Jiangxi Copper's Strong 3Q Results Marred by Other Losses; Raising FVE to HKD 9.30
No-moat Jiangxi Copper’s cumulative nine-month net profit of CNY 1.6 billion accounts for 78% of our original full-year forecast. Stripping out the CNY 488 million impairment losses and CNY 876 million investment loss (mainly due to hedging in the futures market) in the third quarter, the results beat our expectation on the back of rising copper prices. After incorporating higher near-term copper prices in our valuation model and taking into account our U.S. dollar exchange rate assumptions, our...
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