| After the global financial crisis, influenced by the quantitative loose financial and currency policies of the countries in the world, on behalf of the non-ferrous metals, the gold price keeps in a tendency of rising up, thus the gold producers become the initial beneficiaries during this period of time. As one of the three big gold producers listed in A share market of China, the share price of Zijin Mining (601899) is always concerned by the investors and capital market. The research subject of this article puts focus on the Stock value investment analysis of Zijin Mining, trying to provide investors and enterprise stakeholders with investment decision and value judgment reference.With the purpose to elaborating clearly, this paper mainly adopts methods of Qualitative Research, Quantitative Research and Comparative Analysis, etc. Among which the Qualitative Research analyzes deeply on the historic background, present development situation and competitive ability of Zijin Mining, combined with the future International Gold Price Trend and the development situation of Chinese gold industry, especially the transverse comparison research between Zhongjin Gold Co., Ltd and Shandong Gold Group, analyzes and predicts the future performance and prospect forecast of Zijin Mining. On the other hand, the Quantitative Research method analyzes the fundamentals of the company, builds up the Valuation Model of Zijin Mining with the methods of EVA, P/E ratio method and Price to Book ratio (P/B) method according to recent four years'financial data of the company, and finally gets a result that the reasonable share price of Zijin Mining(601899) shall be between RMB9.08 and RMB13.2. At present (May5,2009), the share price of Zijin Mining is RMB7.23, the share value of the company has been undervalue. Based on this point, we conclude that the stock share of Zijin Mining is full of investing value and provide the investors with the countermeasure and suggestions on the stock investment of Zijin Mining. |
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