CGN Mining Shares Plunge Over 4% in Afternoon Trading on Negative Gross Profit Forecast and Delivery Delays

Stock News08-11 14:56

Shares of CGN MINING (01164) dropped more than 4% in the afternoon session, trading at HK$2.615 as of press time, down 4.74%, with a trading volume of HK$67.8467 million.

The company previously noted that due to the impact of weighted average cost accounting methods, the book-weighted average cost of inventory exceeded the selling price of current sales contracts, which is expected to negatively affect gross profit in the first half of the year. Additionally, certain annual uranium sales contracts have been delayed to the second half of the year for delivery, though this is not expected to significantly impact the company's annual business plan.

CMB International believes that the stock's decline since February has already partially reflected policy changes in Kazakhstan's uranium industry and the high sulfur prices triggered by the Middle East conflict. The firm maintains a "Buy" rating with a new target price of HK$3.37 based on net present value (NPV), down from a previous valuation multiple of 3.5x to 2.5x, to account for mining rights policy changes.

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