Jiangxi Copper Announces Disappointing 1H18 Earnings Guidance; Lowering FVE to HKD 9.50
No-moat Jiangxi Copper, or JC, guided that first-half 2018 net profit will increase by 50%-80% to CNY 1.2 billion to CNY 1.5 billion, on the back of rising metal prices. However, this is below our expectation and we will issue an update pending more detailed information from the firm's final results in late August. Meanwhile, we cut our fair value estimate to HKD 9.50 per share (CNY 8.20 per share), from HKD 11.00 (CNY 8.80) after incorporating our latest commodity price deck in the valuation mo...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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