Bank of China International Maintains Buy Rating on MMG, Target Price Adjusted to HK$10.93

Deep News07-26

Bank of China International has released a research report stating that MMG (01208) benefited from strong performances at the Las Bambas and Dugald River mines. The company's total copper and zinc production for the second quarter of 2026 increased by 7% and 10% respectively quarter-over-quarter.

Although the company has largely maintained its full-year production guidance, it has significantly reduced its C1 cash cost guidance for three of its mines due to higher by-product credits in the first half of 2026.

After making minor adjustments to its model, Bank of China International has lowered its earnings per share forecasts for MMG for the 2026 to 2028 period by 0% to 2%. The target price has been adjusted to HK$10.93, and the "Buy" rating has been reaffirmed.

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