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<Research> JPM Maintains Zijin Gold International (02259.HK) Overweight; 1Q26 Results In Line
Recommend 8 Positive 24 Negative 11 |
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JPMorgan issued a research report stating that Zijin Gold International (02259.HK) reported net profit of USD807 million for 1Q26 (same below), representing a YoY increase of 385% and a QoQ increase of 16%, accounting for 22% of the markets full-year forecast. The broker maintained its Overweight rating with a TP of HKD240. It also named Zijin Mining (601899.SH) A shares, Zijin Mining (02899.HK) H shares and Zijin Gold International as its top picks in the sector, given the groups optimistic outlook for copper and gold prices as well as steady growth in trading volume. The report noted that as a subsidiary of Zijin Mining, Zijin Gold has established a strong growth platform through acquisitions and reserve expansion, delivering a gold production CAGR of 15% from 2023 to 2025. The banks base-case assumption is that the acquisition of Allied Gold will be completed in 1H26 and begin contributing in 2H26, lifting gold production to 64 tonnes in 2026. Even excluding the acquisition, existing mines are expected to achieve a CAGR of 15%. Supported by an optimistic gold price outlook and a strong growth pipeline, the broker forecasts a net profit CAGR of 64% for Zijin Gold from 2025 to 2028. (hc/u) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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