Dahua Jixian: Lowered target price of CMOC Group Limited (03993) to 26.9 Hong Kong dollars, raised earnings forecast, and rated "buy"
The line states that the company's production guidance is supported by stable operational support in the Democratic Republic of Congo (DRC), even though sulfur cost pressures and uncertainties in the DRC cobalt export policy may bring short-term fluctuations in profit margins and sales timing.
Da Hua Ji Xian released a research report, stating that CMOC Group Limited (03993) reported a first quarter profit of 77.6 billion RMB this year, a year-on-year increase of 96.7%, in line with expectations, mainly due to higher realized prices, stronger copper sales volumes, and increased metal trading volumes. The bank stated that the company's production meets expectations, supported by stable operations in the Congo (Gold) business, and that even though sulfur costs and uncertainties in Congo (Gold) cobalt export policies may bring short-term fluctuations in profit margins and sales timing. The bank raised its profit forecast for 2027 and 2028 by 9% and 8% respectively to reflect upward revisions in copper production and profit margin forecasts; maintaining a "buy" rating; target price lowered from 28.6 Hong Kong dollars to 26.9 Hong Kong dollars.
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