MMG (1208) AI Stock Analysis

• Market Cap: $78.43B
• Dividend Yield: N/A
• Average Volume (3M): 74.86M
• Price to Earnings (P/E): 20.2
• Beta (1Y): 1.10
• Revenue Growth: 22.65%
• EPS Growth: 323.84%
• Country: HK
• Employees: 5,195
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Copper
• EPS (TTM): 0.22
• Shares Outstanding: 12,140,530,000
• 10 Day Avg. Volume: 90,567,398
• 30 Day Avg. Volume: 74,860,881
• PEG Ratio: 0.02
• Price to Book (P/B): 1.03
• Price to Sales (P/S): 0.78
• P/FCF Ratio: 4.97
• Enterprise Value/Market Cap: 1.29
• Enterprise Value/Revenue: 18.85
• Enterprise Value/Gross Profit: 35.54
• Enterprise Value/Ebitda: 36.35
• 1Y Price Target: $7.31
• Price Target Upside: 6.65% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 71 Outperform
• Price Target: HK$7.00 ▲(2.19% Upside)

MMG's overall stock score reflects a strong financial performance and positive technical indicators. The company's effective leverage management and stable balance sheet are significant strengths. However, the moderate valuation and concerns over cash flow sustainability slightly temper the score. The absence of earnings call data and corporate events did not impact the score.

Positive Factors

Revenue Growth

Consistent revenue growth indicates expanding market reach and strong demand for MMG's base metals, supporting long-term business sustainability.

Gross Profit Margin

Improved gross profit margin reflects enhanced operational efficiency, indicating better cost management and pricing power, which supports profitability.

Leverage Management

Effective leverage management enhances financial stability and reduces risk, allowing MMG to invest in growth opportunities without excessive debt burden.

Negative Factors

Free Cash Flow Decline

Declining free cash flow may limit MMG's ability to fund new projects or return capital to shareholders, posing a risk to future financial flexibility.

Net Income Volatility

Volatility in net income indicates potential instability in earnings, which could impact investor confidence and long-term financial planning.

Cash Flow Sustainability

Challenges in sustaining cash flow growth could hinder MMG's ability to invest in growth and maintain operations, affecting long-term business health.

MMG Business Overview & Revenue Model

Company Description

MMG Limited (ASX: 1208) is an Australian-based mining company primarily engaged in the exploration, development, and production of base metals, particularly copper and gold. Operating in various mining sectors, MMG focuses on sustainable practices and technological advancements to enhance operational efficiency. The company has a portfolio of mining projects and assets in regions with significant mineral deposits, contributing to its position in the global mining industry.

How the Company Makes Money

MMG generates revenue primarily through the sale of base metals, including copper, gold, and zinc, derived from its mining operations. The company's revenue model is based on the extraction and processing of minerals, which are then sold to industrial customers and traders in the global market. Key revenue streams include direct sales of mined metals, long-term supply contracts, and spot market transactions. Additionally, MMG has established strategic partnerships with other mining companies and stakeholders, which can enhance its operational capabilities and market reach, further contributing to its earnings.

MMG Financial Statement Overview

Summary

MMG exhibits a strong financial performance with significant improvements in revenue and profitability metrics. The company demonstrates effective leverage management, reflected in a stable balance sheet. While cash flow generation remains healthy, the decline in free cash flow growth rate suggests potential future challenges. MMG's financial health indicates a positive trajectory but requires attention to cash flow sustainability.

Income Statement

MMG's income statement highlights a solid financial performance with notable revenue growth from $4,346.5M in 2023 to $4,479.2M in 2024, a growth rate of 3.06%. The gross profit margin improved significantly, reflecting strong operational efficiency, with the gross profit increasing from $1,513.7M to $2,134.4M. Net income also saw a substantial increase to $161.9M from $9M, greatly enhancing the net profit margin. However, the volatility in net income over the years suggests some instability. The EBIT and EBITDA margins remain strong, indicating robust core earnings.

Balance Sheet

The balance sheet of MMG shows a solid equity position with stockholder equity rising to $3,419M in 2024. The debt-to-equity ratio improved as total debt decreased slightly from $4,854.7M to $4,777M, suggesting cautious leverage management. However, the equity ratio is moderate, indicating a balanced but not overly strong asset-financing structure. Overall, the balance sheet demonstrates stability but leaves some room for improvement in leverage metrics.

Cash Flow

MMG's cash flow statement reveals adequate cash generation with operating cash flow at $1,611.9M in 2024, although it decreased from $1,849.9M in 2023. Free cash flow showed a decline from $1,058.7M to $706.7M, primarily due to increased capital expenditures. The free cash flow to net income ratio has improved, reflecting better cash profitability. However, the decline in free cash flow growth rate is a concern, indicating potential challenges in sustaining cash flow generation.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	5.38B	4.48B	4.35B	3.25B	4.25B	3.03B
Gross Profit	2.85B	2.13B	1.51B	1.56B	2.64B	1.39B
EBITDA	2.79B	2.05B	1.50B	1.51B	2.58B	1.32B
Net Income	480.80M	161.90M	9.00M	172.40M	667.10M	-64.70M
Balance Sheet
Total Assets	15.49B	14.99B	11.90B	12.54B	13.02B	12.30B
Cash, Cash Equivalents and Short-Term Investments	707.30M	192.70M	447.00M	372.20M	1.26B	192.70M
Total Debt	4.38B	4.78B	4.85B	5.55B	6.43B	7.33B
Total Liabilities	8.43B	8.71B	7.59B	8.31B	9.10B	9.63B
Stockholders Equity	3.75B	3.42B	2.12B	2.14B	1.93B	936.40M
Cash Flow
Free Cash Flow	1.37B	706.70M	1.06B	267.60M	1.98B	843.60M
Operating Cash Flow	2.28B	1.61B	1.85B	832.10M	2.55B	1.36B
Investing Cash Flow	-929.50M	-2.97B	-790.00M	-538.70M	-573.70M	-515.80M
Financing Cash Flow	-1.27B	1.10B	-985.10M	-1.18B	-915.20M	-867.20M

MMG Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 6.85
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1208, the sentiment is Positive. The current price of 6.85 is above the 20-day moving average (MA) of 6.79, above the 50-day MA of 6.25, and above the 200-day MA of 3.90, indicating a bullish trend. The MACD of 0.12 indicates Positive momentum. The RSI at 54.57 is Neutral, neither overbought nor oversold. The STOCH value of 42.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:1208.

MMG Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3993	79 Outperform	$359.07B	15.61	27.23%	1.67%	-2.42%	38.68%
1258	76 Outperform	€51.55B	14.95	20.71%	2.38%	-6.03%	37.62%
2899	72 Outperform	$823.52B	16.17	29.60%	1.68%	9.69%	54.43%
1208	71 Outperform	$78.43B	20.19	16.36%	―	22.65%	323.84%
0358	70 Outperform	$128.42B	12.52	9.95%	3.80%	-4.55%	9.15%
1818	64 Neutral	$98.62B	38.09	15.17%	0.18%	44.37%	125.87%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

MMG Corporate Events

MMG Limited Proposes Change of Auditor to Ernst & Young

MMG Limited has announced a proposed change of its independent auditor from Deloitte Touche Tohmatsu to Ernst & Young, effective after the annual general meeting in May 2026. This decision follows a competitive tender process in compliance with regulations for state-owned enterprises, aiming to ensure audit independence and objectivity. The change is subject to shareholder approval, and Deloitte will continue its audit role until the end of 2025, with no issues reported regarding its retirement.

The most recent analyst rating on (HK:1208) stock is a Hold with a HK$7.00 price target. To see the full list of analyst forecasts on MMG stock, see the HK:1208 Stock Forecast page.

MMG Reports Mixed Q3 2025 Production Results with Notable Copper Gains

MMG Limited’s Third Quarter Production Report for 2025 highlights a mixed performance across its mining operations. The company reported a 10% increase in total copper production compared to the same quarter last year, driven by a significant rise at Las Bambas, despite a decline in output at Khoemacau and Rosebery. Zinc production saw a 26% increase, with Dugald River contributing significantly, while lead production rose by 15%. However, molybdenum and cobalt production experienced declines, with cobalt production ceasing entirely. These results reflect MMG’s ongoing efforts to optimize its operations and adapt to market demands, impacting its industry positioning and stakeholder interests.

The most recent analyst rating on (HK:1208) stock is a Hold with a HK$7.00 price target. To see the full list of analyst forecasts on MMG stock, see the HK:1208 Stock Forecast page.

MMG Limited Completes US$500 Million Bond Issuance

MMG Limited has successfully completed the issuance of US$500 million zero-coupon convertible bonds due in 2030. The net proceeds of approximately US$494 million will be used to refinance the company’s offshore indebtedness, and the bonds are expected to be listed on the Hong Kong Stock Exchange, enhancing MMG’s financial flexibility and market presence.

The most recent analyst rating on (HK:1208) stock is a Hold with a HK$7.00 price target. To see the full list of analyst forecasts on MMG stock, see the HK:1208 Stock Forecast page.

MMG Proposes US$500 Million Convertible Bond Issuance

MMG has announced the proposed issuance of US$500 million zero-coupon convertible bonds due in 2030. The bonds are convertible into shares at an initial conversion price of HK$8.40 per share, potentially representing about 3.67% of the company’s enlarged share capital. The proceeds from this issuance are intended to refinance the company’s offshore indebtedness. The subscription and issuance of these bonds are subject to certain conditions and may not proceed to completion, urging shareholders and investors to exercise caution.

The most recent analyst rating on (HK:1208) stock is a Buy with a HK$6.80 price target. To see the full list of analyst forecasts on MMG stock, see the HK:1208 Stock Forecast page.

MMG Limited Updates Mineral Resources and Ore Reserves Statement

MMG Limited has announced an update to its Mineral Resources and Ore Reserves Statement as of June 30, 2025, highlighting significant changes in its mineral holdings. The company reported increases in mineral resources for copper, lead, molybdenum, silver, and gold, while zinc and cobalt saw slight decreases. Ore reserves increased for zinc, lead, cobalt, molybdenum, and gold, but decreased for copper and silver. These changes reflect MMG’s ongoing efforts in exploration and resource conversion, with notable developments at the Rosebery and Dugald River sites, as well as the Ferrobamba open pit at Las Bambas. The Kinsevere operation also reported ore reserves for new areas for the first time, indicating a positive trajectory in replenishing and expanding its resource base.

The most recent analyst rating on (HK:1208) stock is a Buy with a HK$6.80 price target. To see the full list of analyst forecasts on MMG stock, see the HK:1208 Stock Forecast page.

MMG Limited Reports Strong First-Half 2025 Earnings

MMG Limited, a Hong Kong-incorporated company, operates in the mining sector, focusing on the production of copper, zinc, and other minerals. The company is known for its significant mining operations across the globe, including Las Bambas in Peru, Kinsevere in the Democratic Republic of the Congo, and the recently acquired Khoemacau in Botswana.

MMG Limited Reports Robust Interim Results for First Half of 2025

MMG Limited announced its interim results for the first half of 2025, showcasing significant financial growth and operational achievements. The company reported a net profit after tax of US$566.3 million, a substantial increase driven by higher copper production and favorable market prices for copper, gold, silver, and zinc. MMG also achieved record highs in EBITDA and EBIT, improved its balance sheet by reducing net debt, and distributed its first dividend from MLB. The company’s operations saw notable production increases, particularly at Las Bambas and Khoemacau, contributing to the strong financial performance.

The most recent analyst rating on (HK:1208) stock is a Buy with a HK$3.50 price target. To see the full list of analyst forecasts on MMG stock, see the HK:1208 Stock Forecast page.