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Gold Is Crushing the S&P 500: What That Says About Recession Fears and the Stock Market
Jefferies Adjusts Zijin Mining Group's Price Target to HK$21.20 From HK$18.60, Keeps at Buy
Morgan Stanley: Zijin Mining Group added to the focus stock list.
Morgan Stanley released a research report stating that Zijin Mining Group (02899) has been added to its focus stock list for the Asia-Pacific region (excluding Japan) due to its coverage of Gold and strong demand for Copper in China. Gold has always been the bank's preferred defensive investment symbol, as its structural demand is on the rise, and Zijin Mining's copper output is expected to achieve an average annual compound growth rate of about 3% during the period from 2024 to 2026. The company is sensitive to supply disruptions and strong copper demand in China. Furthermore, Zijin's recent mergers and acquisitions include four gold projects, three lithium projects, and one molybdenum project, which will support the company in further increasing its gold output, and
The outlook for Copper and Gold is optimistic! Although prices are at historic highs, JPMorgan believes that Zijin Mining Group is "not expensive."
JPMorgan believes that Gold has become a key profit driver for the company, contributing 32% of gross profit in fiscal year 2024 (up from 26% in 2023), mainly due to a 28% year-on-year increase in the average selling price. It is expected that Gold production will reach 85 tons in 2025 (a year-on-year increase of 17%), and Copper production will reach 1.15 million tons (a year-on-year increase of 8%).
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