Raising Near-Term Copper Forecast, but Long-Term Outlook Intact; Jiangxi Copper Remains Overvalued
We've raised our near-term copper price forecast to better reflect the recent run-up in pricing to about USD 2.70 per pound from USD 2.10 just six weeks ago. Nonetheless, we retain our fair value estimate of CNY 6.50 per share for no-moat Jiangxi Copper’s, or JC’s, A-shares, given that our long-term copper price assumption of USD 2.00 per pound in real terms is unchanged. Meanwhile, we slightly reduce our fair value estimate for JC’s H-shares to HKD 7.30 from HKD 7.50, after taking into account ...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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