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<Research>HSBC Research Raises CMOC's TP to HKD18.6 w/ Unchanged Rating Hold
Recommend 4 Positive 12 Negative 2 |
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CMOC (03993.HK) has announced a USD1 billion acquisition of a Brazilian gold mine, a move that will expand its long-term business scope beyond copper and cobalt, according to a report from HSBC Research. That said, HSBC Research believes CMOC's medium-term earnings will still be dominated by copper. It is estimated that a 1% change in copper prices will impact the company's 2026 earnings by around 1%. In contrast, the impact of cobalt and gold prices will be about 0.3% and less than 0.1%, respectively. HSBC Research has raised its target price for CMOC from HKD7.6 to HKD18.6 but kept the Hold rating unchanged, given that it lacks short-term revaluation catalysts and the current valuation has already reflected strengthened future growth prospects. AAStocks Financial News |
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