[ET Net News Agency, 25 June 2019] Morgan Stanley lowered its target price for Jiangxi
Copper (00358) to HK$11 from HK$12 and maintained its "equal-weight" rating.
The research house said weak consumer goods, automotive and electronic downstream
consumption has been weighing on copper prices. Combined with the weak market sentiment
resulting from trade tension between China and the US, Morgan lowered the copper price in
2019 by 7% to US$2.83/lb.
It also lowered mined copper production volume to 206kt, 210kt and 216kt respectively in
2019/20/21. Lower copper prices and lower mined copper volumes lad to 26% and 23%
decreases in its EPS estimates in 2019/2020. (KL)