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<Research>BOCI Adds ZHAOJIN MINING (01818.HK) TP to $45.5, Optimistic on Growth Driven by Gold Prices
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ZHAOJIN MINING (01818.HK)'s 2025 net profit grew by 1.49x YoY to RMB3.6 billion, in line with BOCI's forecast, BOCI released a research report saying. This growth was mainly due to a significant increase in realized gold price and steady growth in mine-produced gold output. During the period, the realized gold price rose by 46% YoY to RMB865 per gram, and mine-produced gold output increased by 8% YoY to 19.8 tons. Of which, overseas gold output hiked by 37% YoY to 3.2 tons, mainly driven by the full-year contribution from the Abujar Mine. The unit production cost of domestic mines decreased by 4% YoY to RMB223 per gram. BOCI predicted that, benefiting from higher gold prices, 2026 EPS will incline significantly by 64%. The broker also projected an average gold price of US$4,800 per ounce, up 40% YoY. Considering post-results adjustments, BOCI lowered its 2026 gold output assumption by 11%, and correspondingly reduced its 2026 profit forecast by 5%, but raised its 2027 profit forecast by 5%. Based on discounted cash flow valuation, the broker added its target price from $44.78 to $45.5, equivalent to a projected 2026 PE ratio of 23.7x, with rating reiterated at Buy. AASTOCKS Financial News Website: www.aastocks.com |
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