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<Research>Citi: CN Tightens Rare Earth Product Exports; JLMAG (06680.HK) Rated at Buy
Recommend 7 Positive 11 Negative 11 |
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China's Ministry of Commerce (MOC) and General Administration of Customs (GAC) announced on Thursday (9th) an expansion of export controls on rare earth products and technologies, including restrictions on overseas transfers of mining, separation, and magnet manufacturing expertise, Citi Research issued a research report saying. The broker believed that this policy, through stronger domestic market protection, benefits leading companies holding quotas but also increases the licensing and compliance complexity for downstream magnet manufacturers like JLMAG (06680.HK). The Company may gain long-term benefits from domestic substitution demand, offsetting short-term export frictions by enhancing domestic demand predictability. JLMAG also announced its preliminary results for 9M25 yesterday (9th), with net profit of RMB505-550 million, up 157-179% YoY, accounting for 71-77% of its full-year estimate and 73-79% of market consensus, Citi Research added. Therefore, the broker kept rating at Buy for JLMAG, with a target price of $25.3. AASTOCKS Financial News Website: www.aastocks.com |
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