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Huolinhe Opencut Coal Industry Corp Ltd of Inner Mongolia (002128) Fair Value & Analysis

Energy · CN · Market cap 78.6B CNY (≈ $11.7B) · ISIN CNE100000098

What is Huolinhe Opencut Coal Industry Corp Ltd of Inner Mongolia really worth?

HO Huolinhe Opencut Coal Industry Corp Ltd of Inner Mongolia 002128 · SHE
Price¥29.25
Fair Value¥20.72
Upside−29.2%
Quality56/100

A solid business, but trading 41% above our fair value of ¥20.72.

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Strengths

Solidly profitable · 18.9% net margin
Low debt · generates free cash flow
Ranks above peers (12/14)
Wide moat 75/100

Risks

!Expensive Growth (revenue 5y +8.5 %/yr)

For context

·4.44% dividend yield
Evidence: High Range ¥15.23 – ¥29.63

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 22 days ago

Fair value updated Aug 13, 2026, revised from ¥21.99 to ¥20.72 (−5.8%) since Jul 17, 2026. Share price +9.8% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (¥15.23 to ¥29.63) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

¥33.34 ¥7.82 Fair Value ¥20.72 Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ¥7.82 – ¥33.34 · fair‑value band ¥15.23 – ¥29.63 · the ¥29.25 price screens above the ¥20.72 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Huolinhe Opencut Coal Industry Corp Ltd of Inner Mongolia (002128) currently trades at ¥29.25, while our model-based Fair Value estimate is ¥20.72, implying the stock looks roughly 41.2% overvalued today. The Quality Score stands at 56/100 (solid quality), in the Energy sector. Bull case: the Growth Earnings group reads highest at a median of ¥28.67 per share, and 2 of the 26 models we run sit above the ¥29.25 price. Bear case: the Asset-Based group reads lowest at ¥8.19, and 24 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Huolinhe Opencut Coal Industry Corp Ltd of Inner Mongolia generated revenue of 31.0B CNY at a net margin of 18.9%. Revenue grew 11.6% year over year. It earns a return on equity of 17.2%. Net debt stands at 3.9B CNY. Fundamentals as of Aug 13, 2026

Our scenario range runs from ¥15.23 (bear case) to ¥29.63 (bull case); at ¥29.25, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 14% below its 52-week high and 69% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at −5% fair-value upside, at −29%, 002128 screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly ¥0.8901 per share, which is 4.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF ¥5.44 ¥10.87 ¥20.63 76
Growth DCF ¥5.36 ¥10.24 ¥18.72 75
EPV ¥21.27 ¥24.95 ¥28.16 74
All 26 models by family
DCF Models
FCF DCF ¥5.44 ¥10.87 ¥20.63 76
Owner Earnings ¥2.75 ¥5.83 ¥11.35 72
5Y Revenue Exit ¥6.72 ¥13.25 ¥22.35 70
5Y EBITDA Exit ¥11.70 ¥23.75 ¥39.35 72
5Y P/E Exit ¥12.80 ¥26.08 ¥41.74 68
10Y Revenue Exit ¥5.96 ¥12.08 ¥21.93 63
10Y EBITDA Exit ¥9.58 ¥19.88 ¥36.48 65
10Y P/E Exit ¥10.32 ¥21.61 ¥38.52 61
Earnings-Based
Graham-Dodd ¥11.79 ¥58.98 ¥81.39 64
Lynch FV ¥15.95 ¥22.79 ¥29.63 61
PEG = 1.0 ¥15.95 ¥22.79 ¥29.63 57
EPV ¥21.27 ¥24.95 ¥28.16 74
Dividend Discount
Gordon GGM ¥5.73 ¥11.91 ¥18.89 66
DDM Multi-Stage ¥5.73 ¥10.04 ¥12.50 66
Multiples
P/E Multiple ¥18.20 ¥24.27 ¥30.33 63
P/S Multiple ¥8.67 ¥11.56 ¥14.45 58
P/B Multiple ¥16.49 ¥21.99 ¥27.49 55
EV/EBIT ¥19.12 ¥25.75 ¥32.38 66
EV/EBITDA ¥15.71 ¥21.20 ¥26.69 67
EV/Revenue ¥7.33 ¥10.79 ¥14.26 53
Asset-Based
NCAV (Graham) ¥6.11 ¥8.19 ¥12.22 54
Growth DCF
Growth DCF ¥5.36 ¥10.24 ¥18.72 75
Rev-Margin DCF ¥6.72 ¥13.00 ¥21.31 70
Economic Profit
Residual Income ¥11.97 ¥15.22 ¥37.16 69
ROIC Compounder ¥24.55 ¥34.10 ¥46.98 71
Growth Earnings
Growth-Adj P/E ¥20.07 ¥28.67 ¥37.27 67

Widest divergence: Growth Earnings (¥28.67) versus Asset-Based (¥8.19). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 11.2
P/S ratio 2.02 P/E × margin
EPS (TTM) ¥2.61 price ÷ EPS = P/E 11.2
Dividend yield 4.4% payout 49.8%
Net margin 18.0% FY2025
Return on equity 17.2% TTM
More key figures
Profitability
Return on assets (EBIT) 13.9% avg 5y
Operating margin 38.6% TTM
Growth
Revenue (TTM) 31.0B CNY TTM
Revenue growth (YoY) +11.6% 3y avg +4.0%
EPS growth (YoY) +27.1%
Balance sheet & cash flow
Free cash flow 1.5B CNY FY2025
Net debt 3.9B CNY FY2025 · ≈ 2.7 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 55 · Market factors (momentum, volatility) 66

Profitability 53
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 53
Earnings quality: real cash, not paper profit
Fin. Strength 81
Balance sheet, leverage, solvency risk
Investment 20
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 56
Price trend over the last 3–12 months (market factor)
52W Momentum 82
Distance to the 52-week high (market factor)
Net Issuance 55
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Inner Mongolia Dian Tou Energy Corporation Limited, together with its subsidiaries, engages in the research, production, and sale of coal products in China. It operates through four segments: Thermal Power, Coal, New Energy, and Aluminium segments.

Full company description

Inner Mongolia Dian Tou Energy Corporation Limited, together with its subsidiaries, engages in the research, production, and sale of coal products in China. It operates through four segments: Thermal Power, Coal, New Energy, and Aluminium segments. The Thermal Power segment of the company is involved in thermal power generation; sales of thermal power products; utilization and management of waste; and leasing of facility. The coal segment engages in the research, production, and sales of coal series products. The New Energy segment is involved in solar energy and wind power generation, etc. The Aluminum segment produces and sells aluminum ingots, modified alloys, alloy bars, coils, and plates, as well as deep processing of aluminum products. It also sells electric and electrolytic aluminum products. The company was formerly known as Huolinhe Opencut Coal Industry Corporation Limited of Inner Mongolia. The company was incorporated in 2001 and is based in Tongliao, China. Inner Mongolia Dian Tou Energy Corporation Limited operates as a subsidiary of CPI Mengdong Energy Group Co., Ltd.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Huolinhe Opencut Coal Industry Corp Ltd of Inner Mongolia reported revenue of 30.1B CNY in FY2025 versus 24.7B CNY in FY2021, a compound +5.1%/yr. Reported net income was 5.4B CNY in FY2025, compounding +10.9%/yr from FY2021.

Growth Quality 61/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
30.1B CNY
Latest YoY
+0.9%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.0%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.5%
Avg. revenue growth/yr (21Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+18.3%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+17.9% (13.5 + 4.4)
Revenue +5.1%/yr
FY21 24.7B CNY
FY22 26.8B CNY
FY23 26.8B CNY
FY24 29.9B CNY
FY25 30.1B CNY
Net income +10.9%/yr
FY21 3.6B CNY
FY22 4.0B CNY
FY23 4.6B CNY
FY24 5.3B CNY
FY25 5.4B CNY
Character of growth · EPS growth decomposed (2013-2024) +19.2 % p.a.
Revenue per share +14.7 %

of which total revenue +18.0 % · buybacks/dilution −2.8 %

EBIT margin +4.7 %
Tax rate −0.2 %
Residual (interest, one-offs) −0.5 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

002128 screens 41% overvalued. Compare with China Shenhua Energy Company →

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Cite: Fair Value Calculator (2026). "Huolinhe Opencut Coal Industry Corp Ltd of Inner Mongolia Fair Value". https://www.fairvalue-calculator.com/stock/002128

Peer Group

Thermal Coal · 99 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 56 · Above median
Fair Value upside −29% · Below median
Return on equity (TTM) 17% · Top 25%
Return on assets 10% · Top 25%
Net margin (TTM) 19% · Top 25%
Operating margin (TTM) 39% · Top 25%
Revenue growth 12% · Above median
Dividend yield (TTM) 4.4% · Above median
Debt / equity 0.13× · Lower than median

Valuation Multiples vs Thermal Coal median · lower = cheaper

P/E (TTM) 11.2× · Cheaper than median
P/B 0.31× · Cheaper than 75% of peers
P/S (TTM) 0.38× · Cheaper than median
P/FCF 8.0× · Pricier than median
EV/EBITDA 1.1× · Cheaper than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 8
FUTURE58 · sector 0
PAST69 · sector 21
HEALTH94 · sector 93
DIVIDEND89 · sector 54

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Coal Oil & gas

Similar stocks

10 more Thermal Coal stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
China Shenhua Energy Company 601088 ¥48.05 ¥34.97 −27%
PT Bayan Resources Tbk., BYAN 15,325 IDR 3,542 IDR −77%
Adani Enterprises Limited ADANIENT ₹2,965 ₹891.11 −70%
Shaanxi Coal Industry Company 601225 ¥25.08 ¥23.90 −5%
Yankuang Energy Group 600188 ¥21.60 ¥13.24 −39%
Coal India Limited COALINDIA ₹417.85 ₹464.01 +11%
533278 533278 ₹406.50 ₹660.78 +63%
China Coal Energy Company 601898 ¥13.93 ¥13.91 +0%
PT Dian Swastatika Sentosa Tbk, DSSA 1,145 IDR 352.75 IDR −69%
Inner Mongolia Yitai Coal Co 900948 $2.88 $3.30 +14%

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Frequently asked questions

Is Huolinhe Opencut Coal Industry Corp Ltd of Inner Mongolia (002128) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ¥20.72 versus a price of ¥29.25, about −29% upside (overvalued).
What is the fair value of 002128?
Our model-based fair value for Huolinhe Opencut Coal Industry Corp Ltd of Inner Mongolia is ¥20.72 (as of Aug 13, 2026), built from audited fundamentals. The current price: ¥29.25.
What is the quality score of 002128?
Huolinhe Opencut Coal Industry Corp Ltd of Inner Mongolia has a Quality Score of 56/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Huolinhe Opencut Coal Industry Corp Ltd of Inner Mongolia (002128)?
Huolinhe Opencut Coal Industry Corp Ltd of Inner Mongolia reported trailing-twelve-month revenue of about 31.0B CNY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 002128?
The net profit margin of Huolinhe Opencut Coal Industry Corp Ltd of Inner Mongolia is about 18.9%, meaning it keeps roughly 18.9% of revenue as net income. Based on the latest reported figures.
Does Huolinhe Opencut Coal Industry Corp Ltd of Inner Mongolia pay a dividend?
Huolinhe Opencut Coal Industry Corp Ltd of Inner Mongolia currently shows a dividend yield of about 4.44% relative to its recent price (as of Aug 13, 2026).
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