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Chinese thermal-coal miner running the Dafanpu mine in Ordos, Inner Mongolia, and now controlling South Africa's MC Mining.
Chinese thermal-coal miner running the Dafanpu mine in Ordos, Inner Mongolia, and now controlling South Africa's MC Mining.
Earns from selling coal from its single Dafanpu mine, mostly to state-owned firms, traders and power plants, with its own rail loading station helping move coal to market; sales follow market coal prices. In 2026 it became the controlling shareholder of South Africa's MC Mining, adding a coking-coal development project.
Moat: none. Single-mine thermal coal producer selling at market prices; own rail loading station helps logistics but gives no pricing power.
Headquarters: Ordos, China · Employees: 3,351
Size Kinetic Development (1277.HK) is a Hong Kong Energy company (Coal) with a market value of $1.84B, the 439th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$1.68 on 6 Nov 2026.
Performance Over six months the shares fell 15.4%, against -9.4% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 2.7% over the last twelve months (peer median +4.2%); the operating margin is 31.1% (peer median 5.7%).
Valuation It trades at 6.2× forward earnings against a peer median of 14.6× (cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -18 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.0 points above its cost of capital (6.5% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$5.92B | HK$5.74B | HK$6.13B | HK$5.24B | HK$7.16B |
| Revenue growth | — | -6% | +17% | -27% | — |
| Gross profit | HK$2.41B | HK$2.17B | HK$3.35B | HK$3.06B | HK$4.66B |
| EBITDA | HK$2.14B | HK$1.87B | HK$3.16B | HK$2.95B | HK$4.54B |
| Net income | HK$1.24B | HK$972M | HK$2.29B | HK$2.30B | HK$3.10B |
| Free cash flow | HK$663M | HK$824M | HK$1.91B | HK$1.30B | HK$2.67B |
| Capital expenditure | HK$526M | HK$374M | HK$591M | HK$541M | HK$950M |
| Total debt | n/a | HK$1.05B | HK$1.13B | HK$1.51B | HK$1.10B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kinetic Development 1277.HK | $1.84B | -15% | -3% | 31% | 6.2× | -6.4% |
| China Shenhua 1088.HK | $155B | -4% | +34% | 23% | 12.7× | -8.1% |
| Yankuang Energy 1171.HK | $21.1B | -27% | +33% | 12% | 5.6× | n/a |
| China Coal Energy 1898.HK | $23.8B | -25% | -11% | 15% | 5.9× | -10.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1277.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.5% | -11.5% | 9th highest of 21 |
| 6-month return | -15.4% | -9.4% | 7th lowest of 21 |
| Distance from 52-week high | -38.0% | -26.6% | 5th lowest of 21 |
| Revenue growth (TTM) | -2.7% | +4.2% | 5th lowest of 21 |
| Operating margin | 31.1% | 5.7% | 2nd highest of 21 |
| Forward P/E | 6.2× | 14.6× | cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -6.4% | -9.5% | 5th most demanding of 13 |
| Growth delivered (Del g) | +11.5% | +7.1% | 4th highest of 13 |
| Hurdle (Req g minus delivered) | -18.0 pp | -11.9 pp | 5th least demanding of 13 |
| ROIC minus cost of capital | +5.0 pp | +0.2 pp | 5th highest of 21 |
| EV / EBITDA | 7.9× | 6.1× | 3rd most expensive of 9 |
| Net debt / EBITDA | 0.5× | -0.2× | 3rd most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kinetic Development 1277.HK | Hong Kong | $1.84B | -15% | -3% | 31% | 6.2× | -6.4% | +11.5% |
| Alpha Metallurgical Resources AMR | United States | $1.87B | -20% | -13% | -2% | 22.5× | n/a | n/a |
| Peabody Energy BTU | United States | $1.95B | -32% | +3% | -4% | 6.3× | n/a | n/a |
| Henan Dayou Energy 600403.SS | China | $2.04B | -2% | +6% | -29% | n/a | n/a | n/a |
| Shougang Fushan Resources 0639.HK | Hong Kong | $1.66B | -4% | +33% | 20% | 10.4× | -17.3% | +4.8% |
| Guizhou Panjiang Refined Coal 600395.SS | China | $1.60B | -10% | +6% | 15% | 21.9× | n/a | n/a |
| Shanxi Meijin Energy 000723.SZ | China | $2.15B | -27% | -2% | -8% | n/a | n/a | n/a |
| Natural Resource Partners L.P NRP | United States | $1.56B | +6% | -10% | 63% | n/a | -8.1% | +9.4% |
| Stanmore Resources SMR.AX | Australia | $1.54B | +5% | -6% | 0% | 21.5× | -9.9% | +60.7% |
| Beijing Haohua Energy Resource 601101.SS | China | $2.39B | -5% | +3% | 24% | 9.3× | -9.6% | +14.4% |
| Jizhong Energy Resources 000937.SZ | China | $2.48B | -17% | +7% | 8% | 15.2× | -4.2% | -6.0% |
| Macmahon MAH.AX | Australia | $1.35B | +6% | +8% | 7% | 15.1× | 4.3% | +14.1% |
| Shanxi Coking 600740.SS | China | $1.34B | -19% | 0% | -15% | 14.6× | 13.3% | -2.7% |
| Shanxi Lanhua Sci-Tech Venture 600123.SS | China | $1.34B | -14% | +8% | 1% | 31.1× | n/a | n/a |
| Shanghai Datun Energy Resources 600508.SS | China | $1.32B | +14% | +15% | 4% | 12.0× | -9.3% | +0.1% |
| Anhui Hengyuan Coal Industry and Electricity Power 600971.SS | China | $1.30B | -13% | +34% | 3% | 22.2× | -10.2% | +1.6% |
| Kailuan Energy Chemical 600997.SS | China | $1.28B | -9% | +5% | -2% | 26.9× | n/a | n/a |
| Pingdingshan Tianan Coal Mining 601666.SS | China | $2.83B | -10% | +17% | 8% | 14.4× | n/a | n/a |
| New Hope NHC.AX | Australia | $3.08B | +5% | 0% | 16% | 11.0× | -1.1% | +11.0% |
| Alliance Resource Partners, L.P ARLP | United States | $3.14B | -2% | -2% | 18% | 8.2× | -10.0% | +10.6% |
| Shanxi Coal International Energy 600546.SS | China | $3.29B | -21% | -10% | 21% | 9.9× | -16.9% | -10.0% |