Tianqi Lithium Industries Inc Class A

002466: XSHE (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥75.80	Xvqwrgy	Kcfsjlk

Leading Lithium Producer Amid Global Decarbonization; Initiating Tianqi Lithium With CNY 92 FVE

Vincent Sun

Oct 13, 2022

Following our initiation on Tianqi H-shares in September, we now add in the A-share coverage with a narrow moat rating and fair value estimate of CNY 92 per share. As a leading lithium producer in China, we believe Tianqi will continue to benefit from the global vehicle electrification trend. Our fair value implies a 2023 price/earnings ratio of 7.0 times. The A-shares, at 6% premium to our fair value estimate, are in 3-star territory and fairly valued, in our view. We reiterate our view below as mentioned in the H-share initiation.

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