Update: Solid start to the year
Having incorporated Q115 production results, slightly updated commodity price assumptions and the impact from additional ore processing at Century, we increase our valuation of MMG to HK$3.35/share. Despite the limited near-term upside risks to copper, we believe that investors should focus on the execution of the Las Bambas project, which could further drive the re-rating of the stock. MMG continues to trade at an attractive 2017e EV/EBITDA of 3.7x.MMG is an investment holding company, engaged in the exploration for mineralization, development of mining projects and the mining, processing and production of copper, zinc, lead, gold and silver. Co.'s segments include: Sepon, an open-pit copper mining operation; Kinsevere, an open-pit copper mining operation; Century, an open-pit zinc mining operation; Rosebery, an underground polymetallic base metal mining operation; Golden Grove, an underground and open-pit base and precious metals mining operation; Las Bambas Project, a development project with prospective exploration options; and Other, which includes exploration and development projects and other corporate entities.
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