HK Stock Market Move | JIAXIN INTL RES(03858) rose more than 6%. Increase in production of the company led to an improvement in gross profit margin. Institutions believe that the current downside space for tungsten prices is limited.
Jiaxin International Resources (03858) rose more than 6%, as of the time of writing, it rose by 5.53% to HK$58.25, with a turnover of HK$66.54 million.
JIAXIN INTL RES (03858) rose more than 6%, as of press time, up 5.53% to 58.25 Hong Kong dollars, with a turnover of 66.5492 million Hong Kong dollars.
On the news front, UBS issued a research report pointing out that Jiaxin International is a pure tungsten mining company, and the Boguty mine operated in Kazakhstan is the fourth largest tungsten mine in the world. The company's concentrate production is expected to increase from 5,000 tons in 2025 to over 12,000 tons in 2030, equivalent to a compound annual growth rate of 19% from 2025 to 2030. The bank predicts that Jiaxin International's concentrate production this year will be 8,600 tons. With the start of the second phase, production will increase to 11,100 tons and 11,700 tons in 2027 and 2028, respectively. As production increases, based on the bank's tungsten price forecast, UBS estimates that Jiaxin International's gross profit margin will increase to 77% in 2028.
UBS further states that it expects the Chinese tungsten market to continue to be in a state of supply shortage, and the price of tungsten concentrate in 2026 and 2027 is expected to rise to 500,000 and 550,000 yuan per ton, respectively, which is 24% and 36% higher than the spot price. It believes that the current tungsten price of around 400,000 yuan per ton is close to the new cyclical low, with limited downside.
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