Jiangxi Copper’s Strong Results Within Expectations; Upside Capped by Trade War Concerns
No-moat Jiangxi Copper’s cumulative nine-month net profit of CNY 2.0 billion, up 29% year over year, was largely in line with our expectations. The robust results were mainly attributable to higher metal prices.ÂWe maintain our fair value estimate of HKD 9.30 (CNY 8.10). We think greater upside is needed versus risks before we would turn buyer given concerns on the trade war between the U.S. and China, which continue to pressure copper prices.
While third-quarter operating data has not been det...
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