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2026-09-03 11:09:03 G Sachs issued a research report stating that it reviewed the 1H results of 19 stocks under coverage involving aluminum, copper, gold, lithium and other electric vehicle-related metals. Among them, the results of copper, aluminum and gold companies generally missed expectations, while lithium companies delivered mixed performances. G Sachs said elevated aluminum prices drove margin expansion for aluminum producers; copper companies benefited from rising copper prices, although cost inflation partly offset the gains; most lithium companies turned losses into profits due to the rebound in lithium prices; meanwhile, rising sulfur prices and lower MHP output weighed on the earnings performance of HUAYOU COBALT (603799.SH) and GEM (002340.SZ). G Sachs expects Shanghai Futures Exchange aluminum prices and spreads to soften as new supply in China and overseas increases. Copper prices may remain elevated in 2H26 due to continued tight scrap supply and ongoing stockpiling in the US. The broker therefore lowered 2027 earnings forecasts for aluminum companies by 12% to 19%. The broker also estimated that lithium prices will pull back in 2H26, with lithium carbonate equivalent prices falling further to USD10,300 to USD16,000 per tonne in 2027 and 2028, when the global lithium market is expected to shift from the current shortage to oversupply. As a result, it raised 2026 earnings forecasts for most lithium stocks by 11% to 30%, while keeping 2027 forecasts broadly unchanged. For individual stocks, the broker maintained "Buy" ratings on ZIJIN MINING (02899.HK), CMOC (03993.HK), JIANGXI COPPER (00358.HK) and MMG (01208.HK); maintained a "Sell" rating on CHALCO (02600.HK) and a "Neutral" rating on CHINAHONGQIAO (01378.HK); upgraded GANFENGLITHIUM (01772.HK) from "Sell" to "Neutral"; and maintained a "Sell" rating on TIANQI LITHIUM (09696.HK). At the same time, it downgraded ZHAOJIN MINING (01818.HK) from "Buy" to "Neutral". G Sachs also adjusted target prices for several stocks. The TP for CHALCO (02600.HK) was cut from HKD7.5 to HKD6.8, while that for CHINAHONGQIAO (01378.HK) was reduced from HKD26 to HKD23. The TP for JIANGXI COPPER (00358.HK) was raised from HKD45 to HKD50, while those for MMG (01208.HK) and CMOC (03993.HK) were lowered from HKD14 and HKD25 to HKD12.5 and HKD23.5 respectively. The TP for ZIJIN MINING (02899.HK) was maintained at HKD51. The TP for ZHAOJIN MINING (01818.HK) was sharply reduced from HKD42 to HKD21.5, while those for GANFENGLITHIUM (01772.HK) and TIANQI LITHIUM (09696.HK) were cut from HKD60 and HKD48 to HKD46 and HKD33 respectively. (gc/u)~ 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. | |