Zijin Mining’s Robust Results Reflected; Still Not Cheap
Stripping out a CNY 496 million provision for asset impairment, no-moat Zijin Mining's cumulative nine-month 2018 net profit of CNY 3.35 billion, up 51% year over year, was broadly in line with expectation. The solid results were mainly attributable to higher selling prices and sales volume for products such as copper and zinc. After incorporating our latest commodity price deck and foreign exchange assumptions, we keep our fair value estimate at HKD 2.96 (CNY 2.56). Given our bearish expectatio...
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