Shares of Jiaxin International Resources (03858) experienced a significant surge, soaring 11.55% during intraday trading on Wednesday.
The sharp increase appears to be driven by a highly optimistic research report from CICC. The financial institution maintained its Outperform rating on the stock and raised its target price by a substantial 67% to HK$158.3, implying a 52% upside potential from previous levels. CICC also significantly revised its net profit forecasts for the company upwards for 2026 and 2027.
The analyst optimism is based on the company's strong 2025 financial performance, which marked a historic return to profitability, driven by successful ramp-up of tungsten concentrate production and favorable market prices. CICC highlighted the tight global supply-demand balance for tungsten and the company's ongoing expansion at its Bakuta project, which is expected to solidify its position as the world's largest open-pit tungsten mine.
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