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<Research>M Stanley: ZIJIN MINING (02899.HK) TP $55 as 1Q Results In Line; Unit Costs Slip QoQ
Recommend 6 Positive 8 Negative 3 |
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ZIJIN MINING (02899.HK)'s 1Q26 net profit was RMB20.1 billion, benefiting from higher metal prices and output, Morgan Stanley issued a research report saying. Therefore, the broker rated ZIJIN MINING at Overweight, with an Attractive industry view and a target price of $55. Mine-produced gold output during the period reached 23.5 tons, up 23% YoY but down 4.5% QoQ, the report added. Notably, unit production costs for gold and copper declined 5.8% and 3.4% QoQ respectively. The broker believed that the cost savings may be stemmed from operational improvements, changes in sales mix and the 2.3% depreciation of USD against RMB in 1Q26. Auto-translated by AI AASTOCKS Financial News |
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