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Chinese and Canadian potash-based fertilizer producer and distributor, serving China's agricultural market.
Chinese and Canadian potash-based fertilizer producer and distributor, serving China's agricultural market.
Moat: none (scale). Commodity potash fertilizer producer competing on cost and distribution reach.
Headquarters: Chengdu, China · Employees: 414
Size Migao (9879.HK) is a Hong Kong Materials company (Chemicals: Agricultural) with a market value of $1.08B, the 576th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$9.31 on 6 Nov 2026.
Performance Over six months the shares gained 15.8%, against -23.5% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 27.0% over the last twelve months (peer median +8.2%); the operating margin is 7.7% (peer median 6.0%).
Valuation It trades at 10.3× forward earnings against a peer median of 9.3× (7th most expensive of 14).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +23%, so the hurdle is -26 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.3 points above its cost of capital (5.3% WACC).
Next results Next results expected around 26 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$6.81B | HK$6.78B | HK$5.36B | HK$4.12B | HK$5.39B |
| Revenue growth | — | +27% | +30% | -24% | — |
| Gross profit | HK$730M | HK$728M | HK$693M | HK$586M | HK$850M |
| EBITDA | HK$564M | HK$542M | HK$504M | HK$440M | HK$673M |
| Net income | HK$413M | HK$410M | HK$332M | HK$276M | HK$463M |
| Free cash flow | HK$118M | HK$116M | -HK$20.9M | -HK$508M | -HK$10.7M |
| Capital expenditure | HK$112M | HK$110M | HK$129M | HK$11.7M | HK$149M |
| Total debt | n/a | HK$1.49B | HK$1.16B | HK$834M | HK$735M |
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 |
|---|---|---|---|---|---|---|
| Migao 9879.HK | $1.08B | +16% | +27% | 8% | 10.3× | -2.8% |
| Sinofert 0297.HK | $1.08B | -25% | +16% | 6% | 5.5× | -18.5% |
| China XLX Fertiliser 1866.HK | $1.51B | -27% | +24% | 8% | 6.7× | n/a |
| Nutrien NTR.TO | $34.3B | +8% | +8% | 14% | 13.2× | 4.1% |
| ICL ICL | $6.04B | -27% | +11% | 11% | 11.5× | 3.5% |
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 | 9879.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.8% | -4.6% | 5th highest of 21 |
| 6-month return | +15.8% | -23.5% | 3rd highest of 21 |
| Distance from 52-week high | -4.7% | -37.9% | 4th highest of 21 |
| Revenue growth (TTM) | +27.0% | +8.2% | 3rd highest of 21 |
| Operating margin | 7.7% | 6.0% | 9th highest of 21 |
| Forward P/E | 10.3× | 9.3× | 7th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | -2.8% | -1.7% | 5th least demanding of 12 |
| Growth delivered (Del g) | +23.4% | +3.5% | highest of 12 |
| Hurdle (Req g minus delivered) | -26.2 pp | -6.3 pp | least demanding of 12 |
| ROIC minus cost of capital | +6.3 pp | +0.1 pp | 5th highest of 21 |
| EV / EBITDA | 15.2× | 8.2× | 3rd most expensive of 8 |
| Net debt / EBITDA | -0.2× | 0.0× | 4th least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Migao 9879.HK | Hong Kong | $1.08B | +16% | +27% | 8% | 10.3× | -2.8% | +23.4% |
| China BlueChemical 3983.HK | Hong Kong | $1.08B | -32% | +4% | 5% | 6.0× | n/a | n/a |
| Sinofert 0297.HK | Hong Kong | $1.08B | -25% | +16% | 6% | 5.5× | -18.5% | +1.0% |
| Nantong Jiangshan Agrochemical & Chemicals 600389.SS | China | $1.04B | -44% | +13% | 6% | 10.4× | n/a | n/a |
| CVR Partners, LP UAN | United States | $1.16B | -13% | +7% | 21% | 7.4× | -10.5% | +11.6% |
| CAC Nantong Chemical 301665.SZ | China | $1.17B | -26% | +27% | 13% | 15.8× | -1.7% | +11.9% |
| Taiwan Fertilizer 1722.TW | Taiwan | $1.18B | -15% | +4% | -16% | 13.7× | 0.0% | +3.5% |
| Nanjing Redsun 000525.SZ | China | $981M | -10% | +12% | -2% | n/a | 12.2% | -5.1% |
| Oci OCI.AS | Netherlands | $967M | +8% | -81% | -4% | n/a | n/a | n/a |
| E.I.D.-Parry (India) EIDPARRY.NS | India | $1.21B | -24% | +16% | 7% | 11.4× | n/a | n/a |
| Oil-Dri Corporation of America ODC | United States | $948M | -9% | +2% | 14% | n/a | 3.8% | +10.1% |
| Madhya Bharat Agro Products MBAPL.NS | India | $944M | +68% | +48% | 10% | n/a | n/a | n/a |
| Shenzhen Noposion Crop Science 002215.SZ | China | $1.25B | -23% | +12% | 13% | 9.3× | -3.9% | +6.9% |
| Stanley Agricultural 002588.SZ | China | $1.27B | -33% | +3% | 8% | 8.8× | n/a | n/a |
| Jiang Su Suyan Jingshen 603299.SS | China | $1.28B | -18% | -5% | 5% | 25.9× | n/a | n/a |
| Nufarm NUF.AX | Australia | $897M | +40% | -2% | 3% | 62.4× | 9.9% | +5.2% |
| FMC FMC | United States | $876M | -58% | -22% | -21% | 6.2× | -2.8% | -5.7% |
| Kunming Chuan Jin Nuo Chemical 300505.SZ | China | $838M | -34% | +14% | 10% | 9.2× | n/a | n/a |
| Huapont Life Sciences 002004.SZ | China | $1.39B | -5% | -6% | 11% | n/a | -8.7% | +1.1% |
| Kingenta Ecological Engineering 002470.SZ | China | $827M | -39% | +9% | -5% | n/a | n/a | n/a |
| Holitech Technology 002217.SZ | China | $1.41B | -58% | +17% | 2% | n/a | 45.7% | -37.1% |