Stock Name: CNMC
Company Name: CNMC GOLDMINE HOLDINGS LIMITED
SIAS Research in an Apr 23 research report says: "CNMC reported a 4.6x increase in gold production from 553.8oz in 2010 to 3,097.4oz in 2011, following a 174% increase in reported gold resources from Jun 2010 to Dec 2011. "FY11 Revenue grew by 8.7x partly due to higher gold prices. Reported attributable losses were US$5.1 million, of which US$3.3 million were due to IPO expenses and ex-gratia payment to key mining staff. We adjusted our forecasts to reflect higher than expected operating costs and higher prices for gold, silver, lead and zinc. "In all, we expect CNMC to report revenue of US$48.1 million and PATMI of US$12.0 million in 2012. Our intrinsic value of the company remains unchanged at 80 cents per share (56.9% value-to-price gap from 51 cents). MAINTAIN INCREASE EXPOSURE."
Company Name: CNMC GOLDMINE HOLDINGS LIMITED
| Research House: SIAS | Price Call: BUY | Target Price: 0.80 |
SIAS Research in an Apr 23 research report says: "CNMC reported a 4.6x increase in gold production from 553.8oz in 2010 to 3,097.4oz in 2011, following a 174% increase in reported gold resources from Jun 2010 to Dec 2011. "FY11 Revenue grew by 8.7x partly due to higher gold prices. Reported attributable losses were US$5.1 million, of which US$3.3 million were due to IPO expenses and ex-gratia payment to key mining staff. We adjusted our forecasts to reflect higher than expected operating costs and higher prices for gold, silver, lead and zinc. "In all, we expect CNMC to report revenue of US$48.1 million and PATMI of US$12.0 million in 2012. Our intrinsic value of the company remains unchanged at 80 cents per share (56.9% value-to-price gap from 51 cents). MAINTAIN INCREASE EXPOSURE."
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