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<Research>HSBC Research Predicts Gold to Peak Out in 1H26, Prefers ZIJIN MINING/ SD GOLD
Recommend 27 Positive 48 Negative 19 |
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The stock prices of gold miners listed in Hong Kong have set fresh records as gold prices jumped to new highs, according to a report released by HSBC Global Research. It is estimated that for every 1% change in gold prices, the earnings of pure gold companies should change by about 2%. Based on higher gold price assumptions, HSBC Research has raised target prices for gold miners across the board. Among them, the broker was most bullish on ZIJIN MINING (02899.HK) and SD GOLD (01787.HK). As gold has reached a new all-time high and seems poised to bust above the USD4,000 per ounce level by the end of 2025, HSBC Research predicted the trading range for the remainder of 2025 to be USD3,700-4,050 per ounce, with a broad range of USD3,600-4,400 per ounce in 2026. Gold prices are expected to peak in 1H26. With more interest rate cuts anticipated over the next 12 months, gold prices should be galvanized in the short term. In HSBC Research's estimate, ZIJIN MINING, including ZIJIN GOLD INTL (02259.HK), will show the fastest production growth this year and next. Meanwhile, SD GOLD will have the highest earnings sensitivity to gold (for every 1% increase in gold, EPS rises by 3%), ZHAOJIN MINING (01818.HK) +2%, ZIJIN GOLD INTL +2%, ZIJIN MINING +1%. In terms of valuation, HSBC Research believes ZIJIN MINING (copper-gold mix) and SD GOLD (pure gold) will be the most attractive. HSBC Research's ratings and target prices for gold miners are available in a separate table. AAStocks Financial News |
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