Down 20% and Yielding 9%, Is This ASX Mining Share a Bargain?
Down 20% and Yielding 9%, Is This ASX Mining Share a Bargain?
The Given the mining sector's size on the ASX exchange, it may not be practical for ASX investors to avoid the industry entirely.
考虑到ASX交易所矿业行业的规模，ASX投资者可能不太可能完全避开该行业。
One alternative that investors can consider is the mining services sector, which includes companies that provide various services to miners.
投资者可以考虑的一个替代选择是矿业服务行业，该行业包括为矿工提供各种服务的公司。
This approach can help mitigate the impact of commodity price fluctuations, but many of these ASX shares are in the small and mid-cap space, which may lead to higher volatility.
这种方法可以帮助缓解商品价格波动的影响，但许多ASX股票位于小型和中型市值空间，这可能导致更高的波动率。
The $GR Engineering Services Ltd (GNG.AU)$ share price has fallen approximately 20% in about six months from its 52-week high of $2.45 on 12 February 2024.
本基金寻求于东欧地区注册的主要权益关联发行人的长期升值投资。$GR Engineering Services Ltd (GNG.AU)$ 的股票价格自2024年2月12日的52周高点$2.45起约6个月下跌了约20%。
This is a larger drop compared to bigger mining companies like $BHP Group Ltd (BHP.AU)$ or $Rio Tinto Ltd (RIO.AU)$, whose share prices have fallen approximately 10% during the same period.
，如 $BHP Group Ltd (BHP.AU)$或。$Rio Tinto Ltd (RIO.AU)$，其股票价格在同一时期内下跌了约10%。
However, the higher volatility may also present more opportunities to profit if a stock is undervalued unjustly.
然而，更高的波动性也可能提供更多的机会来获利，如果一只股票被不公正地低估。
Could this be the case for GR Engineering shares? Let's find out.
GR Engineering股票是这种情况吗？让我们来看看。
Why is the GR Engineering share price so low?
为什么GR Engineering股票价格这么低？
It is simply because no mining-related company can be completely immune to the commodity cycle.
这仅仅是因为没有任何与采矿有关的公司可以完全免疫商品周期。
GR Engineering shares have primarily traded between the $2.2 to $2.5 level since the beginning of the year despite weak commodity prices globally. However, the share price broke down to that level when mining giant BHP Group announced a temporary suspension of its Nickel West operations and the West Musgrave Project, as my colleague James highlighted.
尽管全球商品价格疲软，GR Engineering股票自年初以来主要在$2.2到$2.5水平之间交易。然而，当采矿巨头BHP集团宣布暂停其Nickel West运营和West Musgrave项目时，该股票价格破位，就像我的同事詹姆斯(Tom)指出的那样。
GR Engineering had signed contracts with BHP to design and construct the West Musgrave Project, which could have been one of the company's most significant projects. GR Engineering expects this suspension will impact its expected FY25 revenue by up to $80 million.
GR Engineering已与BHP签署设计和建设West Musgrave项目的合同，该项目可能是公司最重要的项目之一。GR Engineering预计这种暂停将影响其预期的FY25营业收入高达8000万美元。
Too cheap to ignore?
太便宜不能忽视？
GR Engineering shares are valued at 11.5x its trailing 12 months' earnings per share (EPS). Its historical price-to-earnings (P/E) ratios ranged between 7.5x and 18x.
GR Engineering股票的估值为其过去12个月每股收益(EPS)的11.5倍。其历史市盈率(P/E)为7.5倍至18倍不等。
There is good news and bad news. The bad news is that GR Engineering's earnings fluctuated greatly in the past down cycles, indicating that future earnings might be lower, leading to a higher P/E multiple on a forward basis.
好消息和坏消息都有。坏消息是GR Engineering的盈利在过去的下行周期中大幅波动，表明未来盈利可能较低，从而导致前瞻性的较高P/E倍数。
The good news is that the company has exposure to many gold-related projects, and the price of gold has increased by 25% in the past year, approaching its all-time high.
好消息是该公司涉足了许多与黄金有关的项目，黄金价格在过去一年中上涨了25%，接近历史高点。
GR Engineering shares offer a dividend yield of 9.6%, which is attractive even if we consider some probability this might fall in the coming year in case its earnings fall.
GR Engineering股票提供9.6%的股息收益率，即使我们考虑未来盈利下降的可能性，这也很有吸引力。
The company also has a clean balance sheet with $58 million in cash, equivalent to 18% of its current market capitalisation. This means when you buy GR Engineering shares today for approximately $2, it will include 40 cents in cash and $1.6 for all its business operations.
该公司还拥有干净的资产负债表，现金5800万美元，相当于其当前市值的18%。这意味着，当你今天以约2美元的价格购买GR Engineering股票时，它将包括0.4美元的现金和1.6美元的所有业务运营。
The GR Engineering share price is down 0.25% today and is at $1.97 at the time of writing.
GR Engineering股票今日下跌0.25%，交易价格为1.97美元。
