Jiangxi Copper's 1Q Results Beat Expectations; Long-Term Bearish Outlook Unchanged
No-moat Jiangxi Copper reported first-quarter net profit of CNY 742 million, down 3% year over year. Stripping out one-off items of CNY 102 million, earnings were above our expectations and accounted for 32% of our full-year forecast. Nonetheless, we are keeping our fair value estimate of HKD 9.50 (CNY 8.20) unchanged as we expect copper prices to weaken. Our bearish long-term outlook is intact and we have made no changes to our midcycle commodity price forecasts. In our view, the H shares are f...
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