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UBS: China Zinc & Lead Sector
Contents page
Summary and investment case 3
Industry analysis 6
Competitive analysis 22
Industry risks 25
Valuation and comparables 26
Company pages 35
— Western Mining..................................................................................................36
— Investment Thesis........................................................................................37
— Western Mining’s key drivers .................................................................37
— Key catalysts .........................................................................................40
— Risks .....................................................................................................42
— Valuation and basis for our price target..................................................42
— UBS versus consensus..........................................................................42
— Sensitivity analysis.................................................................................42
— Risk analysis..........................................................................................43
— Return on capital ...................................................................................43
— Financials ..............................................................................................44
— Valuation ...............................................................................................47
— Shenzhen Zhongjin Lingnan Nonfemet...............................................................54
— Investment Thesis........................................................................................55
— Shenzhen Zhongjin Lingnan’s key drivers..............................................55
— Key catalysts .........................................................................................57
— Risks .....................................................................................................58
— Valuation and basis for our price target..................................................59
— UBS versus consensus..........................................................................59
— Sensitivity analysis.................................................................................59
— Risk analysis..........................................................................................60
— Return on capital ...................................................................................61
— Financials ..............................................................................................61
— Valuation ...............................................................................................65
— Yunnan Chihong Zinc & Germanium ..................................................................71
— Investment Thesis........................................................................................72
— Fundamental weakness in a tough year.................................................72
— Key Catalysts.........................................................................................75
— Risks .....................................................................................................75
— Valuation and basis of our price target...................................................76
— UBS versus consensus..........................................................................76
— Sensitivity analysis.................................................................................76
— Return on capital ...................................................................................77
— Financials ..............................................................................................78
— Valuation ...............................................................................................82
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