DBS Group Research raised its target price for Zijin Mining (02899) to HK$6.1 from HK$5.9 and maintained its "buy" rating.
The research house revised upward its FY2020/21 EPS forecasts by 21%/18% respectively,
factoring strong 3Q results and higher copper and gold price forecasts. DBS also raised its copper and gold price forecasts for 2020 by 2% each to US$5,930/ton and US$1,774/oz respectively.
DBS is positive about Zijin's long-term growth potential from its M&As of Tibet Julong Copper, Guyana Goldfields and Continental Gold in 2019-20, which are expected to expand its copper/gold resources by 18%/28% in 2020.
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