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03993 CMOC
RTNominal up7.590 +0.050 (+0.663%)
Research Report

25/06/2019 17:11

[I-bank focus]Morgan cuts China Molybdenum (03993) to HK$2.3

[ET Net News Agency, 25 June 2019] Morgan Stanley cut its target price for China
Molybdenum (CMOC)(03993) to HK$2.3 from HK$3 and maintained its "underweight" rating.
The research house cut copper price forecast for 2019 on lingering trade tension. It
also cut 2019-20 cobalt price forecasts due to continued loosening demand and supply.
Morgan said weak cobalt price remains on loosened supply and demand condition, leading
to lower earnings in 2019. Cobalt price decline also results in higher cash cost for Tenke
mine. It added that copper output may miss guidance given the lower ore grade. (KL)

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