Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 15 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity, Bottom-up Analyst

Fushan Energy (639 HK): Coking Coal Prices To Strengthen With Anglo Accident

Shougang Fushan Resources (639 HK): Cash 83% of Market Cap, 11% Trailing Dividend Yield

Shougang Fushan Resource (639 HK): FY23 Earnings, 11% Dividend Yield With ~50% of Mkt Cap in Cash

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

Shougang Fushan Resources / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shougang-fushan-resources-group-ltd" target="_blank" data-smartkarma-citation="entities:19494:1" rel="noopener">Shougang Fushan </a><a target="_blank" rel="noopener">Resources' (639 HK) </a>FY24 revenues/profits were down 14%/21% YoY due to the decline in coking coal prices, which were 14% YoY to 1666 RMB/ton (on similar volumes). </li>
<li>At 1295 RMB/ton, spot prices are 25% lower than last year's average, yet the stock is supported by cash, which represents 80% of its market capitalization (10 billion HKD).</li>
<li>The company provided a 100% payout of 30 HKD cents, resulting in a 12% dividend yield; however, at current spot prices, the yield is 7%.</li>
</ul>



Shougang Fushan Resources' (639 HK) FY24 revenues/profits were down 14%/21% YoY due to the decline in coking coal prices, which were 14% YoY to 1666 RMB/ton (on similar volumes). 
At 1295 RMB/ton, spot prices are 25% lower than last year's average, yet the stock is supported by cash, which represents 80% of its market capitalization (10 billion HKD).
The company provided a 100% payout of 30 HKD cents, resulting in a 12% dividend yield; however, at current spot prices, the yield is 7%.


Fushan Energy (639 HK): Cash 80% of Market Cap, 100% Payout Implies 12% Trailing Dividend Yield