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<Research> UOB Kay Hian Cuts CMOC Group (03993.HK) TP to HKD26.9, Raises Earnings Forecasts; Rating Buy
Recommend 5 Positive 8 Negative 4 |
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UOB Kay Hian said in a research report that CMOC Group (03993.HK) posted net profit of RMB7.76 billion for 1Q26, up 96.7% YoY, in line with expectations. The strong performance was mainly driven by higher realized selling prices, stronger copper sales volume and increased metal trading volume. The broker noted that the companys production met guidance, supported by stable operations in the Democratic Republic of Congo. This came despite cost pressure from sulfur and uncertainties surrounding cobalt export policies in the Democratic Republic of Congo, which may cause short-term fluctuations in margins and sales timing. The broker raised its earnings forecasts for 2027 and 2028 by 9% and 8%, respectively, to reflect higher copper production and improved margin assumptions. It maintained a Buy rating and lowered the TP from HKD28.6 to HKD26.9. (hc/da) 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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