CMOC Group (HK:3993)
:3993
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CMOC Group
(3993)
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Rating:64Neutral
Price Target:
HK$17.50
▲(3.18% Upside)
Action:DowngradedDate:03/31/26
The score is supported primarily by stronger profitability and improved leverage, but is held back by weaker cash conversion and a sharp 2025 free-cash-flow drop. Technically, the stock is in a downtrend despite nearing oversold conditions, while valuation is reasonable and provides some offset.
Positive Factors
Improved leverage
Material deleveraging to D/E ~0.38 versus ~1.21 in 2020 indicates a stronger capital structure. Lower leverage improves financial flexibility, reduces default risk in downturns and gives management room to fund maintenance capex, M&A or further balance sheet repair over the medium term.
Negative Factors
Weak cash conversion
A steep FCF decline and operating cash covering only 29% of reported net income signal earnings are not fully converting to cash. That raises working-capital and quality risks: the company may face volatility in available liquidity and constrained ability to fund cycles or unexpected capital needs without tapping markets.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved leverage
Material deleveraging to D/E ~0.38 versus ~1.21 in 2020 indicates a stronger capital structure. Lower leverage improves financial flexibility, reduces default risk in downturns and gives management room to fund maintenance capex, M&A or further balance sheet repair over the medium term.
Read all positive factors
CMOC Group (3993) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$417.77B
Dividend Yield1.45%
Average Volume (3M)52.10M
Price to Earnings (P/E)18.6
Beta (1Y)1.30
Revenue Growth-2.42%
EPS Growth38.68%
CountryHK
Employees12,317
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)0.32
Shares Outstanding3,933,468,000
10 Day Avg. Volume65,344,389
30 Day Avg. Volume52,101,221
Financial Highlights & Ratios
PEG Ratio0.39
Price to Book (P/B)4.46
Price to Sales (P/S)1.83
P/FCF Ratio27.25
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$23.74Price Target Upside40.00% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)1.5
Revenue Forecast (FY)HK$237.66B
CMOC Group Business Overview & Revenue Model
Company Description
CMOC Group Limited, 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...
How the Company Makes Money
The company primarily makes money by mining, processing, and selling mineral and metal products. Its core revenue stream comes from the sale of mined commodities—such as copper, cobalt, molybdenum, tungsten, and niobium—where revenue is largely de...
CMOC Group Earnings Call Summary
Earnings Call Date:Aug 22, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The earnings call highlighted strong financial performance with record profits and robust cash flow. The company demonstrated strategic advancements with acquisitions and improvements in operational efficiency, and maintained strong ESG practices. However, there were challenges in the trading business and cobalt sales due to external factors. Overall, the positive aspects outweigh the lowlights, indicating a strong performance outlook.Positive Updates
Record Net Attributable Profit
Net attributable profit hit a record high of CNY8.7 billion in the first half of 2025, representing a 60% year-over-year increase.
Negative Updates
Decline in Trading Business Revenue
The trading business showed a year-over-year revenue decline of 11.44% due to restructuring of low-profit product lines.
Read all updates
Q2-2025 Updates
Positive
Negative
Record Net Attributable Profit
Net attributable profit hit a record high of CNY8.7 billion in the first half of 2025, representing a 60% year-over-year increase.
Read all positive updates
Company Guidance
During the first half of 2025, CMOC Group Limited focused on organizational upgrades, cost reduction, and efficiency improvements, resulting in a strong financial performance despite a slight year-over-year (YoY) decline in operating revenue to CNY94.8 billion. The mining segment's operating income increased by 25.64%, while the trading business saw a YoY decline due to a restructuring of low-profitability product lines. EBITDA rose by 23.8% to CNY19.8 billion, and net attributable profit reached CNY8.7 billion, marking a 60% YoY increase. Operating cash flow was robust at CNY12 billion, with a gearing ratio reduction to 50.15% and a return on net assets improvement to 11.7%. The copper and cobalt segment contributed 84% of the gross profit in the mining segment, with copper production increasing by 12.7% to 354,000 metric tons and cobalt production rising by 13.1% to 61,000 metric tons. The company's molybdenum, tungsten, and phosphorus operations showed improvements in production, sales, and gross profit margins. CMOC Group also completed the acquisition of the Ecuadorian gold mine for CAD581 million and maintained its commitment to ESG excellence, with a continued AA MSCI rating and initiatives such as community development projects in the Democratic Republic of Congo. The company aims to achieve carbon neutrality by 2050, with plans for significant investments in energy efficiency and clean energy projects.CMOC Group Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
60
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 201.26B | 213.03B | 186.27B | 172.99B | 173.86B |
| Gross Profit | 47.94B | 35.25B | 17.83B | 16.06B | 16.32B |
| EBITDA | 48.71B | 31.39B | 20.17B | 17.10B | 17.11B |
| Net Income | 19.81B | 13.53B | 8.25B | 6.07B | 5.11B |
Balance Sheet | |||||
| Total Assets | 202.53B | 170.24B | 172.97B | 165.02B | 137.45B |
| Cash, Cash Equivalents and Short-Term Investments | 48.43B | 36.94B | 39.00B | 36.88B | 31.44B |
| Total Debt | 31.66B | 29.64B | 50.86B | 48.66B | 46.86B |
| Total Liabilities | 102.58B | 84.29B | 101.01B | 102.98B | 89.19B |
| Stockholders Equity | 82.47B | 71.02B | 59.54B | 51.70B | 39.85B |
Cash Flow | |||||
| Free Cash Flow | 13.50B | 27.49B | 2.62B | 4.94B | 1.91B |
| Operating Cash Flow | 20.89B | 32.39B | 15.54B | 15.45B | 6.19B |
| Investing Cash Flow | -8.74B | -1.16B | -10.66B | -7.37B | -4.89B |
| Financing Cash Flow | -8.28B | -30.57B | -8.61B | -2.10B | 7.89B |
CMOC Group Technical Analysis
Negative
16.96
Price Trends
20.97
Negative
19.72
Negative
15.59
Positive
Market Momentum
-1.34
Negative
38.52
Neutral
43.06
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3993, the sentiment is Negative. The current price of 16.96 is below the 20-day moving average (MA) of 18.15, below the 50-day MA of 20.97, and above the 200-day MA of 15.59, indicating a neutral trend. The MACD of -1.34 indicates Negative momentum. The RSI at 38.52 is Neutral, neither overbought nor oversold. The STOCH value of 43.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:3993.
CMOC Group Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | HK$30.26B | 2.54 | 23.38% | 1.89% | 60.77% | 100.45% | |
72 Outperform | HK$60.05B | 22.66 | 32.65% | 1.32% | 31.24% | 58.16% | |
64 Neutral | HK$417.77B | 18.57 | 26.48% | 1.45% | -2.42% | 38.68% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
52 Neutral | HK$106.32B | 166.81 | -4.82% | 2.80% | -39.59% | 69.00% | |
44 Neutral | HK$2.91B | 13.96 | -14.35% | ― | -31.35% | -71.37% | |
38 Underperform | HK$56.48M | -0.39 | -24.85% | ― | -27.07% | 47.86% |
* Basic Materials Sector Average
HK:3993
CMOC Group
16.96
12.25
259.93%
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0.59
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Tianqi Lithium Corp. Class H
46.52
26.27
129.73%
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Lygend Resources & Technology Co., Ltd. Class H
19.45
10.87
126.69%
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Wanguo International Mining Group Ltd.
13.57
9.95
274.86%
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Graphex Group Limited
0.06
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-76.92%
CMOC Group Corporate Events
CMOC Group Seeks Shareholder Approval for Governance-Driven Charter Amendments
Mar 27, 2026
CMOC Group has proposed amendments to its Articles of Association aimed at strengthening corporate governance in line with Chinese company law, securities regulations and listing rules in Shanghai and Hong Kong. The board approved seeking sharehol...
CMOC Group Publishes Audited 2025 Annual Results for Hong Kong Investors
Mar 27, 2026
CMOC Group Limited has released its audited consolidated annual results for the year ended 31 December 2025, reporting in line with the disclosure standards of the Hong Kong Stock Exchange. The full annual report, reviewed by the company’s a...
CMOC Group Declares Final 2025 Dividend and Details Tax on H-Share Payouts
Mar 27, 2026
CMOC Group Limited has declared a final ordinary cash dividend of RMB 2.86 per 10 shares for the financial year ended 31 December 2025, subject to shareholder approval. Key timetable details, including the ex-dividend date, record date, currency o...
CMOC Group Schedules Online Briefing on 2025 Annual Results for March 2026
Mar 20, 2026
CMOC Group Limited has announced that it will hold an online briefing session on its 2025 annual results on 30 March 2026, from 15:00 to 16:00 Beijing time, via the SSE Roadshow platform. Independent non-executive directors and management will att...
CMOC Group Sets March 2026 Board Meeting to Approve 2025 Results and Dividend Plan
Mar 17, 2026
CMOC Group Limited has scheduled a board meeting for 27 March 2026 to review and approve the group’s annual results for the financial year ended 31 December 2025. The board will also consider recommending a final dividend and attend to other...
CMOC Raises US$1.2 Billion via Zero-Coupon Convertible Bonds for Overseas Expansion
Jan 26, 2026
CMOC Group Limited has completed the issuance of US$1.2 billion zero coupon guaranteed convertible bonds due 2027 under its general mandate, with the bonds listed on the Vienna MTF of the Vienna Stock Exchange as of 26 January 2026. The company pl...
CMOC Group to Raise US$1.2 Billion via Premium-Priced Convertible Bonds
Jan 19, 2026
CMOC Group Limited, via CMOC Capital Limited, has agreed to issue US$1.2 billion of zero coupon guaranteed convertible bonds due 2027, supported by a guarantee from the parent company, under its general mandate. The bonds, to be listed on the Vien...
CMOC Forecasts Over 50% Surge in 2025 Net Profit on Higher Metal Prices and Volumes
Jan 15, 2026
CMOC Group Limited has issued a positive profit alert for 2025, projecting net profit attributable to shareholders of RMB20.0 billion to RMB20.8 billion, a year-on-year increase of about 48% to 54%. Net profit after deducting non-recurring items i...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.