Morgan Stanley published a report, adjusting the earnings per share forecast for CMOC Group Limited for 2024 to 2026 downward by 5%, 5%, and 2%, to 0.52 yuan, 0.59 yuan, and 0.62 yuan respectively. The firm lowered the target price for CMOC Group Limited from 8.7 HKD to 8.3 HKD, maintaining a "shareholding" rating.
The firm indicated that the production data for the first three quarters of CMOC Group Limited was better than expected, raising the forecast for annual copper sales and increasing the forecast for cobalt sales for 2024 to 2026. At the same time, the actual tax rate assumption was adjusted from 38% to approximately 43%.