Morningstar

Tianqi Lithium Corp Class H 09696

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Stock XHKG Rating as of
HK$26.60 +3.15 (13.43%)
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As of Delayed Price Closed

Company Report

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Lithium: We Expect a Recovery in 2025

Seth Goldstein

Lithium prices are at multiyear lows due to oversupply. The issue is driven by supply growth. Demand is growing at a mid-teens percentage, due to higher global electric vehicle sales and the buildout of energy storage systems. However, a wave of new supply exceeded demand growth driving prices down.

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Price vs Fair Value

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09696 is trading at a 793% premium.
Price
HK$26.60
Fair Value
HK$57.60
Uncertainty
High
1-Star Price
HK$92.65
5-Star Price
HK$83.70
Economic Moat
Pphpv
Capital Allocation
Tjjrspb

Bulls Say, Bears Say

Bulls

Lithium demand would remain resilient, driven by vehicle electrification and the lag in new supply to meet demand growth. The lithium price is expected to recover from the current low level in the next few years.

Bears

Decrease in the price of lithium products or changes in the current and expected supply/demand dynamics of lithium would significantly affect Tianqi’s profitability, resulting in volatility and uncertainty in earnings forecast.

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Trading Information

Previous Close Price
HK$23.45
Day Range
HK$24.00–27.70
52-Week Range
HK$18.52–46.80
Bid/Ask
HK$26.55 / HK$26.60
Market Cap
HK$43.64 Bil
Volume/Avg
11.9 Mil / 1.9 Mil

Key Statistics

Price/Earnings (Normalized)
5.50
Price/Sales
1.82
Dividend Yield (Trailing)
5.57%
Dividend Yield (Forward)
5.57%
Total Yield
5.57%

Company Profile

Tianqi Lithium is a leading new energy materials company headquartered in China. The company is the largest producer of mined lithium globally in terms of output and is ranked third in terms of revenue generated from lithium, according to Wood Mackenzie. It is also the world’s fourth largest and Asia’s second largest lithium compound producer, as measured by production output, according to the same source. Tianqi is the only lithium producer in China that has achieved 100% self-sufficiency and has fully vertically integrated lithium mines. It operates in critical stages of the lithium value chain, including: 1) mining of lithium ore and manufacturing of lithium concentrate; and 2) manufacturing of lithium compounds and derivatives.
Sector
Basic Materials
Industry
Other Industrial Metals & Mining
Stock Style Box
Large Value
Total Number of Employees
3,062
Website
http://www.tianqilithium.com

Competitors

Valuation

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Metric
09696
ALTM
01772
Price/Earnings (Normalized)
 5.503.5584.42
Price/Book Value
 0.880.490.89
Price/Sales
 1.822.591.59
Price/Cash Flow
 3.3721.0129.00
Price/Earnings
09696
ALTM
01772

Financial Strength

Metric
09696
ALTM
01772
Quick Ratio
 2.581.410.51
Current Ratio
 3.442.260.91
Interest Coverage
 24.05—−1.52
Quick Ratio
09696
ALTM
01772

Profitability

Metric
09696
ALTM
01772
Return on Assets (Normalized)
 13.88%4.76%−1.72%
Return on Equity (Normalized)
 20.45%7.45%−3.43%
Return on Invested Capital (Normalized)
 15.72%6.01%−1.53%
Return on Assets
09696
ALTM
01772

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