Tiger Resources Limited (TGS)

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General Information
Company Name: Tiger Resources Limited
Stock Code: TGS
Website: www.tigerresources.com.au
GICS Sub-Industry: Gold
Market Cap ($M): 257
Equiv. Shares (M): 1,144

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.222 $ 0.225 $ 0.225 $ 0.215 $ 0.225 2,358,855 $ -0.003  -1.111 %

Current Broker Consensus Recommendation more
Recommendation: Strong Buy (1)
Recommendation Date: 17th Oct 2014
Brokers Surveyed: 1

Company Overview

Business Description:
Tiger Resources Limited (TGS) is an Australian-based company focusing on the mineral exploration, development, mining and sale of copper concentrate. TGS focuses its activities on the Katanga Copper Belt in the Democratic Republic of the Congo (DRC) and has two main projects being the Kipoi and Lupoto Project.

Strategy Analysis:
TGS have a staged development strategy for the Kipoi Project. Stage 1 involves processing high-grade oxide copper mineralisation through a heavy media separation plant to produce the equivalent of 119,000 tonnes of copper in concentrate over a three-year period. TGS then plan is to then construct a 25,000tpa Solvent Extraction and Electrowinning plant by 2014 to produce cathode copper. The expanding resource base at Kipoi has the potential to support a 50,000+tpa Solvent Extraction Electrowinning production capacity. Tiger Resources reported positive cash flow of US$11.4m for the quarter ended 31 December 2012. Operating cash flow for the period was US$16.59m. Payments for exploration and evaluation were US$(3.15m). Investing cash flow was US$(3.7m). Financing cash flow was US$(1.5m). Cash in hand at the end of the quarter was US$34.46m.

Financial Summary
Year to Dec NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2015  F -- 2.2 84.0 10.3 -- 0.0 --
2014  F -- 1.2 -53.3 18.9 -- 0.0 --
2013  A 37.1 2.6 844.4 11.1 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2013 A 2014 F 2015 F 2013 A 2014 F 2015 F 2013 A 2014 F 2015 F
Newcrest Mining (NCM) $7,665 M -0.0429 -0.3006 0.6076 17.7431 25.3678 15.7803 0.00 0.00 1.90
OceanaGold (OGC) $772 M -- -- -0.0875 -- 8.4238 9.2319 0.00 0.00 0.00
OZ Minerals (OZL) $1,202 M -- -- -0.7053 -- 80.4878 273.1034 5.05 5.05 3.79
Regis Resources (RRL) $752 M -- -- 0.9489 -- 12.0112 6.1630 0.00 NaN 5.61
Tiger Resources (TGS) $257 M 8.4444 -0.5333 0.8403 8.8235 18.9076 10.2740 0.00 0.00 0.00

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
TGS 0.45 15.5 1.33 10.00 0.73
Market 0.89 15.1 1.22 1.70 1.49
Sector 0.68 11.0 0.81 0.95 3.17

Name Position Start Date
Mr Stephen Hills Executive Director,Finance Director 22 February 2013
Mr Bradley William James Marwood Managing Director 09 January 2007
Mr Neil Christian Fearis Non-Executive Chairman 26 May 2011
Mr Michael Richard Griffiths Non-Executive Director 07 December 2012
Mr David Neil Constable Non-Executive Director 24 June 2011

Name Position
Charles Carron Brown Chief Operating Officer
Susmit Mohanlal Shah Company Secretary

Substantial Shareholders
Holding Name
40,364,079 (5.03%) BlackRock Group
60,552,162 (7.54%) National Australia Bank Limited and associated companies

Calendar of Events
Date Event
30 July 2015 Report (Quarterly)
29 April 2015 Report (Quarterly)
15 April 2015 Report (Annual)
28 January 2015 Report (Quarterly)
27 October 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 www.morningstar.com.au/fsg.asp.


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