CICC: Maintains a outperform rating on Shougang Resources (00639.HK) with a target price of 3 Hong Kong dollars.

According to the Zhitong Finance and Economics App, Zhongjin issued a research report stating that it has lowered the coal price and cost assumptions, resulting in a 4% cut in the 2025/26E profit of Shougang Resources (00639.HK) to 8.92/9.78 billion Hong Kong dollars. The current stock price corresponds to a price-earnings ratio of 15.8x/14.4x for 2025/26E. Considering changes in risk preferences, the company's dividend relative attractiveness has increased, and the bank maintains its outperform industry rating and target price of 3.00 Hong Kong dollars unchanged, corresponding to a price-earnings ratio of 17.1x/15.6x for 2025/26E, implying an 8% upside potential.