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Chinese miner of cobalt, copper, molybdenum, tungsten, niobium and phosphate with mines on four continents.
Chinese miner of cobalt, copper, molybdenum, tungsten, niobium and phosphate with mines on four continents.
Hong Kong-listed H shares of the Shanghai-listed CMOC (603993.SS), the same business. Sales are of mined metals at world prices, plus trading through its IXM metals-trading unit. Its Congolese copper and cobalt operations, bought from Freeport in 2016, are the core, and Congo restricted cobalt exports in 2025.
In one line: China's Freeport, with a cobalt/niobium twist.
Moat: narrow (scale, installed base). World-leading cobalt and one of the largest niobium producers via Congo and Brazil assets, but still a commodity price-taker.
Headquarters: Luoyang, China · Employees: 12,354
Size CMOC (3993.HK) is a Hong Kong Materials company (Wholesale Distributors) with a market value of $40.0B, the 42nd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$12.05 on 6 Nov 2026.
Performance Over six months the shares fell 38.7%, against -27.2% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 10 in its peer set.
Growth Revenue grew 38.5% over the last twelve months (peer median +21.3%); the operating margin is 20.4% (peer median 24.8%).
Valuation It trades at 6.7× forward earnings against a peer median of 8.3× (5th cheapest of 10).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -21 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 31.4 points above its cost of capital (9.9% WACC).
Next results Next results expected around 19 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$305B | HK$224B | HK$231B | HK$202B | HK$201B |
| Revenue growth | — | -3% | +14% | +1% | — |
| Gross profit | HK$78.9B | HK$53.4B | HK$38.0B | HK$16.3B | HK$18.4B |
| EBITDA | n/a | HK$54.2B | HK$37.5B | HK$16.5B | HK$19.9B |
| Net income | HK$34.2B | HK$22.1B | HK$14.7B | HK$9.12B | HK$7.06B |
| Free cash flow | HK$10.3B | HK$15.0B | HK$31.4B | HK$5.62B | HK$7.60B |
| Capital expenditure | HK$12.3B | HK$8.22B | HK$5.31B | HK$14.3B | HK$12.2B |
| Total debt | HK$60.8B | HK$35.2B | HK$33.3B | HK$60.4B | HK$58.2B |
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 |
|---|---|---|---|---|---|---|
| CMOC 3993.HK | $40.0B | -39% | +39% | 20% | 6.7× | -8.7% |
| Glencore GLEN.L | $78.0B | -14% | +27% | 2% | 10.9× | n/a |
| Zijin Mining 2899.HK | $111B | -23% | +21% | 30% | 8.3× | -6.0% |
| Freeport-McMoRan FCX | $85.3B | -4% | 0% | 24% | 14.3× | 16.3% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3993.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.3% | -4.6% | 2nd lowest of 10 |
| 6-month return | -38.7% | -27.2% | 2nd lowest of 10 |
| Distance from 52-week high | -52.3% | -47.9% | 4th lowest of 10 |
| Revenue growth (TTM) | +38.5% | +21.3% | 3rd highest of 10 |
| Operating margin | 20.4% | 24.8% | 5th lowest of 10 |
| Forward P/E | 6.7× | 8.3× | 5th cheapest of 10 |
| Growth the price implies (Req g, 7 yrs) | -8.7% | -6.0% | 4th least demanding of 8 |
| Growth delivered (Del g) | +12.0% | +14.5% | 3rd lowest of 8 |
| Hurdle (Req g minus delivered) | -20.7 pp | -20.5 pp | 4th least demanding of 8 |
| ROIC minus cost of capital | +31.4 pp | +11.9 pp | highest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CMOC 3993.HK | Hong Kong | $40.0B | -39% | +39% | 20% | 6.7× | -8.7% | +12.0% |
| Zijin Gold International 2259.HK | Hong Kong | $46.6B | -19% | +106% | 54% | 15.7× | 17.3% | +43.4% |
| Chinahongqiao 1378.HK | Hong Kong | $25.5B | -36% | +7% | 25% | 5.0× | -12.8% | +12.7% |
| Aluminum Corporation of China 2600.HK | Hong Kong | $20.9B | -37% | +7% | 17% | 4.8× | -11.6% | +4.6% |
| Shandong Gold Mining 1787.HK | Hong Kong | $16.4B | -42% | +12% | 13% | 11.1× | n/a | n/a |
| Zijin Mining 2899.HK | Hong Kong | $111B | -23% | +21% | 30% | 8.3× | -6.0% | +14.5% |
| Jiangxi Copper 0358.HK | Hong Kong | $14.3B | -36% | +22% | 4% | 4.7× | n/a | n/a |
| Anhui Conch Cement 0914.HK | Hong Kong | $13.9B | -11% | -7% | 8% | 16.0× | 1.0% | -14.7% |
| MMG 1208.HK | Hong Kong | $11.2B | -27% | +48% | 43% | 6.3× | -11.3% | +15.6% |
| Chifeng Jilong Gold Mining 6693.HK | Hong Kong | $11.1B | -24% | +29% | 43% | 12.9× | 11.0% | +21.8% |