SAC Capital

Independent Insight Provider

Equity Bottom-Up

CNMC Goldmine Holdings / Equity Bottom-Up

<ul>
<li>CNMC delivered a stellar financial performance in 1HFY25. </li>
<li>The Group’s 1HFY25 net profit surged 251.4% YoY to US$19.4 million, exceeding FY24 full year net profit of US$12.2 million.</li>
<li>1HFY25 revenue increased 78.0% YoY to US$52.8 million, the highest in any half-year period since CNMC’s inception.</li>
</ul>


CNMC delivered a stellar financial performance in 1HFY25. 
The Group’s 1HFY25 net profit surged 251.4% YoY to US$19.4 million, exceeding FY24 full year net profit of US$12.2 million.
1HFY25 revenue increased 78.0% YoY to US$52.8 million, the highest in any half-year period since CNMC’s inception.


CNMC Goldmine - CNMC’s 1HFY25 Earnings Outshine FY24

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>
<a target="_blank">CNMC Goldmine Holdings (CNMC SP)</a> is a cash-rich (net cash: 20 million SGD) gold play listed on the SGX with assets in Malaysia. Its market cap is 155 million SGD.</li>
<li>The company is a high-cost gold play, with cash costs of 1200 USD/oz excluding royalties. It is in the process of ramping production from 26,000 oz to 34,000 oz/annum.</li>
<li>Based on a 3000 USD/oz gold price, the stock trades at 5.7x PE, 4.0x EV-EBITDA with a 2.9% dividend yield (based on a 30% payout ratio). </li>
</ul>



CNMC Goldmine Holdings (CNMC SP) is a cash-rich (net cash: 20 million SGD) gold play listed on the SGX with assets in Malaysia. Its market cap is 155 million SGD.
The company is a high-cost gold play, with cash costs of 1200 USD/oz excluding royalties. It is in the process of ramping production from 26,000 oz to 34,000 oz/annum.
Based on a 3000 USD/oz gold price, the stock trades at 5.7x PE, 4.0x EV-EBITDA with a 2.9% dividend yield (based on a 30% payout ratio). 


CNMC Goldmine Holdings Ltd. (CNMC SP): Cash Rich Gold Play In Singapore

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>Singapore's stellar performance has been propelled primarily by large caps. We think investors should focus on SMID now, as MAS's S$5bn EQDP incentivizes fund managers to look outside index stocks.</li>
<li>We screen SMID stocks in SGX with above-market forecast earnings growth, EPS estimate upgrades over past 6 months, low leverage and reasonable growth adjusted valuations (PEG&lt;1.4x).</li>
<li>Eight SMID stocks come up on our screen, spread across various sectors, but tilted towards Energy and Minerals and Mining. Most are net cash companies with ROEs higher than COEs.</li>
</ul>


Singapore's stellar performance has been propelled primarily by large caps. We think investors should focus on SMID now, as MAS's S$5bn EQDP incentivizes fund managers to look outside index stocks.
We screen SMID stocks in SGX with above-market forecast earnings growth, EPS estimate upgrades over past 6 months, low leverage and reasonable growth adjusted valuations (PEG&lt;1.4x).
Eight SMID stocks come up on our screen, spread across various sectors, but tilted towards Energy and Minerals and Mining. Most are net cash companies with ROEs higher than COEs.


Asian Equities: A Few Singapore Small and Mid-Cap Jewels

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>UOBKH raises Pan-United target price to $1.33 due to Terminal 5 contract and demand.</li>
<li>OCBC raises Nanofilm's fair value to 79 cents, but outlook is uncertain.</li>
<li>Maybank and DBS boost Sea Limited's target prices due to Shopee and gaming growth.</li>
</ul>


UOBKH raises Pan-United target price to $1.33 due to Terminal 5 contract and demand.
OCBC raises Nanofilm's fair value to 79 cents, but outlook is uncertain.
Maybank and DBS boost Sea Limited's target prices due to Shopee and gaming growth.


Singapore Market Roundup (12-Sep-2025): UOBKH lifts Pan-United target to $1.33 on Terminal 5 deal.

<ul>
<li>OCBC's Lim raises Nanofilm's fair value to 79 cents, citing uncertain outlook.</li>
<li>Brokers’ Digest: Suntec REIT, BRC Asia, YZJ Financial, CNMC Goldmine, Prime US REIT.</li>
<li>Maybank and DBS lift Sea Limited target prices due to higher Shopee take-rates.</li>
</ul>


OCBC's Lim raises Nanofilm's fair value to 79 cents, citing uncertain outlook.
Brokers’ Digest: Suntec REIT, BRC Asia, YZJ Financial, CNMC Goldmine, Prime US REIT.
Maybank and DBS lift Sea Limited target prices due to higher Shopee take-rates.


Singapore Market Roundup (11-Sep-2025): OCBC's Lim Ups Nanofilm's Fair Value to 79 Cents

Singapore

CNMC Goldmine Holdings Ltd. explores for gold and processes mined ore into gold dore.  The Company operates in Kelantan State of Malaysia.

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CNMC Goldmine Holdings (CNMC SP)

CNMC Goldmine - CNMC’s 1HFY25 Earnings Outshine FY24

CNMC delivered a stellar financial performance in 1HFY25. The Group’s 1HFY25 net profit surged 251.4% YoY to US$19.4 million, exceeding FY24 full...

SAC Capital

CNMC Goldmine Holdings Ltd. (CNMC SP): Cash Rich Gold Play In Singapore

We evaluate the investment potential of CNMC Goldmine Holdings (CNMC SP), an SGX-listed gold miner, noting a tempting 5.7x PE, 4.0x EV-EBITDA, and...

Sameer Taneja

Asian Equities: A Few Singapore Small and Mid-Cap Jewels

SG investors should focus on SMID stocks with strong growth potential & attractive valuations, as MAS's EQDP incentivizes fund managers to look...

Manishi Raychaudhuri

Singapore Market Roundup (12-Sep-2025): UOBKH lifts Pan-United target to $1.33 on Terminal 5 deal.

UOBKH raises Pan-United's target price to $1.33, while OCBC increases Nanofilm's fair value to 79 cents amid an uncertain outlook.

Singapore Market Roundup

Singapore Market Roundup (11-Sep-2025): OCBC's Lim Ups Nanofilm's Fair Value to 79 Cents

OCBC's Lim raises Nanofilm's fair value to 79 cents amid uncertainty. Maybank and DBS increase Sea Limited target prices due to higher Shopee take...

Singapore Market Roundup

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CNMC Goldmine - CNMC’s 1HFY25 Earnings Outshine FY24

CNMC delivered a stellar financial performance in 1HFY25. The Group’s 1HFY25 net profit surged 251.4% YoY to US$19.4 million, exceeding FY24 full...

SAC Capital

CNMC Goldmine Holdings Ltd. (CNMC SP): Cash Rich Gold Play In Singapore

We evaluate the investment potential of CNMC Goldmine Holdings (CNMC SP), an SGX-listed gold miner, noting a tempting 5.7x PE, 4.0x EV-EBITDA, and...

Sameer Taneja

Asian Equities: A Few Singapore Small and Mid-Cap Jewels

​SG investors should focus on SMID stocks with strong growth potential & attractive valuations, as MAS's EQDP incentivizes fund managers to look...

Manishi Raychaudhuri

Singapore Market Roundup (12-Sep-2025): UOBKH lifts Pan-United target to $1.33 on Terminal 5 deal.

UOBKH raises Pan-United's target price to $1.33, while OCBC increases Nanofilm's fair value to 79 cents amid an uncertain outlook.

Singapore Market Roundup

Singapore Market Roundup (11-Sep-2025): OCBC's Lim Ups Nanofilm's Fair Value to 79 Cents

OCBC's Lim raises Nanofilm's fair value to 79 cents amid uncertainty. Maybank and DBS increase Sea Limited target prices due to higher Shopee take...

Singapore Market Roundup

SG investors should focus on SMID stocks with strong growth potential & attractive valuations, as MAS's EQDP incentivizes fund managers to look...