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...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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