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<Research> BofAS: MMG (01208.HK) 1Q Output Solid; TP Cut to HKD12, Earnings Forecast Raised
Recommend 3 Positive 8 Negative 5 |
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BofAS said in a research report that MMG (01208.HK) delivered solid and higher-quality output in 1Q, with stable sales volume, supportive pricing and lower cash costs during the period. Benefiting from stable output at Las Bambas and capacity expansion at Kinsevere, copper production reached 128,700 tonnes, up 9% YoY and 6% QoQ. Precious metals output also increased, with gold production rising 24% YoY to 32,177 ounces and silver production climbing 27% YoY to 2.89 million ounces. In addition, by-product revenue in 1Q effectively reduced the portfolios cash costs. Management indicated that if gold and silver prices remain at elevated levels, there is room to lower the C1 cash cost guidance. The broker raised its earnings forecasts for 20262027 by 2% and also lifted its capital expenditure projections. Based on a positive outlook for copper prices, it reiterated a Buy rating, while cutting the TP to HKD12 from HKD13. (ss/u) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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