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02899 ZIJIN MINING
RTNominal up15.620 +0.280 (+1.825%)
Others

24/06/2019 17:04

[I-bank focus]HSBC tweaks Zijin Mining (02899) to HK$4.08

[ET Net News Agency, 24 June 2019] HSBC Global Research lowered its target price for
Zijin Mining (02899) to HK$4.08 from HK$4.1 and maintained its "buy" rating.
The research house likes Zijin for its balanced metal exposure (gold, copper, and zinc)
and growing production volume. The company has grown its copper and zinc production
significantly over the past two years, and copper is now the company's biggest profit
contributor, accounting for 40% of the company's total gross profit, followed by gold (28%
of total gross profit) and zinc (23% of total gross profit).
HSBC thinks the company will continue to deliver growth in all three commodities as it
has guided to produce 350kt of copper, 390kt of zinc and 40t of gold in 2019, up 41%, 37%,
and 10%.
HSBC believes Zijin is one of very few companies to benefit from the volatility given
its unique metal exposure and growing production volume. (KL)

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