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General information

Sector: Other Industrial Metals and Mining

China Molybdenum Co., Ltd., together with its subsidiaries, engages in the mining, beneficiation, smelting, refining, and trading of copper, cobalt, molybdenum, tungsten, niobium, phosphates, and other base and rare metals. The company provides molybdenum oxide, ferromolybdenum, molybdenum and tungsten concentrates, copper concentrate, cobalt hydroxide, ferroniobium, phosphate fertilizer, gold and silver, and other related products. It is also involved in the refining and sale of mineral products; purchase and sale of molybdenum and tungsten products; import and export of goods and technology; and hotel management, consulting, enterprise operating and management, asset management, logistics, and transportation businesses. The company has operations in China, Australia, Brazil and the Democratic Republic of the Congo, Switzerland, and internationally. China Molybdenum Co., Ltd. was incorporated in 2006 and is based in Luoyang, the People`s Republic of China.
Website: cmoc.com



Growth: Bad revenue growth rate -6.4%, there is slowdown compared to average historical growth rates 91.4%. The revenue growth dynamics is moderately stable

Profitability: LTM EBITDA margin is positive, +7.4%. On average the margin is improving unsteadily. Gross margin is low, +9.1%.

Cash Flow Generation: Dividend yield for the last twelve months 1.3%. Free cash flow yield 12.2% (LTM)

Undervaluation: Fundamental value created in LTM (estimate)


Entry Point: Share price is 96.1% higher than minimum and 2.1% lower than maximum for the last 3 years

AI Insight: the companies with similar growth trajectories, EBITDA margin, industries and geography on average are valued 4.9x by EV / Sales multiple , the company can be >100% undervalued

Key Financials (Download financials)

Ticker: 3993.HK
Share price, USD:  (+5.5%)0.9516135
year average price 0.6207  


year start price 0.6102 2023-04-28

min close price 0.4853 2023-12-14

max close price 0.9721 2024-04-12

current price 0.9516 2024-04-26
Common stocks: 21 334 073 125

Dividend Yield:  1.3%
FCF Yield LTM: 12.2%
EV / LTM EBITDA: 12.2x
EV / EBITDA annualized: 8.6x
Last revenue growth (y/y):  -6.4%
Last growth of EBITDA (y/y):  56.0%
Historical revenue growth:  91.4%
Historical growth of EBITDA:  51.5%
EV / Sales: 0.9x
Margin (EBITDA LTM / Revenue): 7.4%
Fundamental value created in LTM:
Market Cap ($m): 20 302
Net Debt ($m): 2 597
EV (Enterprise Value): 22 899
Price to Book: 2.6x

Revenue and EBITDA

Quarterly values ($m)

Change (y/y)

Cash Flow

FCF ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends (Download history)

Share price

Payment USD per share

Multiple and potential

EV / Sales

Potential dynamics

More information for subscribed users:
detailed calculation of
Fundamental value created in LTM

Financial reporting

Income Statement

Property 2023 q3 2023 q2 2022 q4 2022 q3
date 2023-09-30 2023-06-30 2022-12-31 2022-09-30
symbol 3993.HK 3993.HK 3993.HK 3993.HK
reportedCurrency CNY CNY CNY CNY
cik 0 0 0 0
fillingDate 2023-09-30 2023-06-30 2022-12-31 2022-09-30
acceptedDate 2023-09-29 20:00:00 2023-06-29 20:00:00 2022-12-30 19:00:00 2022-09-29 20:00:00
calendarYear 2023.000 2023.000 2022.000 2022.000
period Q3 Q2 Q4 Q3
revenue 44 956M 42 443M 40 522M 40 702M
costOfRevenue 39 429M 40 512M 37 764M 38 861M
grossProfit 5 527M 1 931M 2 758M 1 841M
grossProfitRatio 0.123 0.045 0.068 0.045
researchAndDevelopmentExpenses 112M 72M 72M 68M
generalAndAdministrativeExpenses 1 430M -108M -832M 1 218M
sellingAndMarketingExpenses 67M 39M 12M 25M
sellingGeneralAndAdministrativeExpenses 1 497M -69M -820M 1 243M
otherExpenses -232M 174M 1 215M -341M
operatingExpenses 1 915M 1 436M 467M 970M
costAndExpenses 41 344M 41 948M 38 231M 39 831M
interestIncome -1 985M 1 172M 1 967M -1 243M
interestExpense 1 092M 992M 868M 833M
depreciationAndAmortization 361M -219M 633M 566M
ebitda 3 811M 993M 2 180M 1 741M
ebitdaratio 0.085 0.023 0.054 0.043
operatingIncome 3 451M 1 213M 1 547M 1 174M
operatingIncomeRatio 0.077 0.029 0.038 0.029
totalOtherIncomeExpensesNet -41M -17M -1 143M 315M
incomeBeforeTax 3 410M 1 196M 403M 1 489M
incomeBeforeTaxRatio 0.076 0.028 0.010 0.037
incomeTaxExpense 1 751M 853M -562M 82M
netIncome 1 740M 386M 761M 1 158M
netIncomeRatio 0.039 0.009 0.019 0.028
eps 0.080 0.018 0.036 0.054
epsdiluted 0.080 0.018 0.035 0.054
weightedAverageShsOut 21 373M 21 373M 21 334M 21 334M
weightedAverageShsOutDil 21 678M 21 473M 21 591M 21 591M
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Balance Sheet Statement

Property 2023 q3 2023 q2 2022 q4 2022 q3
date 2023-09-30 2023-06-30 2022-12-31 2022-09-30
symbol 3993.HK 3993.HK 3993.HK 3993.HK
reportedCurrency CNY CNY CNY CNY
cik 0 0 0 0
fillingDate 2023-09-30 2023-06-30 2022-12-31 2022-09-30
acceptedDate 2023-09-29 20:00:00 2023-06-29 20:00:00 2022-12-30 19:00:00 2022-09-29 20:00:00
calendarYear 2023.000 2023.000 2022.000 2022.000
period Q3 Q2 Q4 Q3
cashAndCashEquivalents 36 370M 35 276M 32 648M 38 680M
shortTermInvestments 7 253M 7 356M 4 237M 7 875M
cashAndShortTermInvestments 43 623M 42 632M 36 884M 46 555M
netReceivables 10 979M 10 388M 10 280M 0
inventory 34 873M 32 763M 32 255M 29 795M
otherCurrentAssets 2 581M 2 656M 6 263M 4 558M
totalCurrentAssets 92 056M 88 439M 85 682M 95 263M
propertyPlantEquipmentNet 48 224M 46 977M 41 979M 37 798M
goodwill 436M 439M 423M 431M
intangibleAssets 24 917M 25 568M 19 448M 20 227M
goodwillAndIntangibleAssets 25 353M 26 007M 19 870M 20 658M
longTermInvestments -1 905M -1 863M 1 266M -2 372M
taxAssets 1 799M 1 483M 1 111M 1 125M
otherNonCurrentAssets 19 155M 19 477M 15 110M 18 327M
totalNonCurrentAssets 92 627M 92 081M 79 337M 75 536M
otherAssets 1.000 1.000 -0.000 -0.000
totalAssets 184 683M 180 521M 165 019M 170 799M
accountPayables 3 618M 3 952M 3 957M 4 059M
shortTermDebt 36 338M 28 509M 27 013M 32 921M
taxPayables 1 966M 1 142M 805M 1 737M
deferredRevenue 18 406M 18 765M 0 0
otherCurrentLiabilities 785M 3 420M 19 092M 19 495M
totalCurrentLiabilities 59 147M 54 646M 50 061M 56 475M
longTermDebt 22 609M 25 895M 21 335M 24 781M
deferredRevenueNonCurrent 40M 42M 46M 48M
deferredTaxLiabilitiesNonCurrent 5 865M 5 997M 6 093M 6 375M
otherNonCurrentLiabilities 29 988M 30 536M 25 448M 16 183M
totalNonCurrentLiabilities 58 502M 62 470M 52 921M 53 163M
otherLiabilities 1.000 1.000 0 0
capitalLeaseObligations 257M 259M 209M 238M
totalLiabilities 117 649M 117 116M 102 982M 109 637M
preferredStock 0 0 0 0
commonStock 4 320M 4 320M 4 320M 4 320M
retainedEarnings 18 643M 16 903M 18 020M 17 480M
accumulatedOtherComprehensiveIncomeLoss 0 0 0 0
othertotalStockholdersEquity 31 446M 31 558M 29 359M 29 056M
totalStockholdersEquity 54 409M 52 780M 51 699M 50 856M
totalEquity 67 034M 63 405M 51 699M 50 856M
totalLiabilitiesAndStockholdersEquity 184 683M 180 521M 165 019M 170 799M
minorityInterest 12 625M 10 624M 10 339M 10 306M
totalLiabilitiesAndTotalEquity 184 683M 180 521M 165 019M 170 799M
totalInvestments 5 348M 5 493M 5 503M 5 503M
totalDebt 58 947M 54 403M 48 347M 57 702M
netDebt 22 576M 19 127M 15 700M 19 022M
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Cash Flow Statement

Property 2023 q3 2023 q2 2022 q4 2022 q3
date 2023-09-30 2023-06-30 2022-12-31 2022-09-30
symbol 3993.HK 3993.HK 3993.HK 3993.HK
reportedCurrency CNY CNY CNY CNY
cik 0 0 0 0
fillingDate 2023-09-30 2023-06-30 2022-12-31 2022-09-30
acceptedDate 2023-09-29 20:00:00 2023-06-29 20:00:00 2022-12-30 19:00:00 2022-09-29 20:00:00
calendarYear 2023.000 2023.000 2022.000 2022.000
period Q3 Q2 Q4 Q3
netIncome 1 740M 386M 761M 0
depreciationAndAmortization -1 623M 1 623M 0 0
deferredIncomeTax 5 614M -5 614M 0 0
stockBasedCompensation 0 28M 0 0
changeInWorkingCapital -5 587M 5 587M 0 0
accountsReceivables -6 481M 6 481M 0 0
inventory 894M -894M 0 0
accountsPayables 0 0 0 0
otherWorkingCapital 0 0 0 0
otherNonCashItems 1 221M 2 109M -761M 0
netCashProvidedByOperatingActivities 1 338M 4 119M 761M 0
investmentsInPropertyPlantAndEquipment -2 243M -3 899M -4 811M -1 950M
acquisitionsNet 266M 76M 47M 4M
purchasesOfInvestments -679M -5 279M 2 725M -3 180M
salesMaturitiesOfInvestments 589M 5 722M 2 700M 767M
otherInvestingActivites -28M -46M -9M 55M
netCashUsedForInvestingActivites -2 095M -3 426M 652M -4 305M
debtRepayment -13 941M -17 622M -11 432M -13 141M
commonStockIssued 0 0 0 0
commonStockRepurchased 0 0 0 0
dividendsPaid -2 788M -926M -1 622M -2 294M
otherFinancingActivites 18 705M 20 630M 1 525M 23 899M
netCashUsedProvidedByFinancingActivities 1 976M 2 082M -11 529M 8 463M
effectOfForexChangesOnCash -179M 652M 992M 903M
netChangeInCash 1 040M 3 427M -5 237M 7 365M
cashAtEndOfPeriod 31 122M 30 082M 29 046M 34 282M
cashAtBeginningOfPeriod 30 082M 26 655M 34 282M 26 917M
operatingCashFlow 1 338M 4 119M 761M 0
capitalExpenditure -2 243M -3 899M -4 811M -1 950M
freeCashFlow -905M 220M -4 050M -1 950M
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Earning call transcript