Zijin Mining’s Q3 Results Beat on Cost-Cutting and Fair Value Gains; Raising FVE to HKD 1.92
No-moat Zijin Mining’s cumulative nine-month net profit of CNY 1.42 billion, down 16% year over year, was above our expectations due to better margins and higher fair value gains. Thanks to effective cost-cutting measures, the firm’s gross margin improved to 10.5% from 7.7%, a year ago. We increase our 2016-18 earnings forecasts by 10%-62% to take into account the margin improvements. As a result, we raise our fair value estimate to HKD 1.92 (CNY 1.68 per share) from HKD 1.74 (CNY 1.46 per share...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.