Financials Xiamen Tungsten Co.,Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
19.56 ^CNY	+2.84%		-1.76%	+13.85%

Apr. 19	China Shares Fall On Slowdown in Stimulus Effectivity; Xiamen Tungsten Falls 6%	MT
Apr. 19	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	27,742	-	-
Enterprise Value (EV) ¹	18,335	23,692	32,100	27,731	24,366	27,742	27,742	27,742
P/E ratio	70.6 x	38.6 x	27 x	19 x	15.1 x	15.6 x	11.8 x	11.7 x
Yield	0.77%	0.89%	1.15%	1.79%	2.33%	1.79%	2.28%	1.79%
Capitalization / Revenue	1.05 x	1.25 x	1.01 x	0.58 x	0.62 x	0.74 x	0.58 x	0.6 x
EV / Revenue	1.05 x	1.25 x	1.01 x	0.58 x	0.62 x	0.74 x	0.58 x	0.6 x
EV / EBITDA	13.9 x	11.9 x	11 x	7.65 x	5.97 x	5.58 x	4.57 x	4.54 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	2.49 x	3.11 x	3.58 x	2.78 x	2.17 x	2.22 x	1.8 x	1.77 x
Nbr of stocks (in thousands)	1,406,046	1,406,046	1,418,459	1,418,459	1,418,285	1,418,285	-	-
Reference price ²	13.04	16.85	22.63	19.55	17.18	19.56	19.56	19.56
Announcement Date	1/21/20	3/30/21	2/14/22	1/19/23	1/17/24	-	-	-

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	48,076	46,559
EBITDA ¹	1,319	1,995	2,918	3,627	4,083	4,968	6,064	6,112
EBIT ¹	567.6	1,126	1,981	2,589	2,935	3,259	4,226	4,368
Operating Margin	3.26%	5.94%	6.22%	5.37%	7.45%	8.72%	8.79%	9.38%
Earnings before Tax (EBT) ¹	553.6	1,076	1,938	2,572	2,917	3,249	4,214	4,362
Net income ¹	260.7	614.1	1,181	1,446	1,602	1,778	2,349	2,376
Net margin	1.5%	3.24%	3.71%	3%	4.07%	4.75%	4.89%	5.1%
EPS ²	0.1847	0.4368	0.8396	1.028	1.135	1.255	1.658	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	0.4467	0.3500
Announcement Date	1/21/20	3/30/21	2/14/22	1/19/23	1/17/24	-	-	-

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%	14.1%	15.3%	14.7%
ROA (Net income/ Total Assets)	1.13%	-	-	3.98%	-	4.31%	5.1%	5.3%
Assets ¹	22,988	-	-	36,351	-	41,273	46,054	44,830
Book Value Per Share ²	5.240	5.420	6.320	7.040	7.910	8.800	10.80	11.00
Cash Flow per Share ²	1.350	1.170	0.7000	-0.2500	3.020	2.360	2.820	3.540
Capex ¹	1,564	923	1,305	1,715	2,100	2,160	2,736	352
Capex / Sales	8.99%	4.87%	4.1%	3.56%	5.33%	5.78%	5.69%	0.76%
Announcement Date	1/21/20	3/30/21	2/14/22	1/19/23	1/17/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

19.56 CNY

Average target price

22.4 CNY

Spread / Average Target

+14.52%

	1st Jan change	Capi.
XIAMEN TUNGSTEN CO.,LTD.	+13.85%	3.83B
SOUTHERN COPPER CORPORATION	+35.87%	90.41B
FREEPORT-MCMORAN INC.	+18.63%	72.53B
MINING AND METALLURGICAL COMPANY NORILSK NICKEL	-.--%	27.75B
JIANGXI COPPER COMPANY LIMITED	+48.73%	10.49B
SUMITOMO METAL MINING CO., LTD.	+24.16%	9.2B
BOLIDEN AB	+12.94%	8.86B
KOREA ZINC INC.	-8.73%	6.9B
WESTERN MINING CO.,LTD.	+44.50%	6.78B
JINDUICHENG MOLYBDENUM CO., LTD.	+23.28%	5.19B