China VTM (0893)
28-02-2012, 10:34 PM
(This post was last modified: 23-10-2013, 02:32 PM by CityFarmer.)
High around 3.9, Current 2.02
Profit marign more than 50%......iron ore mining company, 2nd largest in china 
28-02-2012, 10:53 PM
Recent 17+% surge in price was due to a technical golden cross in late Jan.
Maybe you can elaborate more on this company? especially on the fundamentals Thanks! 
28-02-2012, 11:10 PM
(This post was last modified: 28-02-2012, 11:11 PM by chaosdiablo.)
http://www.todayir.com/webcasting/vtmm_11ir/index.php
Latest result....do take a look at this impressive result..... http://www.todayir.com/webcasting/vtmm_11ir/index.php Latest result....do take a look at this impressive result..... China Vanadium Titano-Magnetite Mining Company Limited ("China VTM" or the "Company", together with its subsidiaries the "Group") is the second largest and the largest non state-owned operator of iron ore mines in Sichuan in terms of actual output volume of iron ore in 2010, according to the records of the Sichuan Metallurgy Economic Commission. The Group primarily engaged in mining, ore processing, iron pelletizing and the sale of iron concentrates, iron pellets and titanium concentrates. The Group's principal customers are producers of steel and downstream users of titanium-related products. It owns and operates four vanadium-bearing titanomagnetite mines – the Baicao Mine, the Xiushuihe Mine, the Yangqueqing Mine and the Cizhuqing Mine, two iron ore mines - the Maoling Mine and the Yanglongshan Mine, five processing plants – the Baicao processing Plant, the Xiushuihe Processing Plant, the Hailong Processing Plant, the Heigutian Processing Plant and the Maoling Processing Plant and two iron pelletizing plants, of all located in Sichuan province, a region with the most abundant vanadium-bearing titanomagnetite resources in the PRC. Due to the relatively rich titanium content of the ore, the Group is able to separate iron concentrates and titanium concentrates simultaneously through a single production process and thereby benefit from significant cost efficiencies.
27-03-2012, 07:54 PM
During the past 12 months , the shares have lost investor support and fallen from $4.50 level to $1.94 .
27-03-2012, 09:49 PM
27-03-2012, 10:18 PM
(27-03-2012, 09:49 PM)chaosdiablo Wrote:(27-03-2012, 09:41 PM)dzwm87 Wrote: iron ore prices have fallen 20% lately i not saying buy or sell or hold.. just FYI.. iron ore prices had fallen around 20% YTD if you've read the recent bbg articles, drop in infrastructure investment will likely lead to fall in demand for steel.. *not vested*
29-03-2012, 02:29 PM
Sold....wait for chance later
(27-03-2012, 10:18 PM)dzwm87 Wrote:(27-03-2012, 09:49 PM)chaosdiablo Wrote:(27-03-2012, 09:41 PM)dzwm87 Wrote: iron ore prices have fallen 20% lately
08-04-2012, 10:08 PM
I sold this and switch to CNOOC and GOME electrical.........no more mining for time being unless US lauched QE3.....
GOME had dropped a lot and I am buying for long term......being the first or second largest in china, I think as people in china become richer, GOME is going to do well.... (29-03-2012, 02:29 PM)chaosdiablo Wrote: Sold....wait for chance later
28-04-2012, 01:19 PM
(This post was last modified: 28-04-2012, 01:29 PM by chaosdiablo.)
Had dropped to a price seems very attractive now...with dividend soon and it does have an impressive profit margin which mean the company is well managed...
CVTM (893) posted in-line 2011 earnings - Reiterate BUY CVTM (893, $1.95) posted 2011 earnings of RMB606mn, up 11.8% yoy. Company declared a dividend of RMB0.059, implying an unchanged payout ratio of 20%. Comment: Despite that company’s gross profit was 5% below our estimates due to higher than expected production cost in 2H11, CVTM’s bottom line was slightly ahead of our estimates mainly due to a government grant of RMB55mn. Output and sales volume were largely in line with our expectation, with output of iron concentrates increased 10% to 2.25mnt while titanium concentrates up 26% to 210,700 tonnes. Meanwhile, production cost was higher than expected mainly due to increase in raw material and labor costs, and ramp up of new pelletising plant which commenced production in May 2011. This resulted in a gross margin contraction from 53.4% in 2010 to 48.3% in 2011. Given that the utilization rate of the new pelletising plant was only around 12% in 2011, we believe the average production cost of iron pellets will gradually go down amid the improvement in utilization rate in 2012. Even though company has limited iron concentrates output growth in 2012, we expect company to produce 20% more of pellets amid the ramp up of new pelletising plant. Also given the sharp surge of high-grade titanium concentrates price, we estimate that its revenue contribution will further increase from 6.7% in 2011 to 13.8% in 2012, in which its gross margin is much higher than that of iron ore concentrates. Given the aforesaid reasons, we estimate company’s overall gross margin will improve to 51% in 2012. Company targets to reach 600mnt of resources (up 62% from current level) and 4.5mnt of iron concentrate production capacity (up 64% from current level) in coming 3-5 years. Given company’s establishment of a JV to jointly develop Pingchuan mine (resources of at least 50mnt) and its potential acquisition of Haibaodang mine (resources of at least 100mnt), we believe this target is achievable. We expect company to achieve a net profit of RMB666mn (EPS RMB 0.32) in 2012, up 10% yoy. Counter is now trading at 5x 2012 PER and 1x PBR. In view of company’s continuous growth in resources and solid production record, we believe its valuation is undemanding. Reiterate BUY with unchanged target price of $2.9, implying a 7x 2012 PER and 1.4x 2012 book value. CVTM (893) posted in-line 2011 earnings - Reiterate BUY CVTM (893, $1.95) posted 2011 earnings of RMB606mn, up 11.8% yoy. Company declared a dividend of RMB0.059, implying an unchanged payout ratio of 20%. Comment: Despite that company’s gross profit was 5% below our estimates due to higher than expected production cost in 2H11, CVTM’s bottom line was slightly ahead of our estimates mainly due to a government grant of RMB55mn. Output and sales volume were largely in line with our expectation, with output of iron concentrates increased 10% to 2.25mnt while titanium concentrates up 26% to 210,700 tonnes. Meanwhile, production cost was higher than expected mainly due to increase in raw material and labor costs, and ramp up of new pelletising plant which commenced production in May 2011. This resulted in a gross margin contraction from 53.4% in 2010 to 48.3% in 2011. Given that the utilization rate of the new pelletising plant was only around 12% in 2011, we believe the average production cost of iron pellets will gradually go down amid the improvement in utilization rate in 2012. Even though company has limited iron concentrates output growth in 2012, we expect company to produce 20% more of pellets amid the ramp up of new pelletising plant. Also given the sharp surge of high-grade titanium concentrates price, we estimate that its revenue contribution will further increase from 6.7% in 2011 to 13.8% in 2012, in which its gross margin is much higher than that of iron ore concentrates. Given the aforesaid reasons, we estimate company’s overall gross margin will improve to 51% in 2012. Company targets to reach 600mnt of resources (up 62% from current level) and 4.5mnt of iron concentrate production capacity (up 64% from current level) in coming 3-5 years. Given company’s establishment of a JV to jointly develop Pingchuan mine (resources of at least 50mnt) and its potential acquisition of Haibaodang mine (resources of at least 100mnt), we believe this target is achievable. We expect company to achieve a net profit of RMB666mn (EPS RMB 0.32) in 2012, up 10% yoy. Counter is now trading at 5x 2012 PER and 1x PBR. In view of company’s continuous growth in resources and solid production record, we believe its valuation is undemanding. Reiterate BUY with unchanged target price of $2.9, implying a 7x 2012 PER and 1.4x 2012 book value. |
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