Daiwa: Minmetals Resources (01208) meets production target and maintains "buy" rating.

According to the Wisdom Financial APP, Morgan Stanley released a research report stating that Minmetals Resources (01208) subsidiary Las Bambas' copper concentrate production in the second quarter of this year was 109,000 tons, in line with the annual production guidance of 380,000 to 400,000 tons. Khoemacau mine's production in the first half of the year was 22,000 tons, accounting for about 42% to 46% of the annual guidance. Morgan Stanley expects production to increase in the second half of the year with improved equipment utilization, new mining equipment input, and higher ore grades. Morgan Stanley maintains a "Hold" rating on Minmetals Resources with a target price of 11.7 Hong Kong dollars, believing that the operating conditions of various mines in the second half of the year will be relatively stable, Las Bambas' production is expected to reach the upper limit of the annual guidance, and concerns about social stability in Peru after the presidential election will ease, leading to further improvements in production and costs that will continue to drive profit growth.