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South Manganese Investment Limited
(1091)
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Rating:58Neutral
Price Target:
HK$0.41
▼(-21.92% Downside)
Action:Reiterated
Date:09/29/26
The score is driven primarily by improving profitability and solid free cash flow, but is held back by sharp revenue contraction and elevated leverage. Technicals show positive trend momentum, though overbought signals add near-term risk, while the low P/E provides valuation support.
Positive Factors
Profitability Recovery
The return to positive earnings and sharply stronger gross and EBITDA margins indicate meaningful operating recovery after 2024 weakness. If these improvements persist, they can rebuild internal funding capacity, support investment across the manganese value chain, and improve resilience through the next several quarters.
Negative Factors
Revenue Contraction
The steep revenue decline shows that earnings recovery has not yet been matched by stable top-line performance. Sustained weakness in volumes or realized activity would reduce operating leverage, limit reinvestment capacity, and make future profitability more dependent on margins rather than broad business expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability Recovery
The return to positive earnings and sharply stronger gross and EBITDA margins indicate meaningful operating recovery after 2024 weakness. If these improvements persist, they can rebuild internal funding capacity, support investment across the manganese value chain, and improve resilience through the next several quarters.
Read all positive factors
South Manganese Investment Limited (1091) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$2.28B
Dividend Yield2.44%
Average Volume (3M)5.30M
Price to Earnings (P/E)5.4
Beta (1Y)1.51
Revenue Growth-32.45%
EPS GrowthN/A
CountryHK
Employees5,354
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)0.07
Shares Outstanding5,924,377,000
10 Day Avg. Volume3,020,477
30 Day Avg. Volume5,299,949
Financial Highlights & Ratios
PEG Ratio-0.12
Price to Book (P/B)0.80
Price to Sales (P/S)0.37
P/FCF Ratio2.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
South Manganese Investment Limited Business Overview & Revenue Model
Company Description
South Manganese Investment Limited, an investment holding company, engages in the manganese mining, ore processing, and downstream processing operations in Mainland China, rest of Asia, Europe, and North America. It operates through four segments:...
South Manganese Investment Limited Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
49
Neutral
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.02B | 6.37B | 13.21B | 17.13B | 16.03B | 12.83B |
| Gross Profit | 1.30B | 1.07B | 406.37M | 934.15M | 1.37B | 2.34B |
| EBITDA | 1.10B | 821.18M | 153.87M | 806.25M | 1.06B | 1.62B |
| Net Income | 353.48M | 167.06M | -725.07M | 64.14M | 336.09M | 454.58M |
Balance Sheet | ||||||
| Total Assets | 9.95B | 9.10B | 8.79B | 11.37B | 11.45B | 10.98B |
| Cash, Cash Equivalents and Short-Term Investments | 1.48B | 1.70B | 402.33M | 1.15B | 1.26B | 1.12B |
| Total Debt | 3.24B | 3.65B | 3.95B | 5.12B | 4.46B | 4.11B |
| Total Liabilities | 6.96B | 6.60B | 6.81B | 8.54B | 8.62B | 7.94B |
| Stockholders Equity | 3.35B | 2.92B | 2.36B | 3.14B | 3.17B | 3.11B |
Cash Flow | ||||||
| Free Cash Flow | 788.08M | 946.34M | 1.01B | -860.95M | -111.77M | 888.67M |
| Operating Cash Flow | 1.20B | 1.35B | 1.60B | -319.82M | 935.91M | 1.60B |
| Investing Cash Flow | -398.50M | -284.95M | -868.55M | -498.82M | -921.12M | -775.17M |
| Financing Cash Flow | -492.02M | -92.00M | -1.29B | 655.09M | 239.90M | -951.00M |
South Manganese Investment Limited Technical Analysis
Negative
0.52
Price Trends
0.44
Negative
0.42
Negative
0.49
Negative
Market Momentum
-0.02
Positive
31.81
Neutral
1.96
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1091, the sentiment is Negative. The current price of 0.52 is above the 20-day moving average (MA) of 0.48, above the 50-day MA of 0.44, and above the 200-day MA of 0.49, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 31.81 is Neutral, neither overbought nor oversold. The STOCH value of 1.96 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1091.
South Manganese Investment Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | HK$49.74B | 25.78 | 34.35% | 1.53% | 79.09% | 83.65% | |
68 Neutral | HK$329.39B | 9.68 | 32.65% | 3.54% | 38.53% | 62.42% | |
65 Neutral | HK$16.47B | 8.77 | 77.75% | 5.17% | 2781.50% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | HK$3.46B | 11.37 | 3.35% | 5.84% | -28.69% | -17.80% | |
58 Neutral | HK$2.28B | 5.38 | 11.28% | 2.44% | -32.45% | ― | |
44 Neutral | HK$1.95B | -15.63 | -5.27% | 0.99% | ― | ― |
* Basic Materials Sector Average
HK:1091
South Manganese Investment Limited
0.39
-0.07
-14.44%
HK:3993
CMOC Group
12.32
-4.10
-24.96%
HK:0769
China Rare Earth Holdings
0.70
0.00
0.00%
HK:1205
CITIC Resources Holdings
0.44
0.08
22.22%
HK:3939
Wanguo International Mining Group Ltd.
11.24
3.68
48.74%
HK:3858
Jiaxin International Resources Investment Limited
36.14
-1.23
-3.30%
South Manganese Investment Limited Corporate Events
South Manganese details full use of 2025 placing proceeds for debt repayment
Oct 6, 2026
South Manganese Investment Limited has provided supplemental disclosure on how it used the net proceeds from two share placings conducted in 2025, clarifying the allocation and full utilisation of these funds. The board stated that the additional ...
South Manganese Raises HK$303 Million Through Share Placing to New Substantial Shareholder
Sep 7, 2026
South Manganese Investment Limited has completed a placing of 987,396,192 new shares under its general mandate, all subscribed by Hanbo Global Inc. at HK$0.314 per share. The new shares represent about 16.67% of the enlarged share capital, making ...
South Manganese Posts Strong Interim Profit Growth but Keeps Dividend on Hold
Aug 28, 2026
South Manganese Investment Limited reported strong interim results for the six months ended 30 June 2026, with revenue rising 22.3% year-on-year to HK$3,562.2 million and gross profit jumping 42.5% to HK$788.2 million. Gross margin improved to 22....
South Manganese Plans Discounted Share Placing to Raise HK$310 Million
Aug 18, 2026
South Manganese Investment Limited has launched a share placing under its general mandate, agreeing with a placing agent to place up to 987,396,192 new shares to independent investors at HK$0.314 per share. The new shares represent 20% of the exis...
South Manganese Flags Sharp Profit Jump on Strong Manganese Prices
Aug 18, 2026
South Manganese Investment Limited has scheduled a board meeting in Hong Kong on 28 August 2026 to approve its interim results for the six months ended 30 June 2026 and to consider an interim dividend. The company will release its detailed interim...
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.