Tianqi Lithium Corp. Class H (HK:9696)
:9696
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Tianqi Lithium Corp. Class H
(9696)
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Rating:66Neutral
Price Target:
HK$68.00
â–²(16.04% Upside)
Action:ReiteratedDate:04/30/26
The score is held back primarily by weaker and less reliable cash generation (negative recent free cash flow and sub-1x cash conversion) and historically volatile profitability, despite a solid TTM revenue rebound and manageable leverage. Technicals are supportive with a strong uptrend, though near-overbought signals add risk. Valuation is a modest positive due to the low P/E.
Positive Factors
Integrated lithium value-chain position
Tianqi operates both upstream (spodumene concentrate) and midstream (lithium carbonate/hydroxide) businesses, enabling capture of processing spreads, greater control of feedstock sourcing and fuller participation across the value chain. This structural integration supports durable margins and supply security versus pure-play peers.
Negative Factors
Weak cash conversion and negative FCF
Earnings are not reliably converting to cash, with OCF covering net income at ~0.7x and recent negative FCF. Over the medium term this constrains deleveraging, limits capacity for dividends or buybacks, and forces external financing for capex or working capital, leaving the company vulnerable during price or demand downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated lithium value-chain position
Tianqi operates both upstream (spodumene concentrate) and midstream (lithium carbonate/hydroxide) businesses, enabling capture of processing spreads, greater control of feedstock sourcing and fuller participation across the value chain. This structural integration supports durable margins and supply security versus pure-play peers.
Read all positive factors
Tianqi Lithium Corp. Class H (9696) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$142.41B
Dividend Yield2.8%
Average Volume (3M)5.76M
Price to Earnings (P/E)9.1
Beta (1Y)1.46
Revenue Growth0.98%
EPS GrowthN/A
CountryHK
Employees3,151
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)N/A
Shares Outstanding229,172,200
10 Day Avg. Volume5,192,015
30 Day Avg. Volume5,761,681
Financial Highlights & Ratios
PEG Ratio-1.58
Price to Book (P/B)1.77
Price to Sales (P/S)7.46
P/FCF Ratio-128.82
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$68.33Price Target Upside16.60% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)4.21
Revenue Forecast (FY)HK$30.04B
Tianqi Lithium Corp. Class H Business Overview & Revenue Model
Company Description
Tianqi Lithium Corporation produce, process, and sale of lithium concreate and chemical products in Australia, Chile, the United Kingdom, and China. Its products include battery and industrial grade lithium carbonate and lithium hydroxide monohydr...
How the Company Makes Money
Tianqi Lithium primarily makes money by selling lithium products and services across two main activities: (1) lithium resource development and supply, and (2) lithium chemical manufacturing and sales. On the resource side, the company generates re...
Tianqi Lithium Corp. Class H Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
72
Positive
Cash Flow
48
Neutral
| Breakdown | Mar 2026 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 10.08B | 13.06B | 40.45B | 40.17B | 7.66B |
| Gross Profit | 3.91B | 5.30B | 34.35B | 34.15B | 4.69B |
| EBITDA | 4.40B | 5.44B | 37.66B | 41.46B | 4.59B |
| Net Income | 450.65M | -7.90B | 7.28B | 23.94B | 3.65B |
Balance Sheet | |||||
| Total Assets | 73.10B | 69.56B | 74.97B | 72.56B | 45.80B |
| Cash, Cash Equivalents and Short-Term Investments | 5.71B | 6.42B | 9.35B | 12.46B | 1.99B |
| Total Debt | 15.49B | 14.92B | 11.76B | 8.71B | 21.81B |
| Total Liabilities | 21.12B | 19.50B | 19.01B | 17.80B | 26.01B |
| Stockholders Equity | 42.38B | 42.77B | 51.52B | 50.16B | 14.36B |
Cash Flow | |||||
| Free Cash Flow | -583.56M | 1.03B | 18.25B | 18.58B | 1.23B |
| Operating Cash Flow | 2.93B | 5.55B | 22.69B | 20.30B | 2.23B |
| Investing Cash Flow | -4.41B | -5.88B | -2.02B | 744.01M | -65.19M |
| Financing Cash Flow | -417.37M | -3.24B | -23.44B | -10.57B | -1.15B |
Tianqi Lithium Corp. Class H Technical Analysis
Positive
58.60
Price Trends
45.98
Positive
48.77
Positive
44.84
Positive
Market Momentum
3.09
Negative
72.92
Negative
84.87
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9696, the sentiment is Positive. The current price of 58.6 is above the 20-day moving average (MA) of 47.79, above the 50-day MA of 45.98, and above the 200-day MA of 44.84, indicating a bullish trend. The MACD of 3.09 indicates Negative momentum. The RSI at 72.92 is Negative, neither overbought nor oversold. The STOCH value of 84.87 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:9696.
Tianqi Lithium Corp. Class H Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | HK$19.01B | 2.01 | 23.30% | 1.89% | 37.79% | 209.90% | |
72 Outperform | HK$456.16B | 9.80 | 26.48% | 1.45% | 8.77% | 60.69% | |
72 Outperform | HK$52.13B | 22.66 | 32.65% | 1.32% | 68.93% | 104.83% | |
66 Neutral | HK$142.41B | 9.10 | 5.16% | 2.80% | 0.98% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
HK:9696
Tianqi Lithium Corp. Class H
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109.24%
Tianqi Lithium Corp. Class H Corporate Events
Tianqi Lithium Shareholders Back New Board Line-Up and Governance Revisions
Apr 28, 2026
Tianqi Lithium Corporation reported the poll results of its extraordinary general meeting held in Chengdu on 28 April 2026, where shareholders representing about 34.5% of voting shares participated. The meeting confirmed that shares unlocked under...
Tianqi Lithium Details Board Composition and Governance Structure
Apr 28, 2026
Tianqi Lithium Corporation has announced the current composition of its board of directors, detailing the roles and functions of each member, including executive and independent non-executive directors. The company has also outlined membership and...
Tianqi Lithium Posts Surging Q1 2026 Profit Despite Weaker Cash Flow
Apr 27, 2026
Tianqi Lithium Corporation reported a sharp rebound in performance for the first quarter of 2026, with operating income reaching RMB 5.13 billion, up 98.44% year on year, and net profit attributable to shareholders surging to RMB 1.88 billion, a 1...
Tianqi Lithium to Cancel Over 113,000 Restricted Shares After Mixed 2025 Performance
Apr 27, 2026
Tianqi Lithium Corporation has moved to repurchase and cancel 113,113 restricted A shares under its 2024 A Share Restricted Share Incentive Scheme, at a price of RMB16.71 per share, after a board decision on 27 April 2026. The shares being cancell...
Tianqi Lithium Sets 2026 AGM to Approve Financial, Governance and Capital Mandates
Apr 27, 2026
Tianqi Lithium Corporation has convened its annual general meeting for 20 May 2026 in Chengdu, where shareholders will review the board’s 2025 work report, the 2025 annual report and profit distribution plan, and a shareholder return plan co...
Tianqi Lithium Flags More Than Fifteenfold Profit Surge for Q1 2026
Apr 20, 2026
Tianqi Lithium has issued a profit alert indicating a dramatic turnaround in its first-quarter 2026 results, forecasting net profit attributable to shareholders of RMB1.7 billion to RMB2.0 billion, versus just RMB104.27 million a year earlier. Bas...
Tianqi Lithium Schedules Board Meeting to Approve First-Quarter 2026 Results
Apr 15, 2026
Tianqi Lithium Corporation has scheduled a board meeting for 27 April 2026 to review and approve its first-quarter results for the period ended 31 March 2026, and to authorize the publication of these figures. The meeting will also address other u...
Tianqi Lithium Calls 2026 EGM to Revamp Board and Governance Framework
Apr 10, 2026
Tianqi Lithium Corporation has called an extraordinary general meeting for 28 April 2026 in Chengdu to vote on the re-election of its board and to appoint directors for the company’s seventh board session. Shareholders will consider the nomi...
Tianqi Lithium Moves to Elect New Board and Maintain Governance Continuity
Apr 10, 2026
Tianqi Lithium Corporation has proposed the election of a new, seventh session of its board of directors as the term of the current sixth session nears expiry, nominating three existing executives and three new independent non-executive directors....
Tianqi Lithium Sets Formal Mandate for New Strategy and Investment Committee
Apr 10, 2026
Tianqi Lithium Corporation has formalized the terms of reference for a Strategy and Investment Committee under its Board of Directors, designed to guide the company’s medium to long-term strategic goals, industrial development plans, and maj...
Tianqi Lithium Sets H Share Register Closure Ahead of April 2026 EGM
Apr 9, 2026
Tianqi Lithium Corporation has announced the closure of its H share register of members from 23 to 28 April 2026 to determine which shareholders are eligible to attend and vote at an extraordinary general meeting scheduled for 28 April 2026. Holde...
Tianqi Lithium Schedules Multi-Platform Briefing on 2025 Results
Apr 1, 2026
Tianqi Lithium Corporation has announced it will hold an online briefing on 8 April 2026 to discuss its 2025 annual results, following publication of the results announcement on the Hong Kong Stock Exchange website on 27 March 2026. Senior managem...
Tianqi Lithium Swings Back to Profit Despite Revenue Decline in 2025
Mar 27, 2026
Tianqi Lithium Corporation reported audited consolidated results for the year ended 31 December 2025, showing revenue of RMB 10.32 billion and gross profit of RMB 4.06 billion, down from the previous year. Despite lower revenue, the company record...
Tianqi Lithium Books RMB277 Million Asset Impairment for 2025
Mar 27, 2026
Tianqi Lithium Corporation has announced that it will recognize a total asset impairment provision of RMB277 million for the 2025 financial year, following a comprehensive review of assets as of 31 December 2025. The move aims to present a more ac...
Tianqi Lithium Sets March 2026 Board Meeting to Review 2025 Results
Mar 16, 2026
Tianqi Lithium Corporation has scheduled a board meeting for 27 March 2026 to review and approve the company’s annual results for the year ended 31 December 2025, along with their publication. The board will also consider the payment of a fi...
Tianqi Lithium Director Resigns, Board Moves to Maintain Governance Compliance
Feb 27, 2026
Tianqi Lithium Corporation has announced that independent non-executive director Xiang Chuan has tendered his resignation after nearly six consecutive years of service, stepping down from his roles on the audit and risk, strategy and investment, a...
Tianqi Lithium Raises Capital via H-Share Placement and Convertible Bond Issue
Feb 11, 2026
Tianqi Lithium Corporation has completed a placing of 65,050,000 new H shares under its general mandate, raising funds at a placing price of HK$45.05 per share, with net proceeds estimated at HK$44.95 per share. The transaction expands the company...
Tianqi Lithium Revises Share Placing to Raise HK$2.93 Billion for Expansion
Feb 4, 2026
Tianqi Lithium amended and restated its placing and subscription agreements to issue 65,050,000 new H shares, equivalent to about 39.6% of its outstanding H share base, raising roughly HK$2.93 billion before fees under its general mandate. The pro...
Tianqi Lithium Plans Partial Sell-Down of SQM Stake Under One-Year Mandate
Feb 4, 2026
Tianqi Lithium Corporation has approved a plan to gradually dispose of up to 3,565,970 Class A shares in Chilean lithium producer SQM, equivalent to no more than 1.25% of SQM’s total share capital, while ensuring the sale remains below thres...
Tianqi Lithium Plans Partial Stake Sale in SQM in Discloseable Transaction
Feb 4, 2026
Tianqi Lithium Corporation has approved a plan to selectively dispose of part of its long-held equity interest in Chilean lithium producer SQM, authorising management to sell up to 3,565,970 Class A shares, or no more than 1.25% of SQM’s tot...
Tianqi Lithium to Raise HK$5.83 Billion via H-Share Placing and Convertible Bond Issue
Feb 4, 2026
Tianqi Lithium Corporation plans to raise approximately HK$5.83 billion through a placing of new H shares and a concurrent issue of zero-coupon, U.S. dollar-settled convertible bonds due 2027, both under its existing general mandate. The company w...
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.