Zijin Mining’s Preliminary First-Half Results In Line With Our Expectation on Stronger Metal Prices
No-moat Zijin Mining’s first-half 2018 net profit guidance of CNY 2.52 billion, up 68% year over year, is in line with our expectation. After fine-tuning our valuation model to take into account our foreign exchange and commodity price forecasts, we retain our fair value estimate of HKD 2.76 per share for H-shares, but we increase our fair value estimate for the A-shares to CNY 2.36 per share from CNY 2.20. The H-shares fair value estimate is unchanged as higher metal prices are offset by the de...
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