Morgan Stanley Adjusts MMG Target Price to HK$9.8, Maintains "Overweight" Rating

Stock News03-24

Morgan Stanley has updated its financial model for MMG (01208) based on management guidance, revising the company's mine plans and cost assumptions. The firm raised its forecast for MMG's capital expenditure in fiscal year 2026 to US$1.6 billion. Copper price assumptions were also adjusted to reflect market prices and the metal's rally year-to-date. As a result, Morgan Stanley increased its earnings per share estimates for MMG for fiscal years 2026 and 2027 by 7% and 1%, respectively. However, due to the significant capital expenditure burden expected in 2026, the investment bank lowered its target price for MMG from HK$10 to HK$9.8. The new target implies a projected price-to-book ratio of 2.8 times for the current year. Morgan Stanley reaffirmed its "Overweight" rating on the stock.

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