Smartkarma's AI Co-Pilot, Smartkarma

αSK

Smartkarma's AI Co-Pilot

Smartkarma

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Equity Bottom-Up

<ul>
 <li>CNMC's profitability is surging, driven by a confluence of rising gold prices and a significant 60% expansion in its Carbon-in-Leach (CIL) processing capacity, which has led to record revenue and net income in the latest fiscal year.</li>
 <li>The company maintains a robust balance sheet with a strong net cash position and minimal debt, providing financial flexibility for future growth initiatives and supporting the potential for increased dividend distributions to shareholders.</li>
 <li>Key risks to the outlook include high sensitivity to gold price volatility, potential for operational execution challenges, as seen with past delays at its underground mining facility, and a significant customer concentration risk with revenue reliant on just two buyers.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  CNMC's profitability is surging, driven by a confluence of rising gold prices and a significant 60% expansion in its Carbon-in-Leach (CIL) processing capacity, which has led to record revenue and net income in the latest fiscal year.
  The company maintains a robust balance sheet with a strong net cash position and minimal debt, providing financial flexibility for future growth initiatives and supporting the potential for increased dividend distributions to shareholders.
  Key risks to the outlook include high sensitivity to gold price volatility, potential for operational execution challenges, as seen with past delays at its underground mining facility, and a significant customer concentration risk with revenue reliant on just two buyers.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: CNMC Goldmine Holdings (CNMC SP) - Apr 2026

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>In our insight, <a href="https://www.smartkarma.com/insights/cnmc-goldmine-holdings-ltd-cncm-sp-cash-rich-gold-play-in-singapore" target="_blank" data-smartkarma-citation="insights:181763" rel="noopener">CNMC Goldmine Holdings Ltd. (CNMC SP): Cash Rich Gold Play In Singapore</a>, we highlighted the potential of <a href="https://www.smartkarma.com/entities/cnmc-goldmine-holdings-ltd" target="_blank" data-smartkarma-citation="entities:9703:1" rel="noopener">CNMC Goldmine Holdings (CNMC SP)</a> as a bullish pure-gold play.</li>
<li>On 29 January 2026 (after going up 4x from April 2025), the Board issued positive profit guidance, confirming a '<a href="https://cnmc.listedcompany.com/newsroom/20260129_200601_5TP_0S0IESMXNLK7S0QM.1.pdf" target="_blank" rel="noopener">significant overall improvement' in net profit for FY2025 vs FY2024</a>.</li>
<li>In our base-case scenario, the stock trades at 10.6x PE and 6.0x EV/EBITDA, with the gold price at 5000 USD/oz, which is undemanding.  </li>
</ul>


In our insight, CNMC Goldmine Holdings Ltd. (CNMC SP): Cash Rich Gold Play In Singapore, we highlighted the potential of CNMC Goldmine Holdings (CNMC SP) as a bullish pure-gold play.
On 29 January 2026 (after going up 4x from April 2025), the Board issued positive profit guidance, confirming a 'significant overall improvement' in net profit for FY2025 vs FY2024.
In our base-case scenario, the stock trades at 10.6x PE and 6.0x EV/EBITDA, with the gold price at 5000 USD/oz, which is undemanding.  


CNMC Goldmine (SGX:5TP): A Perfect Storm of Rising Gold Prices, Expanding Capacity & Surging Profits

SAC Capital

Independent Insight Provider

<ul><li>CNMC delivered a stellar financial performance in FY25. </li><li>The Group’s FY25 net profit surged 327.1% YoY to US$52.2 million and FY25 revenue increased 96.9% YoY to US$128.4 million.</li><li>The strong performance was primarily driven by higher realised gold prices and increased production volumes, with the average realised gold price rising 46.2% YoY to US$3,589/oz in FY25 from US$2,455/oz in FY24 , while gold sales volume increased 45.0% YoY to 26,038.72 ounces. </li></ul>

CNMC delivered a stellar financial performance in FY25. The Group’s FY25 net profit surged 327.1% YoY to US$52.2 million and FY25 revenue increased 96.9% YoY to US$128.4 million.The strong performance was primarily driven by higher realised gold prices and increased production volumes, with the average realised gold price rising 46.2% YoY to US$3,589/oz in FY25 from US$2,455/oz in FY24 , while gold sales volume increased 45.0% YoY to 26,038.72 ounces. 

CNMC Goldmine Holdings Limited - A Golden Year of Record Earnings

<ul>
<li>FY2025 net profit attributable to owners reached US$42.0m (+18.3% vs US$35.5m forecast), driven by a lower effective tax rate of 24.8% vs 30.0% modelled and lower costs. </li>
<li>Based on 5000 USD/oz prices (vs current spot 5,300 USD/oz), the company can achieve US$73m in net profits, placing it at an 8.7x PE and 7.3x EV-EBITDA. </li>
<li>The company is paying out 5 SG-cents of dividends (implying a 37% payout ratio), but given its cash pile of US$62m, we expect an increase in payout in the future. </li>
</ul>


FY2025 net profit attributable to owners reached US$42.0m (+18.3% vs US$35.5m forecast), driven by a lower effective tax rate of 24.8% vs 30.0% modelled and lower costs. 
Based on 5000 USD/oz prices (vs current spot 5,300 USD/oz), the company can achieve US$73m in net profits, placing it at an 8.7x PE and 7.3x EV-EBITDA. 
The company is paying out 5 SG-cents of dividends (implying a 37% payout ratio), but given its cash pile of US$62m, we expect an increase in payout in the future. 


Beyond the Beat: CNMC FY2025 Results Signal a Structurally Higher Earnings Base Heading into FY26

<ul>
<li>
 Four names across ASX, PSE, and SGX initiate our gold mining coverage. The universe will expand as models/management meetings are completed across additional ASEAN and Australian producers.</li>
<li>
 Earnings leverage is non-linear: fixed-cost names gain the most between $4,000 and $5,000/oz. Above $4,500/oz, three modelled companies achieve EBITDA margins above 60%. </li>
<li>
Cheapest Stock: Apex Mining (PSE: APX). 6.2x P/E and 3.8x EV/EBITDA at $5,000/oz/Highest Growth Potential: Capricorn Metals (ASX: CMM): Funded pathway to 300,000 oz/pa via the KGP expansion (underway)</li>
</ul>



 Four names across ASX, PSE, and SGX initiate our gold mining coverage. The universe will expand as models/management meetings are completed across additional ASEAN and Australian producers.

 Earnings leverage is non-linear: fixed-cost names gain the most between $4,000 and $5,000/oz. Above $4,500/oz, three modelled companies achieve EBITDA margins above 60%. 

Cheapest Stock: Apex Mining (PSE: APX). 6.2x P/E and 3.8x EV/EBITDA at $5,000/oz/Highest Growth Potential: Capricorn Metals (ASX: CMM): Funded pathway to 300,000 oz/pa via the KGP expansion (underway)


Comparative Valuation & Gold Price Sensitivity Analysis of Four Gold Stocks

Singapore

CNMC Goldmine Holdings Limited is a Singapore-based company primarily engaged in the exploration, mining, and processing of gold ore into gold doré bars. The company also explores for silver, lead, and zinc deposits, with its flagship project being the Sokor Gold Field in Kelantan, Malaysia. CNMC Goldmine was founded in 2006 and is headquartered in Singapore.

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CNMC Goldmine (CNMC SP)

Primer: CNMC Goldmine Holdings (CNMC SP) - Apr 2026

CNMC's profitability is surging, driven by a confluence of rising gold prices and a significant 60% expansion in its Carbon-in-Leach (CIL)...

αSK

CNMC Goldmine (SGX:5TP): A Perfect Storm of Rising Gold Prices, Expanding Capacity & Surging Profits

CNMC trades at 10.6x/6.0 PE/EV-EBITDA FY26e (Based on 5000 USD/oz gold price). With significant cash accretion from record gold prices, we expect...

Sameer Taneja

CNMC Goldmine Holdings Limited - A Golden Year of Record Earnings

CNMC delivered a stellar financial performance in FY25. The Group’s FY25 net profit surged 327.1% YoY to US$52.2 million and FY25 revenue...

SAC Capital

Beyond the Beat: CNMC FY2025 Results Signal a Structurally Higher Earnings Base Heading into FY26

CNMC SP FY25 results are a beat on all fronts. Trading at 8.7x PE on spot gold at 5000 USD/oz, with a massive net cash position, this is a name to...

Sameer Taneja

Comparative Valuation & Gold Price Sensitivity Analysis of Four Gold Stocks

Apex cheapest at 6x P/E; OGP yields 13% with 90% FCF payout; Capricorn doubles to 300koz self-funded. All four print 50%+ EBITDA at $5k gold....

Sameer Taneja

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