Jiangxi Copper’s 2017 Earnings Hit by Impairment Losses; Increasing FVE to HKD 11.10
No-moat Jiangxi Copper reported 2017 net profit of CNY 1.65 billion, up 97% year over year. The results were in line with guidance but below our expectation, mainly due to impairment and hedging losses, especially a CNY 1.93 billion write-off on receivables. Stripping these off, JC’s earnings were above expectations due to higher-than-expected margins achieved on the back of higher material prices. We raise our fair value estimate to HKD 11.10 per share (CNY 8.80) from HKD 9.90 (CNY 8.10) to fac...
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