CMOC’s preliminary 2025 results were in line with expectations, underpinned by guidance-beating copper output that establishes a higher production baseline in 2026, with management guiding a further 2.6-10.7% yoy increase. DRC cobalt export quotas mark a structural tightening of global supply and have driven a sharp price response, favouring large producers like CMOC. Funding flexibility is enhanced via a US$1.2b zero-coupon convertible bond, with limited dilution risk. Maintain BUY with a highe...
Greater China Company Update | Anta Sports (2020 HK/BUY/HK$82.55/Target: HK$103.40) In 4Q25, the Anta brand’s retail sales missed expectations, recording a low single-digit decline. In contrast, Fila achieved mid-single-digit growth, accelerating from low single-digit growth in 3Q25, and all other brands continued to demonstrate robust growth at 35-40%. For 2026, management expects group-level operating margin to face pressure due to the need for sustained investment in both the Anta brand and F...
Top Stories Company Update | Anta Sports (2020 HK/BUY/HK$82.55/Target: HK$103.40) In 4Q25, the Anta brand’s retail sales missed expectations, recording a low single-digit decline. In contrast, Fila achieved mid-single-digit growth, accelerating from low single-digit growth in 3Q25, and all other brands continued to demonstrate robust growth at 35-40%. For 2026, management expects group-level operating margin to face pressure due to the need for sustained investment in both the Anta brand and Fi...
CMOC’s 9M25 net profit rose 72.6% yoy to Rmb14,279.7m, driven by higher copper prices and a record output of 543,000 tonnes (+14.1% yoy). Gross margin expanded to 22.0% (+4.3ppt yoy) on stronger copper and cobalt prices, while the DRC export quota continued to constrain cobalt sales. KFM Phase 2 will add around 100,000 tonnes to copper capacity by 2027. We maintain BUY on CMOC with a higher target price of HK$20.30.
Greater China Company Results | China Resources Building Materials Technology (1313 HK/BUY/HK$1.75 /Target: HK$2.06) CR Building Mat Tech’s 9M25 results were below expectations, with earnings up 7.3% yoy to Rmb331m on lower coal costs. Weather disruptions weighed on 3Q25 cement sales volume, while Guangdong prices stayed soft. Aggregates turned loss-making, prompting capex cuts. Management guided 2025 sales of 55m tonnes (-10.9% yoy) and highlighted a planned capacity-exit fund as a medium-term ...
Top Stories Company Results | CMOC (3993 HK/BUY/HK$17.04/Target: HK$20.30) CMOC’s 9M25 net profit rose 72.6% yoy to Rmb14,279.7m, driven by higher copper prices and a record output of 543,000 tonnes (+14.1% yoy). Gross margin expanded to 22.0% (+4.3ppt yoy) on stronger copper and cobalt prices, while the DRC export quota continued to constrain cobalt sales. KFM Phase 2 will add around 100,000 tonnes to copper capacity by 2027. We maintain BUY on CMOC with a higher target price of HK$20.30. Com...
CMOC reported 1H25 earnings of Rmb8,671.3m (+60.0% yoy), slightly ahead of expectations. Mining entities’ gross margin expanded to 52.4% (+5.6ppt yoy) on copper and cobalt’s robust output growth and thus declining unit production cost. 1H25 copper/cobalt output increased to 353,570/61,073 tonnes (+12.7%/+13.1% yoy), meeting 56.1% of the output guidance median. DRC cobalt export curbs have lifted prices and margins despite a slump in sales. Maintain BUY. Target: HK$13.60.
KEY HIGHLIGHTS Results China Overseas Property Holdings (2669 HK/BUY/HK$5.85 /Target: HK$7.00) COPH’s 1H25 results showed a 4.3% yoy earnings growth supported by improved efficiency, better receivables collection and stable cash, but revenue growth was weighed down by weaker VAS segments and slowing external expansion, leading to softer earnings forecasts despite stable core PM services. The company announced HK$0.09 interim DPS and HK$0.01 special DPS, implying a 39% payout ratio. Maintain BU...
Copper prices rebounded on renewed US-China trade optimism, while demand remains under pressure from macro headwinds. Looser supply conditions have weighed on the Yangshan premium and spurred export activity. The near-term outlook remains neutral, with trade negotiations a key swing factor. A more constructive view emerges for 1H26, underpinned by green energy momentum and a global policy-driven recovery. Maintain OVERWEIGHT.
CMOC reported 2024 earnings of Rmb13,532.0m (+64.0% yoy), 10% above consensus estimates. Mining entities’ gross margin expanded to 45.1% (+4.6ppt yoy) on copper’s lower production costs and robust output growth. 2024 copper output increased to 650,161 tonnes (+55.0% yoy), well above the previous guidance given. Congo’s cobalt export ban is expected to be temporary, with its impact on CMOC expected to be limited. Re-initiate with a BUY. Target price: HK$8.70.
KEY HIGHLIGHTS Sector Internet Seeing great opportunities in AI development, major China cloud hyperscalers are significantly lifting their AI investment in 2025. With the launch of Manus, we are more optimistic about the accelerating monetisation capabilities of AI agents and applications through API integration and tool utilisation, which benefit cloud hyperscalers. Maintain MARKET WEIGHT. Results CMOC (3993 HK/BUY/HK$6.72/Target: HK$8.70) CMOC reported 2024 earnings of Rmb13,532.0m (+64.0...
GREATER CHINA Sector Internet Monetisation potential and trends of AI agent from the launch of Manus AI. Results CMOC (3993 HK/BUY/HK$6.72/Target: HK$8.70) 2024: Above expectations; copper output up 55% yoy to 650,161 tonnes. COSCO SHIPPING Holdings (1919 HK/BUY/HK$12.58/Target: HK$11.62) 2024: Results in line; more volatile business environment in 2025 but limited valuation ...
Three Directors at CMOC Group Limited sold 9,071,462 shares at 7.770CNY. The significance rating of the trade was 86/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years ...
The general evaluation of CHINA MOLYBDENUM (HK), a company active in the General Mining industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date April 1, 2022, the closing price was H...
China Molybdenum posted 1H21 net profit growth of 139% yoy to Rmb2.4b, beating market expectation. Stripping out the metals trading business IXM, the mining business’ gross margin expanded to 41.9%. Management expects to achieve its fullyear production target, and maintains its positive outlook on copper and cobalt in the long run. Expansion projects are on track, with copper and cobalt production to see a significant increase from 2023. Maintain BUY with target price at HK$7.20.
KEY HIGHLIGHTS Results China Molybdenum (3993 HK/BUY/HK$5.20/Target: HK$7.20) 1H21: Strong results on price hikes for metals. ENN Energy (2688 HK/HOLD/HK$162.20/Target: HK$146.00) 1H21: Strong results in line with expectations; await a better entry point. Goldwind Science & Technology (2208 HK/BUY/HK$14.12/Target: HK$16.30) 1H21: WTG sales margin on track to meet full-year guidance. JD.com (JD US/BUY/US$63.62/Target: US$77.00) 2Q21: Strong results overshadowed by widening loss from new busin...
CMOC recently announced the further construction plan for mixed-ore Tenke mine in DR Congo; it has a capex budget of US$2.51b, which would help it to double its copper and cobalt production from 2023 onwards. Earnings should have risen on the metal price rebound in 1H21. Cobalt price is expected to sustain the uptrend momentum into 2H21, with demand recovery mainly from the EV sector. We raise earnings forecast on higher metal price forecasts, and raise target price to HK$7.20. Maintain BUY.
KEY HIGHLIGHTS Results WuXi AppTec (2359 HK/BUY/HK$160.20/Target: HK$175.00) 1H21: Adjusted earnings up 67.8% yoy, targeting 30% revenue CAGR in 2021-23. Update China Molybdenum (3993 HK/BUY/HK$6.27/Target: HK$7.20) Expansion on track; earnings set to recover on metal price rebound.
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Lithium hydroxide has outperformed on the rising nickel-rich battery trend. Top battery makers are securing lithium hydroxide resources. We re-iterate our view that lithium is one of the key beneficiaries, among other metals, of the coming EV boom, as it is a must-have raw material for EV batteries and the supply tightness will persist in 2H21. Cobalt price is trending up ytd; Glencore will reopen the world’s largest cobalt mine by end-21. We expect the cobalt market to continue to recover in 2H...
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