Jiangxi Copper Reports Disappointing Preliminary 2016 Results
No-moat Jiangxi Copper, or JC, guided that 2016 net profit is expected to increase by 40% to 60% from CNY 637 million in 2015, under PRC GAAP. Nonetheless, this was below consensus and our expectations and we think the results may be negatively affected by other losses, given that copper prices gained in the fourth quarter despite some weaknesses in gold prices. We keep our fair value estimates of HKD 7.30 per share (CNY 6.50 per share) and earnings forecasts unchanged, pending more detailed inf...Jiangxi Copper is engaged in copper mining, milling, smelting and refining for the production of copper cathodes, copper rods and wires and other related products, including pyrite concentrates, sulphuric acid, and electrolytic gold and silver, and rare metals such as molybdenum; provision of smelting and refining services. Through its subsidiaries, Co. is engaged in trading of sulphuric acid and other chemical products; production and sale of copper materials and precious metal materials, and mining equipment; overseas futures business and related enquiry services and businesses; construction and installation services; and development and sale of construction materials.
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