Zhaojin Mining Industry Co Ltd (1818) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Zhaojin Mining Industry Co Ltd stock HK$19.15, price HK$17.41, upside +10.0%, quality 64 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range HK$5.15 – HK$40.55 · fair‑value band HK$10.03 – HK$26.16 · the HK$17.41 price screens below the HK$19.15 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Zhaojin Mining Industry Company Limited, an investment holding company, engages in exploration, mining, processing, smelting, and sale of gold and other metallic products in the People's Republic of China and internationally.
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It operates in three segments: Gold Operations, Copper Operations, and Others. The company offers Au9999 and Au 9995 gold bullions under the Zhaojin brand name.
It also engages in copper mining and smelting; processing of sulphur ore; engineering design and development; land exploration; and material trading activities. In addition, the company provides technical advisory, financial, and catering services.
Zhaojin Mining Industry Company Limited was incorporated in 2004 and is based in Zhaoyuan, the People's Republic of China.
Stock analysis
Zhaojin Mining Industry Co Ltd (1818) currently trades at HK$17.41, while our model-based Fair Value estimate is HK$19.15, so the stock looks roughly fairly valued today (gap 9.1%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of HK$19.91 per share, and 8 of the 26 models we run sit above the HK$17.41 price.
Bear case: the Dividend Discount group reads lowest at HK$2.98, and 18 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: HK$10.03 (bear) to HK$26.16 (bull), the price of HK$17.41 sits inside 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 64/100 (solid quality), in the Basic Materials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Zhaojin Mining Industry Co Ltd reported revenue of HK$18.1B in FY2025 versus HK$6.9B in FY2021, a compound +27.4%/yr. Reported net income was HK$3.6B in FY2025, compounding +221.8%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap HK$61.7B (≈ $7.9B) Mid · P/E ratio 14.3 · P/S ratio 3.22 · EPS (TTM) HK$1.09 · Dividend yield 0.7% · Net margin 18.1% · Return on equity 13.5% · Return on assets (EBIT) 5.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 59 out of 100 (low confidence).
What moves the price
The share trades about 57% below its 52-week high and 15% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −10% fair-value upside, at 10%, 1818 screens cheaper than that median.
Fair Value models
BearHK$10.03Fair Value HK$19.15BullHK$26.16
Price HK$17.41 · Upside +10.0%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (HK$0.8336 per share) are deliberately not added.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.
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.80/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+56.3%
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.
+31.8%
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.
+18.7%
Start year 2020 (pandemic). Over 10 years: +11.9% a year
Revenue growth 22 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.
+19.1%
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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.
≈ +48.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+47.7%
Dividend (yield on the price)0.7%
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.base effect: 47.7% / 24.2%
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.27% → 33%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Approximate: the rate leans on 2025, which sits 391% above its own trend.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+13.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+28.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (Hong Kong: IMF forecast 2.1% a year to 2030, 1.8% from 2016 to 2025) that is about +10.8% a year for the price and +26.2% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (33 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Commodity gold operations deliver decent margins as main strength while limited moat signals across dimensions and elevated debt to equity form the key weaknesses.
Main risk: Changes in Chinese gold mining, environmental or carbon market regulations could increase compliance costs or restrict operations at Zhaojin Mining's sites.
Bull case: Zhaojin Mining could adopt advanced exploration technologies and sustainable practices to meet stricter rules more efficiently than peers and secure new licences.
Bear case: Tighter Chinese regulations on emissions, cyanide use or carbon could force higher spending, slower project approvals and reduced output at Zhaojin Mining's domestic mines.
Zhaojin Mining posted higher revenue for the first nine months but lower net profit, pointing to margin pressure from costs or ore grades. Our models see the shares as undervalued on the gold mining fundamentals. Will the company restore profitability through better operations, or will the earnings pressure persist?
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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.Gold · 202 stocks
Beats the industry median on 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score64 · Above median
Fair Value upside+10.0% · Top 25%
Profitability
Return on equity (12 months)13.5% · Above median
Return on assets6.3% · Above median
Net margin (12 months)18.1% · Below median
Operating margin (12 months)19.1% · Below median
Growth and dividend
Revenue growth (quarter YoY)−17.7% · Bottom 25%
Dividend yield (12 months)0.7% · Below median
Balance sheet
Debt / equity0.52× · Highest 25%
Valuation Multiplesvs Gold median · lower = cheaper
P/E (12 months)14.3× · Pricier than median
P/B3.18× · Pricier than median
P/S (12 months)3.22× · Cheaper than median
Price / free cash flow (fiscal year)19.6× · Pricier than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Zhaojin Mining Industry Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/1818
Frequently asked questions
Is Zhaojin Mining Industry Co Ltd (1818) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of HK$19.15 versus a price of HK$17.41, about +10% upside (fairly valued).
What is the fair value of 1818?
Our model-based fair value for Zhaojin Mining Industry Co Ltd is HK$19.15 (as of Nov 7, 2026), built from audited fundamentals. The current price: HK$17.41.
What is the quality score of 1818?
Zhaojin Mining Industry Co Ltd has a Quality Score of 64/100. 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 Zhaojin Mining Industry Co Ltd (1818)?
Our model-based price target is the fair value of HK$19.15 (as of Nov 7, 2026) from 26 valuation models. Cautious scenario HK$10.03, optimistic scenario HK$26.16. It is a calculation from audited fundamentals, not an analyst target.
What is the Zhaojin Mining Industry Co Ltd stock forecast for 2026?
Our models put fair value at HK$19.15, about +10% upside versus a price of HK$17.41 (fairly valued). Cautious scenario HK$10.03, optimistic scenario HK$26.16. The calculation is refreshed regularly with new filings.
What is the revenue of Zhaojin Mining Industry Co Ltd (1818)?
Zhaojin Mining Industry Co Ltd reported trailing-twelve-month revenue of about HK$19.1B (latest available figure, as of Nov 7, 2026).
Does Zhaojin Mining Industry Co Ltd pay a dividend?
Zhaojin Mining Industry Co Ltd currently shows a dividend yield of 0.66% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Zhaojin Mining Industry Co Ltd (1818) and when is the ex-dividend date?
Zhaojin Mining Industry Co Ltd pays a dividend of HK$0.115 per share a year, a dividend yield of 0.7%. The last ex-dividend date was Jun 3, 2026. The payout ratio is 10.5% of earnings. Free cash flow covers the dividend 9.51 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Zhaojin Mining Industry Co Ltd (1818)?
For today's price to be fair in a discounted-cash-flow model, Zhaojin Mining Industry Co Ltd would have to grow free cash flow by +13.2 % per year for five years (discount rate 10.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +18.7 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of 1818 use?
Our models discount Zhaojin Mining Industry Co Ltd at 10.1 %: a base by market capitalisation (mid), damped by beta 0.94, country premium for Hong Kong. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Zhaojin Mining Industry Co Ltd that is +13.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.1 %) and the same formula as our fair value.
How much growth has Zhaojin Mining Industry Co Ltd (1818) delivered so far?
Over the past 5 years revenue at Zhaojin Mining Industry Co Ltd grew +18.7 % a year. The price currently implies free-cash-flow growth of +13.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Zhaojin Mining Industry Co Ltd (1818) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into Zhaojin Mining Industry Co Ltd (+13.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Zhaojin Mining Industry Co Ltd (1818)?
The free-cash-flow yield on the price is 5.10 %: that much free cash flow Zhaojin Mining Industry Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Zhaojin Mining Industry Co Ltd (1818)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zhaojin Mining Industry Co Ltd it is HK$19.15 per share (as of Nov 7, 2026), against a price of HK$17.41. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Zhaojin Mining Industry Co Ltd stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 1818 trades below its calculated fair value: price HK$17.41, fair value HK$19.15, a gap of about +10% (fairly valued). 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 1818?
No. The price is what the market pays today (HK$17.41); the fair value is what the company's own numbers justify (HK$19.15). For Zhaojin Mining Industry Co Ltd the two are HK$1.74 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zhaojin Mining Industry Co Ltd worth?
The market values Zhaojin Mining Industry Co Ltd at about HK$61.7B (market capitalisation, as of Nov 7, 2026). Per share that is HK$17.41; our models calculate a fair value of HK$19.15 per share.
What do the bullish and bearish scenarios say about 1818?
Our models span a range for Zhaojin Mining Industry Co Ltd: cautious scenario HK$10.03, base HK$19.15, optimistic HK$26.16 per share (as of Nov 7, 2026, price HK$17.41). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 1818?
Zhaojin Mining Industry Co Ltd trades at a price-to-earnings ratio of 14.3 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$19.15 is built from several models across several years. Other multiples: PEG 0.7, P/B 3.2, P/S 3.2, EV/EBITDA 9.3.
What is the PEG ratio of 1818?
The PEG ratio of Zhaojin Mining Industry Co Ltd is 0.68 (P/E divided by earnings growth, as of Nov 7, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Zhaojin Mining Industry Co Ltd (1818)?
Balance-sheet figures for Zhaojin Mining Industry Co Ltd (as of Nov 7, 2026): return on equity 13.5%, debt of 0.52 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is 1818 from its 52-week high?
Zhaojin Mining Industry Co Ltd trades at HK$17.41, about 57% below its 52-week high of HK$40.55 and 15% above the low of HK$15.14 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of HK$19.15 is for.
Which stocks are comparable to Zhaojin Mining Industry Co Ltd?
From the same area (Basic Materials) we also value Newmont Corporation, Zijin Mining Group, Agnico Eagle Mines Limited, Wheaton Precious Metals Corp, 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 Zhaojin Mining Industry Co Ltd stock attractive at the current price?
The data as of Nov 7, 2026: price HK$17.41, calculated fair value HK$19.15 (+10%), Quality Score 64/100, from 26 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 1818 calculated?
We run Zhaojin Mining Industry Co Ltd through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of HK$19.15 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 13.0% above its aggregate fair value. Zhaojin Mining Industry Co Ltd currently trades 9% below its own fair value, and the market average says nothing about that. 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 Zhaojin Mining Industry Co Ltd (1818)?
The closing price on Nov 6, 2026 was HK$17.41. Our model-based fair value is HK$19.15, about +10% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zhaojin Mining Industry Co Ltd right now?
The model range is unusually wide (HK$10.03 to HK$26.16). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension.
Where does the earnings growth of Zhaojin Mining Industry Co Ltd (1818) come from?
Earnings per share at Zhaojin Mining Industry Co Ltd grew +18.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +7.0 %, EBIT margin +3.6 %, tax rate +2.4 %, residual (interest, one-offs) +4.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Zhaojin Mining Industry Co Ltd
How large is the market capitalisation of Zhaojin Mining Industry Co Ltd (1818)?
The market capitalisation of Zhaojin Mining Industry Co Ltd is HK$61.7B (≈ $7.9B). 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 Zhaojin Mining Industry Co Ltd (1818)?
The price-to-sales ratio of Zhaojin Mining Industry Co Ltd is 3.22 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Zhaojin Mining Industry Co Ltd (1818)?
Earnings per share at Zhaojin Mining Industry Co Ltd are HK$1.09 (price ÷ EPS = P/E 14.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Zhaojin Mining Industry Co Ltd (1818)?
The dividend yield of Zhaojin Mining Industry Co Ltd is 0.7% (payout 10.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Zhaojin Mining Industry Co Ltd (1818)?
The net margin of Zhaojin Mining Industry Co Ltd is 18.1% (last twelve months). 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 Zhaojin Mining Industry Co Ltd (1818)?
The return on equity (ROE) of Zhaojin Mining Industry Co Ltd is 13.5% (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 Zhaojin Mining Industry Co Ltd (1818)?
On an EBIT basis the return on assets of Zhaojin Mining Industry Co Ltd is 5.0% (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 Zhaojin Mining Industry Co Ltd (1818)?
The operating margin of Zhaojin Mining Industry Co Ltd is 19.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zhaojin Mining Industry Co Ltd (1818)?
Revenue at Zhaojin Mining Industry Co Ltd is growing −17.7% versus a year earlier (3y avg +31.8%). 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 Zhaojin Mining Industry Co Ltd (1818)?
Earnings per share at Zhaojin Mining Industry Co Ltd are growing −38.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Zhaojin Mining Industry Co Ltd (1818) carry?
The net debt of Zhaojin Mining Industry Co Ltd is HK$21.9B (fiscal year 2025, ≈ 7.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 7, 2026