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<Research> G Sachs Cuts CMOC (03993.HK) TP to HKD25, Maintains Buy
Recommend 6 Positive 9 Negative 4 |
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G Sachs issued a research report stating that CMOC (03993.HK) recorded 1Q net profit of RMB7.76 billion, up 97% YoY. Recurring net profit was RMB8.1 billion, equivalent to 23% of the brokers full-year forecast and 25% of market consensus. The result was slightly below the brokers expectations but in line with market consensus. The broker noted that weaker-than-expected profits from the Brazil niobium and phosphate businesses, as well as higher unit costs in the Congo copper mining operations due to rising sulfur and energy prices, will weigh on performance. G Sachs believes the current valuation is attractive, estimating that the current share price implies a copper price of USD8,615 per tonne for achieving its 2028 target, which is 35% lower than the spot price of USD13,300. The broker lowered its 2026 to 2028 recurring earnings forecasts for CMOC by 3% to 6%. It cut the H-share TP from HKD27 to HKD25 and the A-share TP from RMB28 to RMB26, while maintaining Buy ratings on both the H-shares and A-shares. (ec/u) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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