[ET Net News Agency, 9 February 2018] Deutsche Bank lifted its target price for China
Molybdenum (03993) to HK$6.4 from HK$5.2, and reiterated its "buy" rating.
The research house upgraded CMOC's earnings to RMB7bn (up 47%) and RMB8bn (up 33%) in
2018 and 2019, respectively, to factor in its latest copper price assumptions and the 80%
Tenke holding.
From an industry perspective, DB remains positive on copper and the expected growing
deficits towards 2020, supported by slow supply growth globally, potential disruptions,
and higher-than-consensus expectations for Chinese copper demand (~4% pa) over the next
several years.
It also remains positive on cobalt, thanks to robust EV momentum recently and digested
battery inventory in the supply chain. Besides earnings contribution from copper and
cobalt, tungsten, moly, and phosphate segments are also recovering well throughout 2017
(4-9%QoQ in 4Q 2017), DB thus envisioned Moly's EPS to grow 113% YoY this year. (KL)
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03993 CMOC
Nominal 
7.050 0.000 (0.000%) Others
09/02/2018 18:01
[I-bank focus]Deutsche Bank lifts CMOC (03993) to HK$6.4
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