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...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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