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金石矿业(01380.HK)新股透视

Perspective of New shares of 01380.HK

信達國際 ·  Mar 8, 2011 00:00  · Researches

Our estimate for the marble flotation in 2011-2013 is 10% lower. At the same time, with reference to other mining companies in the market, it is estimated that the long-term interest rate of the market is 30%. We believe that there is a chance that the actual sales and profit margin statements will be higher than the above estimates, but considering the history of business production for several months, we believe that what is considered conservative is a combination of false settings. As the collection does not have any long-term interest as of the end of November 2010, and the proceeds from the IPO should be sufficient to meet the capital needs of the mining mines and related facilities of the developing countries, therefore, we will maintain a debt-to-equity ratio of 0%. The marble slabs of the collection are mainly used as building materials. When we consult other building materials enterprises, the average number of beta series is 1.4. the beta number of our false set is the same, and the average capital cost of weighting (WACC) is 13.9%. Based on these data, based on the discounted cash flow model, the reasonable share price of our expected collection is HK $3.3 per share, calculated at the upper and lower limits of the IPO of HK $2.25 to HK $3.35, and the corresponding price-to-earnings ratios for 2012 and 2013 are 10.5-15.6 times and 5.7-8.5 times, respectively. As our estimated reasonable threshold of HK $3.30 per share is lower than the IPO ceiling, we give it a neutral rating to the gold mining industry.

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