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00358 JIANGXI COPPER
RTNominal down13.080 -0.020 (-0.153%)
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12/07/2018 09:37

[I-bank focus]CLSA cuts Jiangxi Copper (00358) to HK$10.8

[ET Net News Agency, 12 July 2018] CLSA cut its target price for Jiangxi Copper (00358)
to HK$10.8 from HK$12.4, and reiterated its "outperform" rating.
The research house trimmed its earnings forecast by 3-7% in 2018-19, reflecting lower
mine copper production volumes (210kt) and lower import TC/RC assumption. It said the
stock has de-rated given poor earnings visibility, but still offers a strong balance sheet
and reasonable to copper price exposure.
It added that Jiangxi Copper has low earnings visibility due to its integrated model and
trading segment, it lacks production growth options and a clear capital allocation
strategy. The largest single risk to its earnings is the SHFE copper price, where a 10%
change in price translates to an 30% change in 2018 earnings. (KL)

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