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...
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