UOB Kay Hian Sets ZIJIN MINING (02899) Target at HK$51.60, Citing In-Line Annual Results and Gold Price Tailwinds

Stock News03-24 17:01

UOB Kay Hian released a research report stating that ZIJIN MINING (02899) delivered annual results in line with expectations, with profit increasing 61.5% year-on-year to RMB 51.777 billion. This performance was primarily supported by favorable tailwinds from strong gold prices. The report indicated that the group produced 89.5 tonnes of mined gold, a year-on-year increase of 22.8%, and 1.09 million tonnes of mined copper, up 1.6% compared to the previous year. Concurrently, the group's gross profit margin expanded to 27.7%, an increase of 7.4 percentage points. Gold and copper contributed 40.9% and 34.5% of the group's gross profit, respectively. The brokerage maintained its "Buy" rating on ZIJIN MINING with a target price of HK$51.60.

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