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<Research> Citi: ZHAOJIN MINING (01818.HK) 1Q Net Profit Rises on Higher Gold Prices; Maintains Buy with TP HKD37.5
Recommend 3 Positive 4 Negative 3 |
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Citi published a research report noting that Zhaojin Mining (01818.HK)'s net profit for 1Q rose 80% YoY to RMB1.189 billion, mainly benefiting from the increase in gold prices. However, it declined 20% QoQ, possibly affected by rising costs and a gold mine incident that led to a QoQ decrease in self-produced gold sales. Gross profit during the period was RMB2.073 billion, up 46% YoY and down 30% QoQ. Citi expects that after mines resumed production in mid-March, gold output will gradually increase. It estimates that inventories of self-produced gold rose QoQ at the end of 1Q, while unit production costs are likely to decline QoQ in 2Q. The bank maintained its Buy rating with a target price of HKD37.5. (ec/da) 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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