Financials Metallurgical Corporation of China Ltd.

Equities

Delayed Hong Kong S.E. Other stock markets 01:38:06 30/04/2024 pm IST			5-day change	1st Jan Change
1.53 ^HKD	-3.77%		-0.65%	+0.66%

29/04	Metallurgical Corporation of China Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
15/04	MCC Logs Nearly 3% Decline in Newly Signed Contracts in Q1	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	60,943	61,814	89,643	69,147	64,547	67,473	-	-
Enterprise Value (EV) ¹	1,06,214	79,341	1,12,207	88,332	96,269	56,160	36,405	67,473
P/E ratio	5.92 x	-	-	-	-	3.1 x	2.85 x	2.67 x
Yield	4.5%	6.48%	-	-	-	-	-	-
Capitalization / Revenue	0.16 x	0.13 x	0.15 x	0.1 x	0.09 x	0.09 x	0.08 x	0.08 x
EV / Revenue	0.29 x	0.17 x	0.18 x	0.13 x	0.14 x	0.08 x	0.04 x	0.08 x
EV / EBITDA	7.63 x	4.35 x	5.16 x	4.01 x	5 x	2.27 x	1.23 x	2.24 x
EV / FCF	-	-	-	5.4 x	53.1 x	17.2 x	2.55 x	4.5 x
FCF Yield	-	-	-	18.5%	1.88%	5.82%	39.3%	22.2%
Price to Book	0.34 x	-	-	-	-	0.19 x	0.18 x	0.17 x
Nbr of stocks (in thousands)	2,07,23,619	2,07,23,619	2,07,23,619	2,07,23,619	2,07,23,619	2,07,23,619	-	-
Reference price ²	1.750	1.370	1.990	1.730	1.520	1.530	1.530	1.530
Announcement Date	31/03/20	29/03/21	29/03/22	29/03/23	28/03/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,70,645	4,73,339	6,15,067	6,75,623	6,86,418	7,38,293	8,28,546	8,36,177
EBITDA ¹	13,930	18,259	21,751	22,020	19,255	24,760	29,677	30,112
EBIT ¹	10,225	13,975	17,402	17,538	14,853	16,320	20,803	19,915
Operating Margin	2.76%	2.95%	2.83%	2.6%	2.16%	2.21%	2.51%	2.38%
Earnings before Tax (EBT) ¹	10,707	14,098	17,217	17,547	14,906	18,835	20,763	19,899
Net income ¹	7,198	9,301	10,291	11,710	9,389	9,931	12,467	12,223
Net margin	1.94%	1.96%	1.67%	1.73%	1.37%	1.35%	1.5%	1.46%
EPS ²	0.2955	-	-	-	-	0.4930	0.5360	0.5740
Free Cash Flow ¹	-	-	-	16,351	1,813	3,269	14,290	14,986
FCF margin	-	-	-	2.42%	0.26%	0.44%	1.72%	1.79%
FCF Conversion (EBITDA)	-	-	-	74.26%	9.41%	13.2%	48.15%	49.77%
FCF Conversion (Net income)	-	-	-	139.63%	19.31%	32.92%	114.62%	122.6%
Dividend per Share	0.0788	0.0887	-	-	-	-	-	-
Announcement Date	31/03/20	29/03/21	29/03/22	29/03/23	28/03/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	45,271	17,527	22,563	19,186	31,722	-	-	-
Net Cash position ¹	-	-	-	-	-	11,313	31,068	-
Leverage (Debt/EBITDA)	3.25 x	0.9599 x	1.037 x	0.8713 x	1.647 x	-	-	-
Free Cash Flow ¹	-	-	-	16,351	1,813	3,269	14,290	14,986
ROE (net income / shareholders' equity)	7.99%	8.93%	8.16%	10.5%	7.23%	6.18%	7.07%	6.55%
ROA (Net income/ Total Assets)	1.47%	1.63%	1.6%	1.82%	1.39%	1.66%	1.73%	1.87%
Assets ¹	4,89,358	5,70,616	6,44,998	6,43,415	6,75,480	5,99,154	7,19,583	6,55,399
Book Value Per Share ²	5.170	-	-	-	-	8.010	8.450	8.940
Cash Flow per Share	0.9300	1.600	-	-	-	-	-	-
Capex ¹	3,836	4,247	3,694	4,343	4,567	2,761	2,727	2,497
Capex / Sales	1.03%	0.9%	0.6%	0.64%	0.67%	0.37%	0.33%	0.3%
Announcement Date	31/03/20	29/03/21	29/03/22	29/03/23	28/03/24	-	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.53 HKD

Average target price

2.07 HKD

Spread / Average Target

+35.29%

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