Financials Xiamen Tungsten Co.,Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 04/07/2024 am IST			5-day change	1st Jan Change
16.71 ^CNY	-1.42%		-4.73%	-2.74%

19/04	China Shares Fall On Slowdown in Stimulus Effectivity; Xiamen Tungsten Falls 6%	MT
19/04	Xiamen Tungsten to Build Energy Material Plant in China for 278 Million Yuan; Shares Fall 6%	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	18,335	23,692	32,100	27,731	24,366	23,700	-	-
Enterprise Value (EV) ¹	18,335	23,692	32,100	27,731	24,366	23,700	23,700	23,700
P/E ratio	70.6 x	38.6 x	27 x	19 x	15.1 x	12.7 x	10.8 x	9.98 x
Yield	0.77%	0.89%	1.15%	1.79%	2.33%	2.09%	2.09%	2.09%
Capitalization / Revenue	1.05 x	1.25 x	1.01 x	0.58 x	0.62 x	0.63 x	0.56 x	0.51 x
EV / Revenue	1.05 x	1.25 x	1.01 x	0.58 x	0.62 x	0.63 x	0.56 x	0.51 x
EV / EBITDA	13.9 x	11.9 x	11 x	7.65 x	5.97 x	4.77 x	4.29 x	3.88 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	2.49 x	3.11 x	3.58 x	2.78 x	2.17 x	1.9 x	1.7 x	1.51 x
Nbr of stocks (in thousands)	14,06,046	14,06,046	14,18,459	14,18,459	14,18,285	14,18,285	-	-
Reference price ²	13.04	16.85	22.63	19.55	17.18	16.71	16.71	16.71
Announcement Date	21/01/20	30/03/21	14/02/22	19/01/23	17/01/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,396	18,964	31,852	48,223	39,398	37,382	42,264	46,559
EBITDA ¹	1,319	1,995	2,918	3,627	4,083	4,968	5,524	6,112
EBIT ¹	567.6	1,126	1,981	2,589	2,935	3,259	3,880	4,368
Operating Margin	3.26%	5.94%	6.22%	5.37%	7.45%	8.72%	9.18%	9.38%
Earnings before Tax (EBT) ¹	553.6	1,076	1,938	2,572	2,917	3,249	3,873	4,362
Net income ¹	260.7	614.1	1,181	1,446	1,602	1,778	2,124	2,376
Net margin	1.5%	3.24%	3.71%	3%	4.07%	4.75%	5.03%	5.1%
EPS ²	0.1847	0.4368	0.8396	1.028	1.135	1.318	1.543	1.675
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.1000	0.1500	0.2600	0.3500	0.4000	0.3500	0.3500	0.3500
Announcement Date	21/01/20	30/03/21	14/02/22	19/01/23	17/01/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	3.57%	8.2%	14.4%	15%	15.2%	14%	14.9%	14.7%
ROA (Net income/ Total Assets)	1.13%	-	-	3.98%	4.05%	4.3%	5.1%	5.3%
Assets ¹	22,988	-	-	36,351	39,542	41,337	41,647	44,830
Book Value Per Share ²	5.240	5.420	6.320	7.040	7.910	8.800	9.840	11.00
Cash Flow per Share ²	1.350	1.170	0.7000	-0.2500	3.020	2.790	3.280	3.540
Capex ¹	1,564	923	1,305	1,715	2,100	2,160	2,297	2,250
Capex / Sales	8.99%	4.87%	4.1%	3.56%	5.33%	5.78%	5.43%	4.83%
Announcement Date	21/01/20	30/03/21	14/02/22	19/01/23	17/01/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

16.71 CNY

Average target price

22.4 CNY

Spread / Average Target

+34.05%

	1st Jan change	Capi.
XIAMEN TUNGSTEN CO.,LTD.	-2.74%	330.72Cr
SOUTHERN COPPER CORPORATION	+36.21%	9.06TCr
FREEPORT-MCMORAN INC.	+18.98%	7.28TCr
MINING AND METALLURGICAL COMPANY NORILSK NICKEL	-.--%	2.89TCr
JIANGXI COPPER COMPANY LIMITED	+44.93%	957.07Cr
BOLIDEN	+7.06%	897.54Cr
SUMITOMO METAL MINING CO., LTD.	+24.45%	834.93Cr
KOREA ZINC INC.	+7.23%	774.6Cr
PT PETRINDO JAYA KREASI TBK	-26.26%	681.34Cr
WESTERN MINING CO.,LTD.	+26.00%	594.03Cr