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<Research>UBS Adds ZIJIN MINING/ CMOC TPs, Reaffirms Buy Ratings
Recommend 20 Positive 27 Negative 13 |
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UBS research report indicated that the performance of non-ferrous metal companies remained stable in 1H25, with CMOC (03993.HK) and ZIJIN MINING (02899.HK) leading the way, both achieving profit growth of over 50%. Following them were CHINAHONGQIAO (01378.HK) and JIANGXI COPPER (00358.HK), while CHALCO (02600.HK) and TIANSHAN ALUMINUM (002532.SZ) reported largely flat profits for 1H25. The main themes in the copper industry included M&As, production growth, and niche metal business expansion, whereas the aluminum industry focuses on dividend distribution and share buybacks. To reflect the results performance, the broker raised the full-year profit forecasts for ZIJIN MINING, CMOC, and JIANGXI COPPER by 6%, 11%, and 26% respectively, reaffirming Buy ratings for ZIJIN MINING and CMOC, with target prices added to HKD32.5 and HKD16.5 respectively. Meanwhile, JIANGXI COPPER was upgraded to Buy, with a target price raised to HKD27.1 (see separate table). CHINAHONGQIAO continued to be the broker’s top pick in the aluminum industry, based on its potential deleveraging and commitment to shareholder returns, with a target price of HKD26.8 and a Buy rating. AASTOCKS Financial News Website: www.aastocks.com |
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