China Moly 1H18 NP came in at Rmb3.123bn, with EPS atRmb0.145, up 192% yoy. Excluding one-offs, recurring NP wasRmb3.16bn, up 199% yoy, higher than our estimates mainly due tolower tax from deferred income tax benefit and lower minorities.
Tenke delivered 84kt of copper in 1H18A, 15% lower than expected,but cobalt output reached 9kt, 8% higher than expected. Total grossprofit from Tenke was mostly in line, as higher revenue was offsetby higher cost. NPM delivered 17kt of copper output, mostly in line.Unit COGS per copper volume (excluding credit) from Tenke wasRmb53,489/t for 1H18, on our estimates, much higher thanexpectations due to lower copper volumes in the period, whilereported C1 cost was -US$1.04/lb, lower than full year guidance of-US$0.42/lb due to higher cobalt prices and volume in 1H18. UnitCOGS per copper volume (excluding credit) from NPM wasRmb30,503/t, flat yoy, lower than our expectation. Operating cashflow was strong at Rmb5.4bn, up 55% yoy, but was partly offset byRmb3.9bn in investment cash flow. Net gearing reached 10%, flatversus 6 months ago.
The DRC President signed a new mining code (which includespotential super tax charges) into law in June 2018, and the royaltytax on copper and cobalt has increased from 2% to 3.5% since mid2018. The specifics of how a super tax would be implemented arestill under negotiation, as it would vary from mine to mine due todifferent metal price assumptions in feasibility studies and it wouldtake time (potentially one year) to finalise. We estimate fullexecution of the tax as currently proposed could lead to a 34-37%negative impact on 2019E-2020E profit. According to the company, itis still negotiating with the DRC government to partially ease the[高盛高华证券] [PDF] 今日最新研究报告
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Earnings Review: 1H above expectations on lower tax and minorities; incorporatiPDF
研报日期：2018-08-31
【洛阳钼业(603993)、股吧】(603993)
提示：本属于研究报告栏目，仅为机构或分析人士对一只股票的个人观和法，并非正式的新闻报道，本网不保证其真实性和客观性，一切有关该股的有效信息，以沪深交易所的公告为准，敬请投资者注意风险。China Moly 1H18 NP came in at Rmb3.123bn, with EPS atRmb0.145, up 192% yoy. Excluding one-offs, recurring NP wasRmb3.16bn, up 199% yoy, higher than our estimates mainly due tolower tax from deferred income tax benefit and lower minorities.
Tenke delivered 84kt of copper in 1H18A, 15% lower than expected,but cobalt output reached 9kt, 8% higher than expected. Total grossprofit from Tenke was mostly in line, as higher revenue was offsetby higher cost. NPM delivered 17kt of copper output, mostly in line.Unit COGS per copper volume (excluding credit) from Tenke wasRmb53,489/t for 1H18, on our estimates, much higher thanexpectations due to lower copper volumes in the period, whilereported C1 cost was -US$1.04/lb, lower than full year guidance of-US$0.42/lb due to higher cobalt prices and volume in 1H18. UnitCOGS per copper volume (excluding credit) from NPM wasRmb30,503/t, flat yoy, lower than our expectation. Operating cashflow was strong at Rmb5.4bn, up 55% yoy, but was partly offset byRmb3.9bn in investment cash flow. Net gearing reached 10%, flatversus 6 months ago.
The DRC President signed a new mining code (which includespotential super tax charges) into law in June 2018, and the royaltytax on copper and cobalt has increased from 2% to 3.5% since mid2018. The specifics of how a super tax would be implemented arestill under negotiation, as it would vary from mine to mine due todifferent metal price assumptions in feasibility studies and it wouldtake time (potentially one year) to finalise. We estimate fullexecution of the tax as currently proposed could lead to a 34-37%negative impact on 2019E-2020E profit. According to the company, itis still negotiating with the DRC government to partially ease the[高盛高华证券]
[PDF] 今日最新研究报告
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