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South Manganese Investment Ltd (1091) fair value: what the stock is really worth

As of Nov 13, 2026: fair value (intrinsic value) of South Manganese Investment Ltd stock HK$0.23, price HK$0.38, that is 38.5% below the price, quality 47 out of 100. Rating: strongly overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.

24 models, one by oneBear HK$0.2013 to bull HK$0.2697 Growth analysisrevenue history, year by year Quality 47/100 in detail37 factors, each one shown Compared with its peersrank on every measure, side by side

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Basic Materials HK · ISIN BMG8291R1043

Thin data Nov 14, 2026

South Manganese Investment Ltd

1091 · HK

Cheap enough by our rule and rising price, but weak company: meets 2 of 3 rules.

Get notified free when this changes

Rising price (uptrend)

Low debt

Generates free cash flow

Ranks above peers (10/13)

Last quarter vs. a year ago: revenue +22%, profit +54%.

Quality 47/100

Thin margins · 5.0% net margin (TTM)

Peak profit dampened: HK$0.6500 → HK$0.2337

Fair value HK$0.2337 · Strongly overvalued

Weak Growth (revenue 3y −26.5 %/yr in HKD)

Narrow moat 44/100 · thin data

Thin data

⟳ Cyclical⚠ Dilution⚠ Small free float

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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

White line = price, green steps = our fair value per fiscal year. As of Nov 14, 2026.

How to read this chart

60‑month range HK$0.1710 – HK$1.75 · fair‑value band HK$0.2013 – HK$0.2697 · the HK$0.3800 price screens above the HK$0.2337 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 14, 2026.

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Company profile

South Manganese Investment Limited, an investment holding company, engages in the manganese mining, ore processing, and downstream processing operations in Mainland China, rest of Asia, Europe, and North America.

Show moreShow less

It operates through four segments: Manganese Mining, EMM and Alloying Materials Production, Battery Materials Production, and Other Business. The Manganese Mining segment mines and produces manganese products, including manganese concentrates and natural discharging manganese powder and sand.

The EMM and Alloying Materials Production segment mines and processes ores used in hydrometallurgical processing for/and production of electrolytic manganese metal and manganese briquette, and pyrometallurgical processing to produce silicomanganese alloy and ferromanganese.

The Battery Materials Production segment manufactures and sells battery material products, such as electrolytic manganese dioxide, manganese sulfate, lithium manganese oxide, lithium nickel cobalt manganese oxide, and trimanganese tetraoxide.

The Other Business segment trades in various commodities comprising manganese ores, EMM, manganese alloys, and non-manganese metals; sells scraps; and rents investment properties and leasehold land, as well as invests in companies engaged in the mining and production of non-manganese metals and trading business.

It is also involved in production of sulphuric acid and steam; trading of manganese; and mines and sells manganese ore/gabon products. The company was formerly known as CITIC Dameng Holdings Limited and changed its name to South Manganese Investment Limited in February 2021.

South Manganese Investment Limited was incorporated in 2005 and is headquartered in Admiralty, Hong Kong.

Stock analysis

South Manganese Investment Ltd (1091) currently trades at HK$0.3800, while our model-based Fair Value estimate is HK$0.2337, 39% below the price, so the stock looks overvalued today.

Valuation

Bull case: the Growth DCF group reads highest at a median of HK$2.09 per share, and 19 of the 24 models we run sit above the HK$0.3800 price.

Bear case: the Asset-Based group reads lowest at HK$0.3100, and 5 of the 24 models stay below the price. Data coverage for this calculation is low.

Scenario range: HK$0.2013 (bear) to HK$0.2697 (bull), the price of HK$0.3800 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 47/100 (below-average quality), in the Basic Materials sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

South Manganese Investment Ltd reported revenue of HK$6.4B in FY2025 versus HK$12.8B in FY2021, a compound −16.1%/yr. Reported net income was HK$167M in FY2025, compounding −22.1%/yr from FY2021.

Key figures

Market cap HK$2.3B (≈ $287M) Micro · P/E ratio 6.5 · P/S ratio 0.17 · Net margin 2.6% · Return on equity 13.1% · Return on assets (EBIT) 3.9% (5-year average) · Operating margin 14.3% · Revenue (TTM) HK$7.0B.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (low confidence).

What moves the price

The share trades about 43% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −7% fair-value upside, at −39%, 1091 screens richer than that median.

Fair Value models

Bear HK$0.2013 Fair Value HK$0.2337 Bull HK$0.2697

Price HK$0.3800 · Downside -38.5%

Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.

Best data coverage

FCF DCF HK$1.81 HK$2.62 HK$3.73 80

Growth DCF HK$1.80 HK$2.55 HK$3.51 79

Owner Earnings HK$1.03 HK$1.45 HK$2.04 77

All 24 models by family

DCF Models

FCF DCF HK$1.81 HK$2.62 HK$3.73 80

Owner Earnings HK$1.03 HK$1.45 HK$2.04 77

5Y Revenue Exit HK$1.18 HK$1.60 HK$2.12 73

5Y EBITDA Exit HK$1.36 HK$1.96 HK$2.66 76

5Y P/E Exit HK$1.02 HK$1.29 HK$1.57 72

10Y Revenue Exit HK$1.41 HK$1.85 HK$2.41 68

10Y EBITDA Exit HK$1.53 HK$2.07 HK$2.79 69

10Y P/E Exit HK$1.33 HK$1.65 HK$2.03 65

Earnings-Based

Graham-Dodd HK$0.1900 HK$0.7100 HK$0.9600 64

Lynch FV HK$0.1700 HK$0.2400 HK$0.3200 61

PEG = 1.0 HK$0.1700 HK$0.2400 HK$0.3200 57

EPV HK$0.5500 HK$0.6000 HK$0.6400 74

Multiples

P/E Multiple HK$0.3600 HK$0.4800 HK$0.6000 63

P/S Multiple HK$0.3600 HK$0.4800 HK$0.6000 58

P/B Multiple HK$0.2200 HK$0.3000 HK$0.3700 55

EV/EBIT HK$0.3800 HK$0.6200 HK$0.8600 64

EV/EBITDA HK$0.6900 HK$1.03 HK$1.36 66

EV/Revenue HK$0.2900 HK$0.5500 HK$0.8200 51

Asset-Based

NCAV (Graham) HK$0.2300 HK$0.3100 HK$0.4600 54

Growth DCF

Growth DCF HK$1.80 HK$2.55 HK$3.51 79

Rev-Margin DCF HK$1.18 HK$1.62 HK$2.17 73

Economic Profit

Residual Income HK$0.3500 HK$0.3500 HK$0.3700 71

ROIC Compounder HK$0.5600 HK$0.6500 HK$0.7500 72

Growth Earnings

Growth-Adj P/E HK$0.2800 HK$0.4000 HK$0.5200 67

The fair value above starts from this blend and is adjusted for a cyclical peak year.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 47/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 30

How much profit the company makes from its sales and capital

Quality Growth 60

Are margins and returns getting better?

Cashflow 75

Do the profits arrive as real cash?

Financial strength 32

Debt, balance sheet and risk of trouble

Investment 92

Does it invest with discipline instead of growing at any price?

Low Volatility 50

How calm the share price moves, does not count

Price momentum 36

Price momentum of the last 3 to 12 months, does not count

Near the 52-week high 13

Distance to the 52-week high, does not count

New shares 0

Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 40/100

Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Revenue growth 1 year

−51.8%

Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.

−26.5%

Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.

+7.8%

Start year 2020 (pandemic). Over 10 years: +9.7% a year

Revenue growth 18 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.

+7.7%

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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.

−21.6%

Earnings growth per share plus dividend.

Earnings per share, growth per year−21.6%

Dividend (yield on the price)0.0%

Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−21.6% vs 22.6%, slowing

Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−1% → 6%

Pace: the 5-year rate starts in 2020 (pandemic)

1091 screens overvalued: fair value 39% below the price. Compare with BHP Group →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Other Industrial Metals & Mining · 575 stocks

Beats the industry median on 10/13 measures

Overall it ranks above its industry peers.

Valuation

Quality Score 47 · Above median

Fair Value upside −38.5% · Below median

Profitability

Return on equity (12 months) 13.1% · Top 25%

Return on assets 1.8% · Top 25%

Net margin (12 months) 5.0% · Below median

Operating margin (12 months) 14.3% · Above median

Growth and dividend

Revenue growth (quarter YoY) 22.3% · Above median

Balance sheet

Debt / equity 0.27× · Above median

Valuation Multiplesvs Other Industrial Metals & Mining median · lower = cheaper

P/E (12 months) 6.5× · Cheapest 25%

P/B 0.77× · Cheapest 25%

P/S (12 months) 0.32× · Cheapest 25%

Price / free cash flow (fiscal year) 2.4× · Cheapest 25%

EV/EBITDA 1.3× · Cheapest 25%

Strength profile in five axes (Snowflake)

This stock

Sector peers

VALUE (fair-value potential)0 · sector 9

FUTURE (revenue growth)100 · sector 45

PAST (return on equity)52 · sector 0

HEALTH (low debt)86 · sector 96

DIVIDEND (yield)0 · sector 35

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Other Industrial Metals & Mining stocks, each showing price versus our Fair Value estimate.

Stock	Price	Fair Value	vs Fair Value	Compare
Vedanta Limited VEDL	₹259.68	₹334.17	+29%	vs 1091
Saudi Arabian Mining Company 1211	58.55 SAR	64.57 SAR	+10%	vs 1091
Hindustan Zinc Limited HINDZINC	₹554.85	₹610.34	+10%	vs 1091
Western Mining Co 601168	¥26.44	¥29.08	+10%	vs 1091
Boliden AB BOL	kr 500.40	kr 464.45	−7%	vs 1091
Zhejiang Huayou Cobalt Co 603799	¥31.17	¥25.57	−18%	vs 1091
BHP Group BHP	A$58.86	A$48.03	−18%	vs 1091
Korea Zinc Company 010130	866,000 KRW	649,125 KRW	−25%	vs 1091
CMOC Group 603993	¥12.88	¥6.82	−47%	vs 1091
China Tungsten And Hightech Materials Co 000657	¥38.46	¥4.44	−88%	vs 1091

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Cite: Fair Value Calculator (2026). "South Manganese Investment Ltd Fair Value". https://www.fairvalue-calculator.com/stock/1091

Frequently asked questions

Is South Manganese Investment Ltd (1091) overvalued or undervalued?

As of Nov 14, 2026, our model estimates a fair value of HK$0.2337 versus a price of HK$0.3800, about 39% lower (overvalued).

What is the fair value of 1091?

Our model-based fair value for South Manganese Investment Ltd is HK$0.2337 (as of Nov 14, 2026), built from audited fundamentals. The current price: HK$0.3800.

What is the quality score of 1091?

South Manganese Investment Ltd has a Quality Score of 47/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.

What is the price target for South Manganese Investment Ltd (1091)?

Our model-based price target is the fair value of HK$0.2337 (as of Nov 14, 2026) from 24 valuation models. Cautious scenario HK$0.2013, optimistic scenario HK$0.2697. It is a calculation from audited fundamentals, not an analyst target.

What is the South Manganese Investment Ltd stock forecast for 2026?

Our models put fair value at HK$0.2337, about 39% lower versus a price of HK$0.3800 (overvalued). Cautious scenario HK$0.2013, optimistic scenario HK$0.2697. The calculation is refreshed regularly with new filings.

What is the revenue of South Manganese Investment Ltd (1091)?

South Manganese Investment Ltd reported trailing-twelve-month revenue of about HK$7.0B (latest available figure, as of Nov 14, 2026).

What is the intrinsic value of South Manganese Investment Ltd (1091)?

Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For South Manganese Investment Ltd it is HK$0.2337 per share (as of Nov 14, 2026), against a price of HK$0.3800. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).

Is South Manganese Investment Ltd stock overvalued or undervalued in 2026?

As of Nov 14, 2026, 1091 trades above its calculated fair value: price HK$0.3800, fair value HK$0.2337, a gap of about −39% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.

Is fair value the same as the market price of 1091?

No. The price is what the market pays today (HK$0.3800); the fair value is what the company's own numbers justify (HK$0.2337). For South Manganese Investment Ltd the two are HK$0.1463 per share apart. That gap is exactly why we show both numbers side by side.

How much is South Manganese Investment Ltd worth?

The market values South Manganese Investment Ltd at about HK$2.3B (market capitalisation, as of Nov 14, 2026). Per share that is HK$0.3800; our models calculate a fair value of HK$0.2337 per share.

What do the bullish and bearish scenarios say about 1091?

Our models span a range for South Manganese Investment Ltd: cautious scenario HK$0.2013, base HK$0.2337, optimistic HK$0.2697 per share (as of Nov 14, 2026, price HK$0.3800). The range comes from different growth and margin assumptions, not from analyst opinions.

What is the P/E ratio of 1091?

South Manganese Investment Ltd trades at a price-to-earnings ratio of 6.5 (as of Nov 14, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$0.2337 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2017 to 2025), reported earnings: 10.2. Other multiples: P/B 0.8, P/S 0.3, EV/EBITDA 1.3.

How solid is the balance sheet of South Manganese Investment Ltd (1091)?

Balance-sheet figures for South Manganese Investment Ltd (as of Nov 14, 2026): return on equity 13.1%, debt of 0.27 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.

How far is 1091 from its 52-week high?

South Manganese Investment Ltd trades at HK$0.3800, about 43% below its 52-week high of HK$0.6700 and 4% above the low of HK$0.3650 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.2337 is for.

Which stocks are comparable to South Manganese Investment Ltd?

From the same area (Basic Materials) we also value BHP Group, Saudi Arabian Mining Company, CMOC Group, Hindustan Zinc Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.

Is South Manganese Investment Ltd stock attractive at the current price?

The data as of Nov 14, 2026: price HK$0.3800, calculated fair value HK$0.2337 (−39%), Quality Score 47/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.

How is the fair value of 1091 calculated?

We run South Manganese Investment Ltd through 24 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of HK$0.2337 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.

Is it still worth investing in stocks now?

The global stock market currently sits 14.1% above its aggregate fair value. South Manganese Investment Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.

What is the share price of South Manganese Investment Ltd (1091)?

The closing price on Nov 13, 2026 was HK$0.3800. Our model-based fair value is HK$0.2337, about 39% lower (overvalued). We carry closing prices from our data provider, not a live tick.

What should I pay attention to with South Manganese Investment Ltd right now?

The price sits above even our optimistic bull case (HK$0.2697). The favourable scenario is already priced in. Weak quality (47/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of South Manganese Investment Ltd

How large is the market capitalisation of South Manganese Investment Ltd (1091)?

The market capitalisation of South Manganese Investment Ltd is HK$2.3B (≈ $287M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.

What is the P/S ratio of South Manganese Investment Ltd (1091)?

The price-to-sales ratio of South Manganese Investment Ltd is 0.17 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.

What is the net margin of South Manganese Investment Ltd (1091)?

The net margin of South Manganese Investment Ltd is 2.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.

What is the return on equity of South Manganese Investment Ltd (1091)?

The return on equity (ROE) of South Manganese Investment Ltd is 13.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.

What is the EBIT return on assets of South Manganese Investment Ltd (1091)?

On an EBIT basis the return on assets of South Manganese Investment Ltd is 3.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.

What is the operating margin of South Manganese Investment Ltd (1091)?

The operating margin of South Manganese Investment Ltd is 14.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.

How fast is revenue growing at South Manganese Investment Ltd (1091)?

Revenue at South Manganese Investment Ltd is growing 22.3% versus a year earlier (3y avg −26.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.

How fast are earnings growing at South Manganese Investment Ltd (1091)?

Earnings per share at South Manganese Investment Ltd are growing 53.8% versus a year earlier. How much earnings per share grew versus a year earlier.

How much free cash flow does South Manganese Investment Ltd (1091) generate?

The free cash flow of South Manganese Investment Ltd is HK$946M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.

How much net debt does South Manganese Investment Ltd (1091) carry?

The net debt of South Manganese Investment Ltd is HK$1.9B (fiscal year 2025, ≈ 2.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.

Why does South Manganese Investment Ltd meet the fair value rule although the fair value shown is lower?

Peak profit dampened: HK$0.6500 → HK$0.2337. The latest annual profit is far above the years before, and such peaks rarely last. So we calculate cautiously with HK$0.2337 instead of HK$0.6500. If the profit stays high, we ease the caution year by year. As in the backtest, the fair value rule checks the value before: +71% against the price.

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