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03993 CMOC
RTNominal up2.890 +0.170 (+6.250%)

04/10/2019 10:03

{I-bank focus}Daiwa lifts CMOC (03993) to HK$2.85

[ET Net News Agency, 4 October 2019] Daiwa Research lifted its target price for China
Molybdenum (CMOC)(03993) to HK$2.85 from HK$2.75 and maintained its "outperform" rating.
The research house said CMOC's share price has risen by 24% since the announcement of
the shutdown of the Mutanda mine in the Democratic Republic of Congo (DRC) in early
However, cobalt prices have been strong, rising by over 40% over the same period while
copper prices fell by 4% amid concerns on a weak global economy. Daiwa believes investors
have been focusing on copper prices and have ignored the shutdown of the Mutanda mine will
further lift cobalt prices.
Daiwa lifted its cobalt price forecasts for 2019-21 by 11%/31%/33% to US$34k/42k/42.5k
per tonne. It revised up its earnings forecasts for CMOC by 9-21% for 2019-21 to reflect
the higher cobalt ASP despite lower copper prices. (KL)

Remark: Real time quote last updated: 06/12/2019 17:59
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