Stock Name: ThinkEnv
Company Name: THE THINK ENVIRONMENTAL CO LTD
SIAS Research in a July 4 research report says: "The Think Environmental Co Ltd (TENV) will start gold production in 2H 2011 from Mongolia, Mali and Ghana. Phase 2 production is anticipated to kick in from Jan 2012 and double ex-Mongolia output.
"We expect TENV to produce 18,000oz of gold in FY2012F (ending March 2012), followed by full year output of 56,000oz in FY2013F. Forecast exponential growth at TENV is taking shape. We derived a value of $1.035 per share based on our updated model, valuing TENV at $754.2 million, comprising of $690.5 million/$63.7 million - mining/other assets mix.
"Our valuation of the mining division works out to 9.7x TENV's committed capital of US$57.7 million ($71.4 million). MAINTAIN INCREASE EXPOSURE."
Company Name: THE THINK ENVIRONMENTAL CO LTD
| Research House: SIAS | Price Call: BUY | Target Price: 1.035 |
SIAS Research in a July 4 research report says: "The Think Environmental Co Ltd (TENV) will start gold production in 2H 2011 from Mongolia, Mali and Ghana. Phase 2 production is anticipated to kick in from Jan 2012 and double ex-Mongolia output.
"We expect TENV to produce 18,000oz of gold in FY2012F (ending March 2012), followed by full year output of 56,000oz in FY2013F. Forecast exponential growth at TENV is taking shape. We derived a value of $1.035 per share based on our updated model, valuing TENV at $754.2 million, comprising of $690.5 million/$63.7 million - mining/other assets mix.
"Our valuation of the mining division works out to 9.7x TENV's committed capital of US$57.7 million ($71.4 million). MAINTAIN INCREASE EXPOSURE."
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