VOYAGE Research said Malaysian gold miner CNMC Goldmine remained "deeply undervalued" based on its current share price of S$0.265.
Its latest results were largely within expectations, said analyst Liu Jinshu.
Net cash of US$9.1 million (S$11.8 million) "translates to firepower for the company to maintain or increase dividends while expanding exploration and mining activities for future growth". The firm is "trading at an attractive 7.3 times" 2014 forecast earnings.
CNMC said last week that net profit doubled to US$3.4 million for the third quarter ended Sept 30, up from US$1.7 million. Revenue was up 59 per cent from US$6.3 million to US$10 million due to a significant increase in the production and sales volume of fine gold.
The report can be found here: