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<Research>Jefferies Expects Gold Biz to Account for 10%+ of CMOC's GP in 2030
Recommend 4 Positive 10 Negative 2 |
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CMOC (03993.HK) announced last December the acquisition of Equinox Gold's gold asset portfolio in Brazil, with a maximum acquisition price of approx. US$1 billion, according to Jefferies' research report. The transaction has been completed. The broker's net asset value analysis shows an implied gold price of about US$3,320 per ounce, compared to a spot gold price of over US$5,000 and the YTD average price exceeding US$4,500. Regarding long-term gold output targets, Jefferies expected that the projects in Brazil and Ecuador will achieve an annual gold production of nearly 20 tons once fully ramped up. Without considering further expansion or acquisitions, it is estimated that gold will account for 5-6% of CMOC's gross profit in 2026, rising to over 10% in 2030. Management's initial target is to double gold output by 2030, primarily through mergers and acquisitions (M&A). Therefore, Jefferies currently rated CMOC's H-/ A-shares at Buy, with target prices of $25.9/ RMB26.7. AASTOCKS Financial News Website: www.aastocks.com |
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