Jiangxi Copper’s First-Half Results Driven by Better Margin; Raising FVE to HKD 7.40
No-moat Jiangxi Copper, or JC, reported first-half net profit of CNY 643 million, down 38% year over year. Nonetheless, stripping out other gains and losses, including fair value changes and impairment losses, earnings were higher than our expectations, owing to better margin achieved, especially for the firm's precious metals segment. We raise our 2016-20 earnings forecasts by 2.7%-8.4%, taking into account the better results. As a result, we increase our fair value estimate to HKD 7.40 per sha...
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