Zijin Mining Reports Strong 1Q Results on Higher Metal Prices; Raising FVE to HKD 2.76
No-moat Zijin Mining’s first-quarter 2018 net profit of CNY 1.1 billion was 8% higher year over year. Stripping out nonrecurring items, earnings surged significantly by 177% and beat our expectation due to higher-than-expected metal prices. We lift our earnings forecasts for 2018-19 by 10%-25% to factor in higher short-term commodity forecasts, but our long-term metal price estimates are unchanged. We increase our fair value estimate to HKD 2.76 (CNY 2.20) from HKD 2.28 (CNY 1.86). Despite the h...
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