OM Holdings Limited (OMH)



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General Information
Company Name: OM Holdings Limited
Stock Code: OMH
Website: www.omholdingsltd.com
GICS Sub-Industry: Diversified Metals & Mining
Market Cap ($M): 227
Equiv. Shares (M): 733

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.310 $ 0.310 $ 0.310 $ 0.310 $ 0.335 18,261 $ -0.025  -7.463 %

Company Overview

Business Description:
Om Holdings Limited (OMH) has three core operating businesses are the exploration and mining of manganese ore, the production of manganese ferroalloys and sinter ore and, the marketing and trading of manganese, iron and chrome ores and ferroalloys. OMH operates commercial mining operations in Australia, China and Singapore.

Strategy Analysis:
OMH is currently leveraging off the strong cash generation of its manganese businesses to invest aggressively in its future growth and continued development as a world class resources group specialising in the carbon steel materials sector. Commercial mining operations in China continue to grow through trading operations, a strong Chinese market and an international customer base. A new manganese production strategy has identified new market opportunities in China for high value-in-use products, coupled with creating greater operational flexibility and lower operating costs. The Bootu Creek Manganese Mine is hoped to grow organically where existing infrastructure has the capacity to deliver over 700,000 tonnes of saleable manganese product per annum. Other strategic focuses will be on the development and standalone production opportunities around the highly prospective Renner Springs tenements and a feasibility study which may establish a sinter ore plant at the company's existing Qinzhou smelter facility in China. OM Holdings reported a net loss of $61.1m for the year ended 31 December 2012. Revenues from ordinary activities were $408.23m, up 5% from last year. Diluted EPS was (10.09) cents compared to (2.29) cents last year. Net operating cash flow was $60.86m compared to $19.04m last year. No dividend was declared.


Financial Summary
Year to Dec NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2013  A -49.1 -7.0 -- 0.0 0.0 0.0 --
2012  A -60.9 -10.1 -- 0.0 0.0 0.0 --
2011  A -11.7 -2.3 -- 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F
BHP Billiton (BHP) $90,056 M 0.1223 -0.2311 -0.0180 10.4862 13.6375 13.8881 4.58 5.22 5.41
Iluka Resources (ILU) $2,504 M -0.6600 -0.9292 13.2765 19.4979 275.5760 19.3028 1.51 2.33 4.41
OM Holdings (OMH) $246 M -- -- -- -- -- -- 0.00 -- --
Rio Tinto (RIO) $23,849 M 0.5848 -0.2921 -0.3182 7.1276 10.0688 14.7679 3.92 4.57 4.70
Sims Metal Management (SGM) $2,346 M 3.0215 1.0065 0.3243 34.0463 16.9677 12.8131 0.87 2.41 3.66

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
OMH -- -- 0.82 -- 0.52
Market 0.90 15.0 1.19 1.94 1.48
Sector 0.62 11.5 0.69 1.26 2.40

Directors
Name Position Start Date
Mr Ngee Tong Low Executive Chairman 20 November 1997
Ms Julie Ann Wolseley Joint Company Secretary,Non-Executive Director 28 February 2005
Mr Zainul Abidin Rasheed Non-Executive Deputy Chairman,Non-Executive Director 03 October 2011
Mr Peng Chin Tan Non-Executive Director 14 September 2007
Thomas Teo Liang Huat Non-Executive Director 17 July 2008
Mr Peter Campbell Church Non-Executive Director 12 December 2011
Mr Ivo Philipps Non-Executive Director 20 May 2014

Management
Name Position
Zheng Yuan Hua Chairman, OMA
Yang Li Zhong Chairman, OMQ
Colin Ouwehand Chief Executive Officer, OM Tshipi
Frank Botica Chief Financial Officer, OMM
Trevor Cook Chief Operating Officer, OMM
Siow Kwee Heng Company Secretary
Lu Rui Lin Deputy Director, Trades & Logistics, OMS
Betty Tan Director, Project, OMH
Tan Meng Khong Director, Resources, OMH
Edward Young Director, Trades & Logistics, OMH
Li Xing Huo Financial Controller, OMQ
Pu Guo Liang General Manager, OMA
Chen Xiao Dong General Manager, OMQ
Goh Ping Choon General Manager, Trades & Logistics, OMS
Craig Thomas Reddell Geology Manager, OMM
Don Heng Group Financial Controller, OMH
Goh Soo Fung Group Financial Controller, OMH
I S Outerbridge Joint Company Secretary
Fanie Van Jaarsveld Managing Director, OMM

Substantial Shareholders
Holding Name
67,138,500 (9.15%) Low Ngee Tong & Ramley International Ltd
65,951,769 (8.99%) Heng Siow Kwee
58,731,393 (8.00%) Stratford Sun Limited and associates
72,060,011 (9.83%) Amplewood Resources Ltd
89,261,779 (12.17%) Huang Gang & Newtimes Marine Co Ltd

Calendar of Events
Date Event
29 October 2015 Report (Quarterly)
28 August 2015 Report (Interim)
28 July 2015 Report (Quarterly)
28 April 2015 Report (Quarterly)
23 April 2015 Report (Annual)
27 February 2015 Report (Prelim)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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