JPMorgan Raises CMOC (03993) Target Price to HK$30, Reiterates "Overweight" Rating

Stock News01-28

JPMorgan Chase released a research report announcing an upward revision of its profit forecasts for CMOC (03993) for this year and next by 27% to 30%. The investment bank also raised its target prices for CMOC's A-shares (603993.SH) and H-shares from 24 yuan and 24 Hong Kong dollars to 30 yuan and 30 Hong Kong dollars, respectively, while reiterating an "Overweight" rating.

JPMorgan stated that following CMOC's completion of the Brazilian gold mine acquisition, the company held a conference call on Sunday (the 25th), and the bank also met with its investor relations team last week. The report indicated that these meetings further reinforced the bank's positive view on CMOC's strategy and operations.

Key business updates included: the successful completion of the Brazilian gold mine acquisition, with management targeting gold production of 6 to 8 tons this year and aiming to reach 20 tons by 2030; and details on this year's copper production guidance, supported by process optimization and increased capacity from the second phase of the KFM project.

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