Goldman Sachs: Slight increase in Minmetals Resources target price to HK$13.5, chance to pay dividends for the first time in ten years.

Goldman Sachs released a report stating that Minmetals Resources' annual net profit in 2025 is projected to be $509 million, an increase of 215% year-on-year; earnings per share would be $0.042, up 174% year-on-year. Excluding one-off items such as foreign exchange gains and impairment expenses, the recurring net profit is estimated to be $816 million, which is in line with the bank's forecast and exceeds market expectations. The company announced that it will not distribute final dividends, the same as last year. The bank predicts that Minmetals Resources' recurring net profit will increase significantly from $820 million in 2025 to $1.75 billion in 2026, nearly doubling, mainly benefiting from the continuous rise in copper prices and the contribution from leveraging to reduce financial costs. With improved profitability, the bank expects Minmetals Resources to have the opportunity to pay dividends for the first time in ten years starting in 2026. The bank maintains its "buy" rating on the company, raising the target price from HKD 13 to HKD 13.5.