Zijin Mining's 2018 Results Below Expectation but Strong Production Growth Guided; Shares Overvalued
No-moat Zijin Mining’s 2018 net profit rose 17% year over year to CNY 4.09 billion, largely attributable to higher selling prices and production volume for copper. Nonetheless, the results were below expectations due to higher-than-expected costs, with the firm’s gross margin declining to 11.1% from 12.5% a year ago. The firm also suffered CNY 1.5 billion of asset-impairment losses (CNY 2.2 billion in 2017), partly mitigated by investment income of CNY 1.06 billion. After rolling forward our ear...
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