Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 18 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. 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 Analyst

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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

Equity Bottom-Up

<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