Rapid deterioration of Zijin's flagship mine will hurt margins and returns.
Zijin Mining’s first-quarter 2017 net profit of CNY 1 billion was a significant improvement from net profit of CNY 64 million a year ago. The results were broadly in line with our expectation and management guidance. We keep our 2017 earnings forecast largely unchanged, and our fair value estimate of HKD 2.36 (CNY 2.10 per share) is intact. We retain our no-moat and very high uncertainty ratings, owing to the firm’s high sensitivity to metal prices and its lack of a durable low-cost advantage as...
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