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General Information
Company Name: OM Holdings Limited
Stock Code: OMH
GICS Sub-Industry: Diversified Metals & Mining
Market Cap ($M): 224
Equiv. Shares (M): 733

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.305 $ 0.310 $ 0.315 $ 0.305 $ 0.305 154,683 0%

Current Broker Consensus Recommendation more
Recommendation: Hold
Recommendation Date: 2nd Aug 2012
12 Month Target Price (average): $0.4
Brokers Surveyed: 1

Company Overview

Business Description:
OM Holdings Limited (OMH) is a diversified minerals group with its primary focus on expanding its manganese business. OMH international business is divided into three business segments being the 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.

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 -49.0 -7.0 -- 0.0 0.0 0.0 --
2012  A -61.1 -10.1 -- 0.0 0.0 0.0 --
2011  A -11.5 -2.3 -125.0 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) $122,076 M -0.2435 0.1192 -0.0380 15.9545 14.2546 14.8176 0.0329 0.0296 0.0310
Iluka Resources (ILU) $3,772 M -0.6600 0.1402 1.3134 29.3772 25.7649 11.1372 0.0100 0.0213 0.0423
OM Holdings (OMH) $224 M -- -- -- -- -- -- 0.0000 -- --
Rio Tinto (RIO) $27,340 M 0.5848 -0.2605 0.0320 8.1708 11.0497 10.7074 0.0342 0.0311 0.0340
Sims Metal Management (SGM) $2,018 M -0.7514 4.5651 0.6385 117.9211 21.1894 12.9324 0.0000 0.0108 0.0303

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
OMH -- -- 0.81 -- 0.51
Market 1.07 16.0 1.27 1.98 1.72
Sector 0.87 12.5 0.66 0.73 4.83

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 Peter Campbell Church Non-Executive Director 12 December 2011
Mr Peng Chin Tan Non-Executive Director (other) 14 September 2007
Thomas Teo Liang Huat Non-Executive Director (other) 17 July 2008

Name Position
Zheng Yuan Hua Chairman, OMA
Paul Thomas Chief Development Officer, OMH
Goh Soo Fung Chief Financial Officer, OMH
Frank Botica Chief Financial Officer, OMM
Siow Kwee Heng Company Secretary
Chen Xiao Dong Deputy General Manager, OMQ
Young Woo Hwa Edward General Manager Corporate/Projects, OMH
Tan Meng Khong General Manager Development, OMH
Don Heng General Manager Finance, OMH
Goh Ping Choon General Manager Logistics, OMS
Lu Rui Lin General Manager Marketing and Trading China, OMS
Colin Ouwehand General Manager Marketing and Trading International, OMS
Pu Guo Liang General Manager, OMA
Yang Li Zhong General Manager, OMQ
Craig Thomas Reddell Geology Manager, OMM
I S Outerbridge Joint Company Secretary
Betty Tan Managing Director, OM Sarawak
Fanie Van Jaarsveld Managing Director, OMM

Substantial Shareholders
Holding Name
89,261,779 (13.25%) Huang Gang & Newtimes Marine Co Ltd
67,138,500 (9.97%) Low Ngee Tong & Ramley International Ltd
65,951,769 (9.79%) Heng Siow Kwee
58,731,393 (8.72%) Stratford Sun Limited and associates
57,564,035 (8.55%) Amplewood Resources Ltd

Calendar of Events
Date Event
27 February 2015 Report (Prelim)
29 October 2014 Report (Quarterly)
18 August 2014 Report (Interim)
21 July 2014 Report (Quarterly)
28 April 2014 Report (Quarterly)
© 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


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