Zijin Mining’s Preliminary 2017 Results Largely in Line With Our Expectations; Shares Overvalued
No-moat Zijin Mining guided that 2017 net profit is expected to increase by CNY 1.57 billion to CNY 1.75 billion, from CNY 1.84 billion a year ago. Our original 2017 earnings forecast was at the high end of the guidance. We increase our fair value estimate to HKD 2.24 per share (CNY 1.84) from HKD 2.06 (CNY 1.76), after taking into account the strengthening Chinese yuan and higher near-term commodity price forecasts, which raise our 2018-19 earnings estimates by 8%-16%. However, we think Zijin r...
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