MMG (1208)

Business description

MMG is a mid-tier global resources company that explores, develops and mines base metal deposits. It is headquartered in Melbourne, Australia, and listed on the Hong Kong Stock Exchange.

Share price chart

Share chart

Stock data

Market cap.HK$13435.6m
Last closeHK$2.54
High / Low (52 weeks)HK$3.2 / HK$1.2
Stock market listingHK
Forecast net debt (US$m)1385
Forecast gearing ratio (%)73
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual(6.6)(20.1)45.1
Relative *(9.6)(16.7)42.7

* % Relative to local index

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Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2012A 2499.0 738.0 234.0 4.0 8.2 2.5
2013A 2470.0 751.0 123.0 2.0 16.4 2.6
2014E 2413.0 748.0 138.0 2.2 14.9 2.3
2015E 2166.0 720.0 139.0 2.2 14.9 2.3

Last updated on 29/10/2014

Latest research

Investment summary

We increase our 2014/15 earnings estimates for MMG on the back of the strong H114 results and updated commodity price assumptions. As a result, our core NAV for the company moves from HK$2.0/share to HK$2.2. Following the increase in capex and commissioning delay, we in turn lower our net attributable valuation of Las Bambas to HK$0.44/share. At the same time, we remain positive on the project as we see a number of upside risks to our valuation and the copper market fundamentals remain strong.

Last updated on 28/10/2014

Industry outlook

Copper and zinc prices remain strong, supported by tight supply-demand fundamentals.

Last updated on 30/09/2014

Key management

Jiao Jian, Chairman
Andrew Michelmore, CEO
David Lamont, CFO
Colette Campbell , Head of IR
Maggie Qin, Head of Corporate Affairs
Marcelo Bastos, COO

Company address

Level 23
28 Freshwater Place
Southbank
VIC 3006
Australia
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