JiaXin International Resources Shares Surge More Than 6% in Session, UBS Initiates Coverage with 'Buy' Rating

Deep News07-23

Shares of JiaXin International Resources (03858) climbed more than 6% during the trading session. At the time of writing, the stock was up 3.35%, trading at HK$57.05 with a turnover of HK$79.7644 million.

UBS Initiates Coverage with Bullish Outlook

UBS issued a research report, initiating coverage on JiaXin International Resources with a 'Buy' rating and a target price of HK$88.7, representing a forward price-to-earnings ratio of approximately 12 times for 2027. The bank noted that the company is a pure-play tungsten miner, operating the Boguty mine in Kazakhstan, which is the world's fourth-largest tungsten mine. UBS forecasts that the company's concentrate output will increase from 5,000 tonnes in 2025 to over 12,000 tonnes by 2030, equating to a compound annual growth rate of 19% from 2025 to 2030.

Positive Market Fundamentals and Production Forecasts

UBS anticipates that the Chinese tungsten market will remain in a state of supply shortage. The bank expects tungsten concentrate prices to recover to RMB 500,000 and RMB 550,000 per tonne in 2026 and 2027 respectively, representing premiums of 24% and 36% over the current spot price of around RMB 400,000 per tonne. UBS believes the current tungsten price is near the bottom of a new cycle, with limited downside potential. The bank forecasts JiaXin International Resources's concentrate production for this year at 8,600 tonnes. With the commencement of its second-phase operations, output is projected to rise to 11,100 tonnes in 2027 and 11,700 tonnes in 2028, with the gross profit margin expected to improve to 77% by 2028.

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With the commencement of its second-phase operations, output is projected to rise to 11,100 tonnes in 2027 and 11,700 tonnes in 2028, with the gross profit margin expected to improve to 77% by 2028.</p>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JiaXin International Resources Shares Surge More Than 6% in Session, UBS Initiates Coverage with 'Buy' Rating</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJiaXin International Resources Shares Surge More Than 6% in Session, UBS Initiates Coverage with 'Buy' Rating\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1039043262\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Deep News </p>\n<p class=\"h-time\">2026-07-23 11:50</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Shares of <b>JiaXin International Resources</b> (<b>03858</b>) climbed more than 6% during the trading session. At the time of writing, the stock was up 3.35%, trading at HK$57.05 with a turnover of HK$79.7644 million.<br><br>\n<b>UBS Initiates Coverage with Bullish Outlook</b><br><br>\nUBS issued a research report, initiating coverage on <b>JiaXin International Resources</b> with a 'Buy' rating and a target price of HK$88.7, representing a forward price-to-earnings ratio of approximately 12 times for 2027. The bank noted that the company is a pure-play tungsten miner, operating the Boguty mine in Kazakhstan, which is the world's fourth-largest tungsten mine. UBS forecasts that the company's concentrate output will increase from 5,000 tonnes in 2025 to over 12,000 tonnes by 2030, equating to a compound annual growth rate of 19% from 2025 to 2030.<br><br>\n<b>Positive Market Fundamentals and Production Forecasts</b><br><br>\nUBS anticipates that the Chinese tungsten market will remain in a state of supply shortage. 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At the time of writing, the stock was up 3.35%, trading at HK$57.05 with a turnover of HK$79.7644 million.\nUBS Initiates Coverage with Bullish Outlook\nUBS issued a research report, initiating coverage on JiaXin International Resources with a 'Buy' rating and a target price of HK$88.7, representing a forward price-to-earnings ratio of approximately 12 times for 2027. The bank noted that the company is a pure-play tungsten miner, operating the Boguty mine in Kazakhstan, which is the world's fourth-largest tungsten mine. UBS forecasts that the company's concentrate output will increase from 5,000 tonnes in 2025 to over 12,000 tonnes by 2030, equating to a compound annual growth rate of 19% from 2025 to 2030.\nPositive Market Fundamentals and Production Forecasts\nUBS anticipates that the Chinese tungsten market will remain in a state of supply shortage. The bank expects tungsten concentrate prices to recover to RMB 500,000 and RMB 550,000 per tonne in 2026 and 2027 respectively, representing premiums of 24% and 36% over the current spot price of around RMB 400,000 per tonne. UBS believes the current tungsten price is near the bottom of a new cycle, with limited downside potential. The bank forecasts JiaXin International Resources's concentrate production for this year at 8,600 tonnes. 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