Ganfeng Lithium 1772

Ganfeng Lithium 1772

Postby winston » Tue Apr 28, 2020 1:24 pm

not vested

A front runner in China lithium industry

Global top three lithium compound producer with integrated value chain that includes mining resources

First-tier client base with long term sales agreements

Projected net profit growth c.83% CAGR in 2019-2021 backed by new projects

Initiating coverage with BUY H and TP of HK$30.0

Our BUY rating is premised on:-
(1) sales volume growth at c.34% compound annual growth rate (CAGR) during FY19-21F supported by its strong partnerships with major auto manufacturers such as Tesla and BMW, and strong offtake from blue chip battery suppliers such as LG Chemical (LG Chem),
(2) GFLi’s sound earnings outlook of c.83% CAGR during FY19-FY21F with improving lithium metal and compound margin.


Valuation:
GFLi is trading at an attractive valuation at below 0.6x FY20F PE to FY19-FY21F EPS growth.

Our target price (TP) of HK$30.0 is based on 0.7x PEG, translating into price earnings ratio (P/E) of 57x FY20F and 29x FY21F.

This represent a premium over its peers which is justified by its strong growth prospect and superior customers portfolio.

Our TP for A-share is RMB45.0 on 0.9x PEG, initiate HOLD.

Source: DBS

https://researchwise.dbsvresearch.com/R ... =fdfaekhfi
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Re: Ganfeng Lithium 1772

Postby winston » Mon May 18, 2020 9:52 am

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Ganfeng Lithium Co (1772 HK)

Lithium Industry Recovery To Be Further Delayed On Pandemic Impact; Longterm Prospects Remain Intact


We expect Ganfeng’s earnings to have bottomed out in 1Q20, thanks to declining raw material costs and the gradual recovery of downstream demand.

However, the recovery of the lithium industry is likely to be further delayed to 2021 due to weakness in both supply and demand due to the COVID-19 outbreak.

Stay positive on EV battery’s outlook; maintain BUY but lower target price to HK$34.00.

Source: UOBKH

https://research.uobkayhian.com/content ... 3d43d92dae
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Re: Ganfeng Lithium 1772

Postby winston » Wed Aug 26, 2020 3:53 pm

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<Result Ann>GANFENGLITHIUM Interim Net Profit RMB158M, Down 46.9%

GANFENGLITHIUM (01772.HK) announced interim result ended June 2020.

The revenue declined 15.3% year on year to RMB2.375 billion.

The net profit amounted to RMB158 million, down 46.9% yearly. EPS was RMB0.12.

No dividend was declared.

Source: AAStocks Financial News
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Re: Ganfeng Lithium 1772

Postby winston » Thu Sep 17, 2020 11:26 am

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GANFENGLITHIUM(1772)

Analysis:

Ganfeng Lithium (1772) is primarily engaged in the exploration and sale of lithium ore and the manufacturing and sale of lithium series products, lithium batteries.

The Group continues to acquire upstream high-quality lithium resources globally so as to enrich and broaden the diversified supply of raw materials on a continuous basis.

In downstream operation, the Group is actively developing and upgrading the existing lithium battery production.

The Group`s rebuilding and extension of basic Lithium Plant Stage III was progressing smoothly, which is expected to be put into opera tion by the end of 2020. (I do not hold the above stock)

Strategy:
Buy-in Price: $38.50, Target Price: $43.50, Cut Loss Price: $35.50

Source: Phillips
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Ganfeng Lithium 1772

Postby winston » Fri Oct 09, 2020 10:39 am

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GANFENGLITHIUM (1772)

Analysis:

GANFENGLITHIUM (1772) recently completed the acquisition of equity interest in MINERA EXAR.

Together with the equity interest acquired in the Initial Acquisition and the Former Acquisition, the Group now holds in aggregate 51% of the equity interest in MINERA EXAR.

The latter holds 100% interest in the Cauchari-Olaroz project, one of the largest lithium brine resources globally with a total Measured and Indicated resource of 19,852,700 tonnes of lithium carbonate equivalent.

It is expected, that once in production (targeting 40,000 tpa of lithium carbonate production capaci ty per year), the Cauchari-Olaroz project will be among the lowest cost producers of lithium carbonate.

The increased project interest is expected to provide the Group with a significant economic return. (I do not hold the above stock)

Strategy:
Buy-in Price: $42.00, Target Price: $47.00, Cut Loss Price: $39.00

Source: Phillips
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Ganfeng Lithium 1772

Postby winston » Mon Nov 02, 2020 9:25 am

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Ganfeng Lithium-H (1772 HK)
3Q20: Margins Squeezed Amid Weak Lithium Market; Downgrade to HOLD


Ganfeng posted 3Q20 net profit growth of 421% yoy to Rmb174m, in line with our expectations.

However, gross margin in 3Q20 fell 1.3ppt qoq and 3.5ppt yoy to 18.0% on weaker-than-expected lithium compound prices.

Management guided 2020 net profit of Rmb400m-500m, below our expectations.

We expect a meaningful recovery in the lithium market in 2021.

Downgrade to HOLD and cut target price to HK$45.00. Entry price: HK$40.00.

Source: UOBKH

https://research.uobkayhian.com/content ... 6d57a90162
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Re: Ganfeng Lithium 1772

Postby winston » Mon Nov 09, 2020 2:46 pm

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What’s New

3Q sales volume benefitted from the EV battery sales rebound; product GP expected to recover on price rebound

New expansion in TWS capacity to set growth for 2023

Factored in higher impairment impact for 2020-2021 with a new estimated earnings CAGR of 82% during 2020-2022

Maintain BUY; new H-share TP of HK$60/A-share TP of RMB77 at unchanged PE multiples after rolling over to FY22F EPS

Source: DBS

https://researchwise.dbsvresearch.com/R ... ieaekfhgbh
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Ganfeng Lithium 1772

Postby winston » Wed Dec 16, 2020 10:57 am

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GANFENGLITHIUM(1772)

Analysis:

Ganfeng Lithium is the world`s leading producer of lithium compounds and metal lithium.

The company started as a midstream lithium compound and metal lithium manufacturer, and successfully expanded to the upstream and downstream of the industrial chain to obtain a competitive supply of lithium raw materials.

The global automotive electrification trend has been established, and the demand for power batteries has directly boosted the company`s product demand.

In the future, the price of lithium ore will be restored upwards, and the company`s profits will soon be restored.

Strategy:
Buy-in Price: $73.50, Target Price: $87.00, Cut Loss Price: $66.50

Source: Phillips
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston
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Re: Ganfeng Lithium 1772

Postby winston » Wed Jan 13, 2021 10:31 am

not vested

GANFENGLITHIUM(1772)

Analysis:

Ganfeng Lithium is the world`s leading producer of lithium compounds and metal lithium.

The company started as a midstream lithium compound and metal lithium manufacturer, and successfully expanded to the upstream and downstream of the industrial chain to obtain a competitive supply of lithium raw materials.

The global automotive electrification trend has been established, and the demand for power batteries has directly boosted the company`s product demand.

In the future, the price of lithium ore will be restored upwards, and the company`s profits will soon be restored.

Strategy:
Buy-in Price: $102.50, Target Price: $127.00, Cut Loss Price: $89.50

Source: Phillips
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
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Posts: 110097
Joined: Wed May 07, 2008 9:28 am


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