Zijin’s 3Q Results Miss on Investment and Exchange Losses; Shares Overvalued
Despite a 55% year-over-year jump in no-moat Zijin Mining’s nine-month 2017 net profit to CNY 2.2 billion, the results were below our and market expectations, mainly due to a CNY 321 million investment loss and a CNY 364 million foreign exchange loss in the third quarter. After taking into account the weaker results and revising our U.S. dollar exchange-rate assumptions, we cut our 2017 earnings forecast by 5%, while our fair value estimate is reduced to HKD 2.06 (CNY 1.76) from HKD 2.20 (CNY 1....
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