Zijin Mining’s 2016 Results Miss on Hedging Losses; Raising FVE to HKD 2.36
No-moat Zijin Mining’s 2016 net profit increased by 11% year over year to CNY 1.84 billion but this was below our expectation due to hedging losses incurred. Nonetheless, thanks to improved commodity prices and rising production volumes, the firm’s gross margin expanded to 10.3% from 7.4%, a year ago. We increase our 2017-19 earnings forecasts by 8%-23%, taking into account the margin improvements and the absence of hedging losses going forward. However, we only raise our fair value estimate sli...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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