Raising Near-Term Commodity Price Forecasts, but Long-Term Outlook Unchanged
After raising our near-term commodity price forecasts and revising our foreign exchange assumptions to take into account the weakening renminbi, we have increased no-moat Zijin Mining’s fair value estimate to HKD 2.34 (CNY 2.08 per share) from HKD 1.92 (CNY 1.68 per share), based on higher cash flow estimates. However, we continue to view the shares as overvalued, given our bearish long-term outlook for metal prices, which is unchanged.Mined commodities and mining stocks have seen massive gains...
Zijin Mining Group Company Limited is a China-based company principally engaged in the exploration, mining, smelting and sales of gold and other metal minerals. The Company's main products include gold products, copper products, lead and zinc products, iron products, silver products, among others. Its gold products mainly include the mineral gold, standard gold bullions, gold ingots and gold concentrates, among others. The Company is also involved in the geographic survey businesses through its subsidiaries.
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