Jiaxin International Resources' stock soared 5.18% during intraday trading on Thursday.
The significant rise is attributed to a dual boost in market confidence. Firstly, CICC raised the company's target price by 67% to 158.3 HKD. Secondly, the company announced an authorized share buyback program for up to 10% of its issued shares.
Fundamentally, the company's core asset, the Bakuta tungsten mine in Kazakhstan, is in a rapid production ramp-up phase with strong output growth projected. Analysts point to estimated supply-demand gaps for tungsten concentrate in the coming years, which supports sustained high pricing for the commodity.
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