Jiangxi Copper’s 1Q Results Below Expectations; Long-Term Bearish Outlook Unchanged
No-moat Jiangxi Copper's 2018 first-quarter net profit of CNY 766 million, up 42% year over year, was below our expectation. In particular, gross margin fell 89 basis points to 2.8% despite stronger copper prices. We fine-tune our assumptions mainly to reflect the margin shortfall, but our fair value estimate is little changed at HKD 11.00 (CNY 8.80) with no change to our medium-term commodity price forecasts. In our view, there is limited price upside for Jiangxi Copper’s shares, given that the...
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