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<Research>Citi Expects JIANGXI COPPER to Benefit From Strong Sulfuric Acid Prices, Reduces TP to HKD49.5 w/ Rating Kept Buy
Recommend 9 Positive 8 Negative 5 |
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Citi has issued a research report stating that its benchmark forecasts for copper and gold prices this year are USD12,375 per ton and USD4,775 per ounce, respectively. If copper or gold prices rise 10% above their benchmark assumptions, JIANGXI COPPER (00358.HK)'s net profit is expected to increase by 8% YoY and 3% YoY, respectively, this year. The broker cut its target price for JIANGXI COPPER to HKD49.5 from HKD54.1 but kept the Buy rating unchanged. Considering the positives like strong sulfuric acid prices and a higher proportion of long-term concentrate and refined copper (TC/RC) contracts with favorable pricing, the company's smelting business should remain profitable. If conflicts in the Middle East persist, the company is expected to benefit from robust sulfuric acid prices. Auto-translated by AI AASTOCKS Financial News |
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