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2026-08-26 14:59:44 BofAS published a report stating that JIANGXI COPPER (00358.HK)'s net profit for 1H26 reached RMB8.63 billion, up 107% YoY, implying 2Q net profit of RMB5.81 billion, up 162% YoY and 106% QoQ. The results exceeded the upper end of the company's profit alert and were far above market expectations, mainly driven by higher prices of core products, stronger sales volume and a 1.9 ppts YoY expansion in gross margin to 5.8%. The report noted that although spot treatment and refining charges (TC/RC) have fallen to a historic low of below negative USD180 per tonne due to extremely tight copper concentrate supply, BofAS believes the short-term impact on JIANGXI COPPER's earnings remains manageable, mainly because the company has a high proportion of long-term contract coverage. In addition, the resumption of processing of stockpiled ore at First Quantum's Cobre Panama mine should help the recovery in earnings contribution from associates. Meanwhile, sulfuric acid prices surged 169% YoY on average year-to-date, also supporting profitability of the smelting business. BofAS raised its net profit forecasts for JIANGXI COPPER for 2026 and 2027 by 37% and 46% respectively to RMB13.6 billion and RMB15.4 billion. It lifted the Hong Kong-listed shares TP by 16% from HKD43 to HKD50, and raised the TP for JIANGXI COPPER A shares (600362.SH) by 11% from RMB55 to RMB61. The broker maintained its Buy rating, citing optimism over resilient copper prices and sulfuric acid prices, potential upside in earnings from associates, attractive valuation and potential re-rating room for the copper foil business amid accelerating artificial intelligence demand.(ad/da)~ AASTOCKS Financial News Website: www.aastocks.com 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. | |