Jiangxi Copper's 1Q Results Beat Expectations; Long-Term Bearish Outlook Unchanged
No-moat Jiangxi Copper reported first-quarter net profit of CNY 742 million, down 3% year over year. Stripping out one-off items of CNY 102 million, earnings were above our expectations and accounted for 32% of our full-year forecast. Nonetheless, we are keeping our fair value estimate of HKD 9.50 (CNY 8.20) unchanged as we expect copper prices to weaken. Our bearish long-term outlook is intact and we have made no changes to our midcycle commodity price forecasts. In our view, the H shares are f...Jiangxi Copper is engaged in copper mining, milling, smelting and refining for the production of copper cathodes, copper rods and wires and other related products, including pyrite concentrates, sulphuric acid, and electrolytic gold and silver, and rare metals such as molybdenum; provision of smelting and refining services. Through its subsidiaries, Co. is engaged in trading of sulphuric acid and other chemical products; production and sale of copper materials and precious metal materials, and mining equipment; overseas futures business and related enquiry services and businesses; construction and installation services; and development and sale of construction materials.
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