Jiangxi Copper’s Preliminary 2017 Results Dragged by Other Losses; FVE Increased to HKD 9.90
No-moat Jiangxi Copper, or JC, guided that 2017 net profit will increase by 100%-130% on the back of rising metal prices. However, this is below consensus and our expectations, and we think it is likely due to provision for assets impairment and hedging losses. We will issue an update pending more detailed information from the firm’s final results in late March. Meanwhile, we increase our fair value estimate to HKD 9.90 per share (CNY 8.10 per share), from HKD 9.30 (CNY 7.90) after incorporating...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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