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<Research>HSBC Research Expects Supply-Demand Imbalance to Lift ST Lithium Prices, Raises TPs for GANFENGLITHIUM/ TIANQI LITHIUM
Recommend 7 Positive 13 Negative 3 |
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The lithium market has tightened now, HSBC Global Research said. On the supply side, export restrictions in Zimbabwe are expected to reduce 2026 global supply by approx. 40,000 tonnes of lithium carbonate equivalent (LCE). Even if mine restarts bring additional supply, they may not fully offset the shortfall. Meanwhile, demand remained strong, mainly driven by rapid growth in energy storage systems (ESS). The broker expected lithium demand to grow 19% YoY this year, with a CAGR of 13% through 2030. Regarding stocks, HSBC Global Research kept ratings at Buy on GANFENGLITHIUM (01772.HK)'s H-/ A-shares, an elevated its target prices from $54/ RMB65 to $92/ RMB98, respectively. Earnings are expected to further improve this year. HSBC Global Research kept ratings at Hold on TIANQI LITHIUM (09696.HK)'s H-/ A-shares, and lifted its target prices to $57/ RMB59 from $49/ RMB45 each. Although earnings are expected to continue improving, positive factors have been priced in, and execution risks and earnings volatility related to lithium prices and SQM remain. Auto-translated by AI AASTOCKS Financial News |
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