JCHX MINING MANAGEMENT(603979):ACQUISITION OF OVERSEAS MINING SERVICE BUSINESS PLATFORM TO START INTERNATIONAL EXPANSION OF MINING SERVICES
JCHX MINING MANAGEMENT(603979):ACQUISITION OF OVERSEAS MINING SERVICE BUSINESS PLATFORM TO START INTERNATIONAL EXPANSION OF MINING SERVICES
Terra Mining's transaction consideration is low, and JCHX Mining Management will assume the bad debt losses from its tradereceivables. According to the announcement, the equity transfer of Terra Mining is primarily due to its tight financial situation. The company operates the Extension Hill Magnetite mine project under an integrated custody operation model. However, due to heavy capital investments, a long capital settlement period, and the inability to collect sales proceeds caused by customer issues, the company has nearly fully written off its bad debts.What's new
有什么新鲜事
According to the company's announcement on the evening of December 10, JCHX Mining Management signed an equity cooperation agreement with Terra Mining in Australia and its shareholder, DAI RUI, to purchase a 51% stake in Terra Mining for AUD1. Terra Mining specializes in open-pit mine drilling, blasting, loading, transportation, crushing, as well as mining design and development.
根据公司在12月10日晚上发布的公告，金诚信与澳洲的Terra Mining及其股东戴瑞签署了一项股权合作协议，以AUD1购买Terra Mining的51%股份。Terra Mining专注于露天矿山的钻探、爆破、装载、运输、破碎，以及矿山设计和开发。
Comments
评论
Terra Mining's transaction consideration is low, and JCHX Mining Management will assume the bad debt losses from its tradereceivables. According to the announcement, the equity transfer of Terra Mining is primarily due to its tight financial situation. The company operates the Extension Hill Magnetite mine project under an integrated custody operation model. However, due to heavy capital investments, a long capital settlement period, and the inability to collect sales proceeds caused by customer issues, the company has nearly fully written off its bad debts.
Terra Mining的交易对价较低，金诚信将承担其应收账款的不良债务损失。根据公告，Terra Mining的股权转让主要是由于其财务情况紧张。该公司在集成托管运营模式下运营Extension Hill磁铁矿项目。然而，由于巨额的资本投资，较长的资本结算周期，以及因客户问题无法收回销售收入，该公司几乎全额注销了坏账。
Terra Mining reported a net loss of AUD8.64mn in FY24 (the Australian fiscal year runs from July 1 to June 30 of the following year) and net liabilities of AUD1.59mn.
Terra Mining在2024财年报告了AUD8.64百万的净亏损（澳洲财政年度从7月1日到翌年的6月30日）及净负债AUD1.59百万。
JCHX Mining Management can meet Terra Mining's funding needs and assist in recovering arrears through legal means. According to theannouncement, Terra Mining's future capital requirements can be covered by its own funds, supplemented by senior shareholder loans provided by JCHX Mining Management. Additionally, for receivables already provisioned as bad debts, JCHX Mining Management plans to help recover the arrears and reduce losses through legal measures.
金诚信可以满足Terra Mining的资金需求，并通过法律手段协助收回欠款。根据公告，Terra Mining未来的资本需求可以通过自身资金覆盖，并由金诚信提供的高级股东贷款进行补充。此外，对于已经计提为坏账的应收账款，金诚信计划通过法律手段帮助收回欠款，减少损失。
Terra Mining and the firm's mining service business complement each other, and we expect it to serve as a platform for the firm toaccelerate global expansion. Terra Mining is an Australian-registered mining service company with over 20 years of experience in Australia and a diversified professional management team. We believe that Terra Mining and the firm hold significant strengths in open-pit and underground mining services, respectively. These complementary capabilities can create synergies, supporting the expansion of the company's business chain.
Terra Mining与公司的矿业服务业务相辅相成，我们预计它将作为公司加速全球扩张的平台。Terra Mining是一家在澳洲注册的矿业服务公司，在澳洲拥有超过20年的经验，并拥有多元化的专业管理团队。我们认为Terra Mining与公司在露天矿和地下矿服务方面各有显著优势。这些互补的能力可以创造协同效应，支持公司的业务链扩展。
Furthermore, the acquisition provides a platform and opportunities for the firm to enter the overseas mining services market in developed regions such as Australia, while also enhancing the company's international operations.
此外，此次收购为公司提供了一个平台和机会，以进入发达地区如澳洲的境外矿业服务市场，同时也增强了公司的国际业务。
Overall, as a leading provider of integrated mine operation services, the firm has achieved notable milestones in its mining services and resources integration strategy, highlighting its strong assetallocation value. In the mining services segment, the firm has made progress in both domestic and overseas markets. We believe the M&A will further accelerate the internationalization of the firm's mining services segment and the globalization of its resources business. In the resources sector, the firm's mining services and resources integration strategy has transformed it from a single mine development service provider into a diversified mining conglomerate. We expect its earnings growth to accelerate as copper mine output increases.
总体而言，作为综合矿业运营服务的领先提供商，该公司在矿业服务和资源整合策略方面取得了显著的里程碑，突显出其强大的资产配置价值。在矿业服务板块，公司在国内和境外市场均取得了进展。我们相信此次并购将进一步加速公司的矿业服务板块的国际化及其资源业务的全球化。在资源板块，公司通过矿业服务和资源整合策略，已从单一的矿山开发服务提供商转变为一个多元化的矿业集团。我们预计随着铜矿产量的增加，其盈利增长将加速。
Financials and valuation
财务和估值
We keep our 2024 and 2025 earnings forecasts unchanged. The stock is trading at 17x 2024e and 13x 2025e P/E. We maintain an OUTPERFORM rating and TP of Rmb57, implying 23x 2024e and 18x 2025e P/E, offering 39% upside.
我们保持2024年和2025年的收益预测不变。该股票当前交易于2024年预估市盈率为17倍，2025年预估市盈率为13倍。我们维持跑赢大盘的评级和57人民币的目标价，这意味着2024年预估市盈率为23倍，2025年预估市盈率为18倍，提供39%的上涨空间。
Risks
风险
Sharp fluctuations in product prices; disappointing capacity expansion; geopolitical risks in countries where overseas projects are located.
产品价格剧烈波动；容量扩张不尽如人意；境外项目所在国家的地缘政治风险。
译文内容由第三方软件翻译。