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<Research>Jefferies Hikes ZIJIN MINING (02899.HK) TP to $19.3; 1Q Results Solid w/ Effective Cost Control
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ZIJIN MINING (02899.HK) management is confident that its full-year sales growth of 10% this year will translate into even stronger momentum in the quarters ahead, according to a research note from Jefferies. The highlight of the company's 1Q24 results is its effective cost-control measures, which see the average costs of mining gold and copper fall 7% and 12% QoQ, respectively, and brought ZIJIN bigger profits during the upward price cycle. The broker therefore raised its target price for ZIJIN from $18.8 to $19.3, maintaining a Buy rating. Jefferies also forecast ZIJIN's sales to continue to grow. In particular, copper mining will increase from 877 tons in 2022 to 960/ 1,010/ 1,165 tons in 2023-2025 respectively, while gold mining will increase from 56 tons in 2022 to 72/ 78/ 90 tons in 2023-2025 respectively. AAStocks Financial News |
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