Jiangxi Copper’s 2018 Earnings Hit by Impairment Losses and Rising Costs; Unexciting Growth Prospect
No-moat Jiangxi Copper’s, or JC’s, 2018 net profit of CNY 2.42 billion, up 46% year over year, was within preliminary guidance but trailed our expectation mainly due to impairment losses on financial assets amounting to CNY 1.37 billion. Stripping these off, JC’s earnings should be largely in line with our expectation. Nonetheless, JC’s core earnings declined year over year due to rising costs with gross margin falling to 3.2% from 4.2%, a year ago. After rolling forward our earnings model, we r...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.