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CMOC Group
(3993)
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Rating:67Neutral
Price Target:
HK$17.50
▼(-0.17% Downside)
Action:Reiterated
Date:09/12/26
The score is primarily supported by strong current profitability and improved financial profile, but is held back by weak price trend/momentum (trading below key moving averages with negative MACD and sub-50 RSI) and a recent decline in free cash flow versus the prior period. Reasonable valuation and a moderate dividend yield provide partial offset.
Positive Factors
Improved profitability
Stronger revenue and materially higher margins than in 2022–2023 indicate improved earnings power and operating leverage. This gives CMOC greater capacity to reinvest in mining assets, support its capital base, and absorb moderate cost or commodity fluctuations over the next several quarters.
Negative Factors
Weaker cash conversion
The decline in free cash flow relative to earnings shows that reported profitability has not converted into cash as strongly as in the prior period. Continued variability could constrain internally funded expansion, debt reduction, dividends, or other capital allocation priorities.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved profitability
Stronger revenue and materially higher margins than in 2022–2023 indicate improved earnings power and operating leverage. This gives CMOC greater capacity to reinvest in mining assets, support its capital base, and absorb moderate cost or commodity fluctuations over the next several quarters.
Read all positive factors
CMOC Group (3993) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$456.31B
Dividend Yield2.73%
Average Volume (3M)39.92M
Price to Earnings (P/E)14.0
Beta (1Y)1.44
Revenue Growth25.06%
EPS Growth72.98%
CountryHK
Employees16,122
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)1.31
Shares Outstanding3,933,468,000
10 Day Avg. Volume36,601,583
30 Day Avg. Volume39,915,937
Financial Highlights & Ratios
PEG Ratio0.36
Price to Book (P/B)4.46
Price to Sales (P/S)1.78
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$25.93Price Target Upside47.92% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)1.54
Revenue Forecast (FY)HK$256.38B
CMOC Group Business Overview & Revenue Model
Company Description
CMOC Group Limited, through its diverse subsidiaries, is a multifaceted enterprise engaged in the entire value chain from the extraction, processing, and refining to the commercialization of numerous metallic resources. These include essential min...
How the Company Makes Money
CMOC makes money primarily by selling mined and processed mineral products. Its main revenue model is commodity-based: it extracts ore from its mines, processes it into saleable products (such as copper concentrate/cathode and cobalt products, and...
CMOC Group Earnings Call Summary
Earnings Call Date:Aug 22, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Oct 23, 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
82
Very Positive
Balance Sheet
74
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 245.42B | 206.44B | 213.03B | 186.27B | 172.99B | 173.86B |
| Gross Profit | 59.99B | 49.44B | 35.25B | 17.83B | 16.06B | 16.32B |
| EBITDA | 57.08B | 48.71B | 31.39B | 20.17B | 17.10B | 17.11B |
| Net Income | 27.62B | 20.34B | 13.53B | 8.25B | 6.07B | 5.11B |
Balance Sheet | ||||||
| Total Assets | 229.45B | 202.53B | 170.24B | 172.97B | 165.02B | 137.45B |
| Cash, Cash Equivalents and Short-Term Investments | 59.18B | 48.43B | 36.94B | 39.00B | 36.88B | 31.44B |
| Total Debt | 47.25B | 31.66B | 29.64B | 50.86B | 48.66B | 46.86B |
| Total Liabilities | 120.68B | 102.58B | 84.29B | 101.01B | 102.98B | 89.19B |
| Stockholders Equity | 89.65B | 82.47B | 71.02B | 59.54B | 51.70B | 39.85B |
Cash Flow | ||||||
| Free Cash Flow | 17.88B | 13.50B | 27.49B | 2.62B | 4.94B | 1.91B |
| Operating Cash Flow | 26.22B | 20.89B | 32.39B | 15.54B | 15.45B | 6.19B |
| Investing Cash Flow | -20.98B | -8.74B | -1.16B | -10.66B | -7.37B | -4.89B |
| Financing Cash Flow | 7.10B | -8.28B | -30.57B | -8.61B | -2.10B | 7.89B |
CMOC Group Technical Analysis
Negative
17.53
Price Trends
16.73
Negative
17.35
Negative
18.40
Negative
Market Momentum
-0.06
Positive
43.06
Neutral
65.57
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 17.53 is above the 20-day moving average (MA) of 16.95, above the 50-day MA of 16.73, and below the 200-day MA of 18.40, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 43.06 is Neutral, neither overbought nor oversold. The STOCH value of 65.57 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | HK$68.55B | 35.63 | 34.35% | 0.73% | 79.09% | 83.65% | |
67 Neutral | HK$456.31B | 13.96 | 31.60% | 2.73% | 25.06% | 72.98% | |
67 Neutral | HK$27.94B | 5.36 | 30.91% | 4.13% | 34.76% | 66.30% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | HK$85.17B | 15.70 | 10.30% | 5.80% | 61.40% | ― | |
46 Neutral | HK$2.25B | 5.31 | 11.28% | 2.44% | -32.45% | ― | |
42 Neutral | HK$52.71M | -0.14 | -1613.43% | 2.61% | -20.14% | -84.86% |
* Basic Materials Sector Average
HK:3993
CMOC Group
16.00
3.14
24.47%
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31.82
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Lygend Resources & Technology Co., Ltd. Class H
16.69
1.69
11.26%
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Wanguo International Mining Group Ltd.
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6.41
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Graphex Group Limited
0.06
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-76.09%
CMOC Group Corporate Events
CMOC Group Wins Strong Shareholder Backing at 2026 Extraordinary Meeting
Aug 20, 2026
CMOC Group Limited reported the poll results of its first extraordinary general meeting of 2026, where shareholders holding about 66% of issued shares participated via onsite and online voting. Both A-share and H-share investors were represented, ...
CMOC Group Announces 2026 Interim Results and RMB2 Billion Dividend Payout
Aug 19, 2026
CMOC Group Limited has released its unaudited consolidated interim results for the six months ended 30 June 2026, prepared in line with Hong Kong listing disclosure requirements and reviewed by its audit and risk committee. The interim report, whi...
CMOC Group Declares Interim Dividend and Details Tax Arrangements for H Shareholders
Aug 19, 2026
CMOC Group Limited has announced an interim ordinary cash dividend for the six months ended 30 June 2026, declaring RMB 0.95 per 10 shares, equivalent to HKD 1.09804 at an exchange rate of RMB 1 to HKD 1.15583. The ex-dividend date is set for 1 Se...
CMOC Group Schedules Webcast Briefing on 2026 Interim Results
Aug 13, 2026
CMOC Group Limited has announced it will hold an investor briefing via webcast on 21 August 2026 to discuss its interim results for the six months ended 30 June 2026 and provide an update on company operations. The online session, hosted on the Sh...
CMOC Group Sets August Board Meeting to Approve Interim Results
Aug 7, 2026
CMOC Group Limited has scheduled a board meeting for 19 August 2026 in Luoyang, Henan, to review and approve the publication of its interim financial results for the six months ended 30 June 2026. The meeting, which may also address other corporat...
CMOC Revamps Connected Deals with CATL and KFM as Copper and Cobalt Outlook Shifts
Jul 31, 2026
CMOC Group Limited plans to revise annual caps and renew its continuing connected transactions with major shareholder CATL and joint subsidiary KFM Holding, citing expected substantial growth in copper output and a recent uptrend in global copper ...
CMOC Group Calls 2026 EGM to Approve New Commercial and Governance Frameworks
Jul 31, 2026
CMOC Group Limited has called its first extraordinary general meeting of 2026 for 20 August in Shanghai, where shareholders will vote on several key operational and governance proposals. The agenda includes approval of product sales and procuremen...
CMOC Group Flags Up to 90% Surge in First-Half 2026 Profit on Strong Metals Markets
Jul 10, 2026
CMOC Group has issued a positive profit alert for the first half of 2026, projecting net profit attributable to shareholders of RMB15.5 billion to RMB16.5 billion, up about 79% to 90% year-on-year. Profit after excluding non-recurring items is exp...
CMOC unlocks new tranche of executive shares after strong 2023 performance
Jun 16, 2026
CMOC Group has approved the performance appraisal results for the 2023 interest allocation period under its 2021 First Phase Employee Share Ownership Plan, triggering the third interest allocation period for four senior incentive participants from...
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.