reports
- Claire Wang Kelai
- Ziv Ang Sze Champ
CMOC (3993 HK): 2024: Above expectations; copper output up 55% yoy to ...
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.
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Gigi Cheuk
- Greater China Research Team
- Julia Pan Mengyao
- Kate Luang
- Kenny Yong Hui Lim
- Ming San Soong
- Roy Chen Chengzhi
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, March 25, 2025
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...
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Gigi Cheuk
- Julia Pan Mengyao
- Kate Luang
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Lester Siew
- Ming San Soong
- Paula Ruth
- Roy Chen Chengzhi
- Sunny Chen
- Thanawat Thangchadakorn
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, March 25, 2025
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 ...
2488 ALLIANCE BANK MALAYSIA BHD.
1295 PUBLIC BANK BHD
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
3K1 KINGSOFT CORP. LTD.
TISCO TISCO FINANCIAL GROUP
X2S SINOPHARM GROUP CO. LTD. CLASS H
ERAA ERAJAYA SWASEMBADA
00700 TENCENT HOLDINGS LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
IOI IOI CORP BHD
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
TXG 10X GENOMICS INC CLASS A
ABANK AFFIN BANK BHD
09988 ALIBABA GROUP HOLDING LTD.
1888 KINGBOARD LAMINATES HOLDINGS LTD
09888 BAIDU INC
123F 123FAHRSCHULE SE
BIMB BANK ISLAM MALAYSIA BHD
EPIC 1CM INC
Z29 029 GROUP SE
MAYBANK MALAYAN BANKING BHD
HUIZ HUIZE HOLDING LIMITED
- Stephan Bogner
Industry leader in tantalum joins Capacitor Metals Corp.
Disseminated on behalf of Capacitor Metals Corp. and Zimtu Capital Corp. Capacitor Metals Corp. proudly announced the addition of US-based Dr. Daniel F. Persico to its Advisory Board. With nearly 30 years of experience in the tantalum and niobium industries, Dr. Persico is a leading figure, currently serving his seventh term as President of the Tantalum-Niobium International Study Center (T.I.C), the global association for these critical materials. He also heads MTAL LLC, a consultancy speci...
- Stephan Bogner
Capacitor Metals: Big plans for one of the world‘s biggest deposits of...
Disseminated on behalf of Capacitor Metals Corp. and Zimtu Capital Corp. Nvidia, the global leader in artificial intelligence computing and the world‘s second most valuable company with a market capitalization in excess of $3 trillion USD, owes its success in part to the unique properties of tantalum. This rare high-tech metal is essential for computer chips, which are critical to the operations of Nvidia and other major chip manufacturers in China and Taiwan. The unsung hero as a technology-...
- Stephan Bogner
Commerce Resources transitions to growth under new leadership of minin...
Disseminated on behalf of Commerce Resources Corp. and Zimtu Capital Corp. With Chris Grove at the helm, Commerce Resources Corp. has developed Ashram into the largest rare earth and fluorspar deposit in the Western Hemisphere, setting it up to be one of the lowest-cost rare earth producers globally. After an extensive global search for a leader to guide the company‘s next growth phase, the highly experienced resources executive Ross Carroll was announced recently as the new President and CEO...
Commerce Resources Corp: 1 director
A director at Commerce Resources Corp maiden bought 700,000 shares at 0.125CAD and the significance rating of the trade was 56/100. 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 ...
CMOC Group Limited: 3 directors
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 ...
- Stephan Bogner
From Mine to Metal: Commerce Resources to collaborate with the first R...
Which will come first in Canada, the mine or the facility to process rare earths? Although there‘s no active rare earths mine in Canada at the moment, a commercial minerals-to-metals processing plant for demonstration purposes is being built by the Saskatchewan Research Council (SRC), an agency of the provincial government. SRC‘s President and CEO, Mike Crabtree, sees this “chicken-and-egg situation“ clearly in favor of building first the front-end to then give “nascent mine operations off-take ...
- Stephan Bogner
Commerce Resources at eye level with the only two major REE miners in ...
2022 is on its way to mark the historic year when some critical REEs (Rare Earth Elements) have slipped into a supply deficit, first and foremost neodymium (Nd) and praseodymium (Pr). Both these highly sought-after metals are needed to produce permanent magnets for electric vehicle motors and wind turbines, to name a few. With demand expected to grow strongly, the NdPr supply deficit will be expanding to dramatic levels, reaching a shortfall in 2030 equal to 3 times the projected NdPr oxide outp...
CHINA MOLYBDENUM sees an upgrade to Slightly Positive due to a better ...
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...
- Stephan Bogner
Major Step Forward: Commerce Resources succeeds in producing marketabl...
Rare Earth Elements (REE) prices are sky-rocketing, reaching levels last seen during the 2011-boom. Back then, it became obvious to the Western world that the Chinese dominance in the REE sector needs to be broken to ensure a reliable source for the future. Only now are governments in the US, EU and Australia starting to act and providing funding for REE projects to accelerate new sources coming online in the next years, when a dramatically widening supply shortfall is anticipated. With its As...
CHINA MOLYBDENUM receives two new qualifications and slightly improves...
The independent financial analyst theScreener just changed two ratings for the qualification of CHINA MOLYBDENUM (CN), active in the Non Ferrous Metals industry. Its market behaviour has improved and can now be considered as moderately risky; its fundamental valuation receives an improved star rating and now shows 2 out of 4 stars. theScreener considers that these elements slightly improve the general evaluation, which passes therefore to Neutral. As of the analysis date January 21, 2022, the cl...
- Stephan Bogner
- Benyamin Mikael
- Carol Dou Xiao Qin
- Chaiwat Arsirawichai
- Chun Sung Oong
- Clement Ho Jia Xing
- Jack Goh Tooan Orng
- Jo Yee Ng
- Jonathan Koh
- Julia Pan Mengyao
- Kong Ho Meng
- Malaysia Research Team
- Neo Chen Wentao
- Sandra Huang Jieqiong
- Sunny Chen
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
- Zhifeng Shen
Regional Morning Notes - Tuesday, August 24, 2021
GREATER CHINA 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 busine...
XGH ENN ENERGY HOLDINGS LIMITED
SMGR PT SEMEN INDONESIA (PERSERO) TBK
X2S SINOPHARM GROUP CO. LTD. CLASS H
603993 CHINA MOLYBDENUM CO. LTD. CLASS A
MYEG MY EG SERVICES BHD
BANPU TB BANPU
MAHB MALAYSIA AIRPORTS HLDGS BHD
780 TONGCHENG-ELONG HOLDINGS LTD
2202 XINJIANG GOLDWIND SCIENCE&TECHNOLOGY
PETD PETRONAS DAGANGAN BHD
FRKN FRENCKEN GROUP LTD
KORE KEPPEL PACIFIC OAK US REIT
- Neo Chen Wentao
- Sandra Huang Jieqiong
China Molybdenum (3993 HK) : 1H21: Strong results on hikes in price of...
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.
- Carol Dou Xiao Qin
- Chun Sung Oong
- Jo Yee Ng
- Joyce Chan Pui Lai
- Julia Pan Mengyao
- Neo Chen Wentao
- Sandra Huang Jieqiong
- Sunny Chen
- Zhifeng Shen
Greater China Daily: Tuesday, August 24, 2021
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...
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Jacquelyn Yow Hui Li
- Kong Ho Meng
- Kowit Pongwinyoo
- Kwanchai Atiphophai
- Leow Huey Chuen
- Lucas Teng Yao Yang
- Malaysia Research Team
- Neo Chen Wentao
- Peerawat Dentananan
- Sandra Huang Jieqiong
- Sunny Chen
- Vincent Khoo Boo Aik
Regional Morning Notes - Monday, August 16, 2021
GREATER CHINA 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. INDONESIA Results PP London Sumatra (LSIP IJ/SELL/Rp1,135 /Target: Rp910.00): 2Q21: Results within our expectations. MALAYSIA Strategy Looking Beyond The Political Smoke Screen: Looking forward to economic reopeni...
F34 WILMAR INTERNATIONAL LIMITED
C52 COMFORTDELGRO CORPORATION LIMITED
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
Y92 THAI BEVERAGE PUBLIC CO. LTD.
603993 CHINA MOLYBDENUM CO. LTD. CLASS A
BDMS-R BANGKOK DUSIT MEDICAL SERVICES PCL NVDR
MISC MISC BHD
PENT PENTAMASTER CORP BHD
LSIP PP LONDON SUMATRA INDONES PT
CPALL TB CP ALL
2359 WUXI APPTEC CO LTD
- Neo Chen Wentao
- Sandra Huang Jieqiong
China Molybdenum (3993 HK) : Expansion on track; Earnings set to recov...
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.
- Carol Dou Xiao Qin
- Neo Chen Wentao
- Sandra Huang Jieqiong
- Sunny Chen
Greater China Daily: Monday, August 16, 2021
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.
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