Jiangxi Copper’s First-Half Results Beat Expectation on Higher Copper Prices; Shares Overvalued
Stripping out other gains and losses including fair value changes and impairment losses, no-moat Jiangxi Copper’s, or JC’s, first-half net profit of CNY 974 million, up 51% year over year, exceeded our expectation owing to higher metal prices. We raise our 2017-18 earnings forecasts by 4%-20%, after increasing our near-term metal price forecasts. With the addition of a stronger renminbi, our fair value estimate increases to HKD 8.90 (CNY 7.60) from HKD 8.70 (CNY 7.30). Nonetheless, our long-term...
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