Zijin Mining’s 2017 Results Miss on Impairment Losses; Shares Overvalued
No-moat Zijin Mining’s 2017 net profit almost doubled to CNY 3.51 billion, largely attributable to higher commodity prices and rising production volumes. The firm’s gross margin improved to 12.5% from 10.3%, a year ago. Stripping out the CNY 2.22 billion of asset impairment losses, the result is above our expectation. We raise our 2018 earnings forecasts by 11%, taking into account the margin improvements and the absence of impairment losses going forward. Nonetheless, our fair value estimate is...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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