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$16820.9m
Last closeHK$3.180
High / Low (52 weeks)HK$3.2 / HK$1.2
Stock market listingHKSE
Forecast net debt (US$m)1386
Forecast gearing ratio (%)74
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual37.176.766.5
Relative *28.558.147.8

* % 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 2499.4 737.9 234.0 3.95 10.4 3.2
2013A 2470.0 750.5 123.0 1.95 21.0 3.3
2014E 2422.6 687.4 113.0 1.80 22.8 3.1
2015E 2310.3 669.2 122.0 1.95 21.0 3.2

Last updated on 14/07/2014

Latest research

Investment summary

MMG released a mixed set of Q214 operating results, with copper output down 12% q-o-q and zinc production up 2%. While FY14 guidance was slightly increased for copper and lowered for zinc, cash cost revisions are net-net positive and will partly offset the impact of lower zinc volumes. More importantly, commodity prices remain strong, representing the key upside risk to MMG earnings and valuation. This, as well as the progress on the Las Bambas project, should continue to support MMG shares.

Last updated on 23/07/2014

Industry outlook

We expect the copper price to remain under moderate pressure due to the growing supply and slower growth in China.

Last updated on 30/06/2014

Key management

Wang Lixin, 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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