9.76%	10.46%	10.67%
Earnings before Tax (EBT) ¹	2,358	2,876	8,755	9,804	13,208	19,139	21,848	23,207
Net income ¹	1,857	2,329	5,106	6,067	8,250	11,023	12,930	13,827
Net margin	2.7%	2.06%	2.94%	3.51%	4.43%	5.43%	5.98%	6.27%
EPS ²	0.0900	0.1100	0.2400	0.2800	0.3800	0.5305	0.6346	0.6956
Free Cash Flow ¹	-1,014	984.8	1,930	4,984	3,015	7,503	12,162	12,375
FCF margin	-1.48%	0.87%	1.11%	2.88%	1.62%	3.7%	5.63%	5.61%
FCF Conversion (EBITDA)	-	13.89%	15.06%	34.92%	18.65%	29.86%	43.07%	41.73%
FCF Conversion (Net income)	-	42.29%	37.8%	82.15%	36.55%	68.07%	94.06%	89.5%
Dividend per Share ²	0.0430	0.0330	0.0712	-	0.1542	0.2216	0.2528	0.2824
Announcement Date	3/29/20	3/22/21	3/15/22	3/17/23	3/12/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 S1	2025 S2
Net sales ¹	46,744	-	44,525	47,242	91,767	40,702	40,522	81,224	-	42,443	86,726	44,956	54,587	99,543	46,121	49,340	103,190	51,396	55,508	106,947	118,219	115,809
EBITDA	1,441	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-512	-	3,268	4,682	7,949	1,506	433.4	1,940	-	1,213	-	3,451	8,188	11,639	3,526	4,258	9,197	4,435	4,790	12,564	19,741	17,910
Operating Margin	-1.1%	-	7.34%	9.91%	8.66%	3.7%	1.07%	2.39%	-	2.86%	-	7.68%	15%	11.69%	7.65%	8.63%	8.91%	8.63%	8.63%	11.75%	16.7%	15.47%
Earnings before Tax (EBT)	350.5	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	1,008	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	2.16%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS ²	-	0.0750	0.0840	0.1100	0.1900	0.0550	0.0350	0.0900	0.0150	0.0180	0.0330	-	0.2700	0.3500	0.1000	0.1000	0.2100	0.1100	0.1200	0.2900	0.4600	0.4200
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/30/20	3/15/22	4/26/22	8/21/22	8/21/22	10/23/22	3/17/23	3/17/23	4/28/23	8/25/23	8/25/23	10/27/23	3/12/24	3/12/24	4/29/24	-	-	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	28,062	27,838	22,309	15,490	18,776	3,414	877	7,172
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.8 x	3.928 x	1.741 x	1.085 x	1.161 x	0.1359 x	0.0311 x	0.2419 x
Free Cash Flow ¹	-1,014	985	1,930	4,984	3,015	7,503	12,162	12,375
ROE (net income / shareholders' equity)	4.54%	5.83%	10.4%	13.4%	15%	17.2%	17.5%	16.7%
ROA (Net income/ Total Assets)	1.7%	1.95%	3.16%	4.01%	4.88%	6.8%	6.82%	7.18%
Assets ¹	109,044	119,670	161,685	151,235	168,997	162,216	189,592	192,662
Book Value Per Share ²	1.890	1.800	1.850	-	2.780	3.230	3.540	4.020
Cash Flow per Share ²	0.0800	0.3900	0.2900	-	0.7200	0.9800	0.8000	0.9400
Capex ¹	2,719	7,508	4,260	10,470	12,527	10,903	10,024	10,161
Capex / Sales	3.96%	6.65%	2.45%	6.05%	6.73%	5.37%	4.64%	4.61%
Announcement Date	3/29/20	3/22/21	3/15/22	3/17/23	3/12/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for CMOC Group Limited

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7.18 CNY

Average target price

8.58 CNY

Spread / Average Target

+19.50%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Specialty Mining & Metals Wholesale

	1st Jan change	Capi.
CMOC GROUP LIMITED	+81.26%	24.41B
SHENZHEN ZHONGJIN LINGNAN NONFEMET CO. LTD.	+14.12%	2.48B
TIBET HUAYU MINING CO., LTD.	+65.83%	1.69B
LYGEND RESOURCES & TECHNOLOGY CO., LTD.	+2.12%	1.25B
PENGXIN INTERNATIONAL MINING CO.,LTD	+9.70%	971M
ALCONIX CORPORATION	+9.47%	278M
CNNC INTERNATIONAL LIMITED	+46.15%	152M
CHINA SILVER GROUP LIMITED	+148.25%	86.31M
GREENTECH TECHNOLOGY INTERNATIONAL LIMITED	-3.45%	78.7M

Specialty Mining & Metals Wholesale