JP Morgan: CIMC ENRIC (03899) Indonesia project to contribute up to 70 million RMB in profit, rating "increase stake" recommended.
The expected progress in this regard will further boost market sentiment towards the company, as the project reflects the overseas expansion of the company's new business initiatives transitioning from vision to actual implementation stage.
JPMorgan released a research report stating that CIMC ENRIC (03899) announced its first overseas coke oven gas project in Indonesia. The bank estimates that if the project reaches its maximum production capacity, it could contribute about 70 million yuan in profit to the company, accounting for about 6% of the forecasted net profit for the fiscal year 2025;
CIMC ENRIC is currently rated as "Buy" with a target price of 12 Hong Kong dollars.
The bank expects that further progress on the project will continue to boost market sentiment towards the company, as the project reflects the company's overseas expansion efforts in new business initiatives transitioning from vision to actual execution stage. At the same time, this project is the company's fifth coke oven gas project, enhancing its long-term sustainable growth visibility and alleviating investors' previous concerns about the slowdown in net profit growth, as all three of the company's new businesses are project-based.
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