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<Research Report>BofAS Lifts ZIJIN MINING (02899.HK) TP to $17 on Focus on Cost Control
Recommend 7 Positive 5 Negative 7 |
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BofA Securities held a meeting with ZIJIN MINING (02899.HK)'s president and key management team, BofA Securities issued a research report saying. The management mentioned that cost control will be the key task for 2024 as the average industry cost of copper and gold increased by 10-20% YoY in 2023. The Company will suppress the cost growth in China by using renewable energy, while the oversea cost will keep increasing due to the high energy price and declining copper mine grades. Overall, the Company targets broadly flattish cost growth in 2024. BofA Securities raised its 2024 and 2025 EPS forecasts for ZIJIN MINING by 1-2%, and lifted its target price to $17 from $16, with rating at Buy, taking into account 2023 results and the latest business guidance, believing that ZIJIN MINING will be one of its top pick in 2024, BofA Securities said. AAStocks Financial News |
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