South Manganese Investment Ltd (1091) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of South Manganese Investment Ltd HK$0.27, price HK$0.52, upside -47.4%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? No
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South Manganese Investment Ltd
1091 · HKWeakest SetupStrongly overvalued and low quality.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range HK$0.1710 – HK$1.75 · fair‑value band HK$0.2373 – HK$0.3165 · the HK$0.5200 price screens above the HK$0.2733 fair value. Dashed = 300-day average. As of Sep 27, 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. It operates through four segments: Manganese Mining, EMM and Alloying Materials Production, Battery Materials Production, and Other Business.
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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. 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$0.5200, while our model-based Fair Value estimate is HK$0.2733, 47.4% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of HK$1.92 per share, and 19 of the 24 models we run sit above the HK$0.5200 price.
Bear case: the Earnings-Based group reads lowest at HK$0.2900, and 5 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: HK$0.2373 (bear) to HK$0.3165 (bull), the price of HK$0.5200 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 46/100 (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$2.2B (≈ $281M) · P/E ratio 10.5 · P/S ratio 0.28 · EPS (TTM) HK$0.0500 · Net margin 2.6% · Return on equity 6.4% · Return on assets (EBIT) 3.9% · Operating margin 4.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 22% below its 52-week high and 42% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at 10% fair-value upside, at −47%, 1091 screens richer than that median.
Fair Value models
All 24 models by family
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Set up alert →Quality Score breakdown
Of which business quality 47 · Market factors (momentum, volatility) 46
Revenue & earnings trend
Growth Forecast
1091 screens overvalued: fair value 47% below the price. Compare with Saudi Arabian Mining Company →
Compare South Manganese Investment Ltd with another stock
Price, fair value, quality and upside side by side.
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 · 447 stocks
Valuation Multiplesvs Other Industrial Metals & Mining median · lower = cheaper
Strength profile in five axes (Snowflake)
VALUE 0: the price sits above our fair-value range.
Context: sector, industry, market
- Is the Materials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Hong Kong Stocks
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
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| Xiamen Tungsten Co 600549 | ¥46.90 | ¥23.62 | −50% |
| Vedanta Limited VEDL | ₹266.35 | ₹655.92 | +146% |
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Key figures of South Manganese Investment Ltd
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