Movement Alert｜JIAXIN INTL RES Rises 5.25% in Regular Trading, UBS Initiates Buy Rating with HKD 88.7 Target Price

Market Focus07-23

On July 23, JIAXIN INTL RES rose 5.25% in regular trading, trading at HKD 58.15/share, with turnover of approximately HKD 43.06 million.

On the news front, UBS initiated coverage of JIAXIN INTL RES on July 22 with a Buy rating and a target price of HKD 88.7, citing expectations that tungsten prices are approaching a bottom. Additionally, the company announced a share buyback plan for H2, allocating up to HKD 200 million for open market repurchases. The company has already repurchased 150,000 shares on July 20 and 21, spending approximately HKD 6.96 million. The board stated the buyback plan demonstrates firm confidence in the company's intrinsic value and long-term prospects.

Further supporting sentiment, the company previously issued a positive profit alert on July 10, forecasting H1 net profit attributable to shareholders of approximately HKD 1.45 billion to HKD 1.55 billion, a significant turnaround from a loss of approximately HKD 6 million in the same period last year, driven primarily by commercial tungsten concentrate mining operations.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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