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Gold Rally Gains Traction, Next Stop US$2,900?
Hong Kong stocks Concept tracking | International gold prices hit new highs! The prices of solid gold jewelry are rising as well. Institutions: There is still room for growth in the medium to long term (with related stocks attached).
The relevant analysis indicates that the main reasons for the rise in Gold include the decrease in USA CPI data, the increase in M2 MMF supply, the uncertainty of Trump's policies, expectations for interest rate cuts by the Federal Reserve, technical support, and Global economic uncertainty.
Citigroup: Maintain Zijin Mining Group 'Buy' rating, Target Price 21.9 Hong Kong dollars.
Citi released a research report stating that it maintains the "Buy" rating for Zijin Mining Group (02899) and expects Zijin to lower its guidance for copper production this year, as Congo’s Kamoa has also reduced its production guidance for this year, with a Target Price of HKD 21.9. The bank anticipates that the lithium production guidance will decline due to sluggish lithium prices, aligning with market consensus. The bank estimates that the company's gold and copper production will increase year-on-year by 16.4% and 7.5%, respectively. The report indicates that Zijin Mining Group announced its preliminary performance for last year, with Net income rising by 51.5% year-on-year to RMB 32 billion, slightly below the bank's expectations. The Net income from recurring Business increased by 45.3% year-on-year to RMB 31.4 billion.
Morgan Stanley: Maintains "Shareholding" rating for Zijin Mining Group with a Target Price of 22.9 Hong Kong dollars.
Morgan Stanley released a research report stating that Zijin Mining Group (02899) has been given a "Shareholding" rating with a Target Price set at 22.9 Hong Kong dollars. The report mentioned that Zijin expects a 16% year-on-year increase in Gold production in 2025, and a 7.5% year-on-year increase in Copper production. Compared to the company's previous Copper production target, the new guidance reflects a decline of 5.7%. The report states that Zijin Mining's preliminary Net income for the 2024 fiscal year is approximately 32 billion yuan, which is 51.5% higher than the bank's forecast. Excluding one-time expenses, the core Net income is 31.4 billion yuan, a year-on-year increase of 45.3%. Given that last year's Gold and Copper production basically met the bank's expectations,
[Brokerage Focus] Citigroup maintains a "Buy" rating on Zijin Mining Group (02899), expecting a quarterly decline in Net income mainly due to a decrease in fair value income and an increase in impairments on a quarterly basis.
Jinwu Financial News | Citibank's Research Reports indicate that Zijin Mining Group (02899) announced preliminary results for last year, with Net income increasing by 51.5% year-on-year to 32 billion yuan, slightly below the bank's expectations. The Net income from recurring Business increased by 45.3% year-on-year to 31.4 billion yuan, implying that the Net income for the fourth quarter rose by 54% year-on-year to 7.64 billion yuan, but fell by 18% quarter-on-quarter; the Net income from recurring Business increased by 19% year-on-year to 76.5 yuan, but fell by 8% quarter-on-quarter. The bank expects the quarter-on-quarter drop in Net income to primarily stem from a decrease in fair value gains and an increase in impairments quarter-on-quarter. The bank anticipates that Zijin will lower its copper production guidance for this year, due to the Congo.
UBS Group has given Zijin Mining Group a "Buy" rating with a Target Price of 22.3 Hong Kong dollars.
UBS Group released a research report stating it gives Zijin Mining Group (02899) a "Buy" rating. Due to the downward revision of Zijin's production guidance, it is expected that investors will have a slightly negative reaction. The Target Price is set at HKD 22.3. Zijin Mining Group's net income attributable to Shareholders in the 2024 fiscal year is expected to increase by 51.5% year-on-year, which is basically in line with market and the bank's expectations. During this period, Copper production increased by 6% year-on-year, slightly below the annual forecast; Gold production increased by 8%, which is in line with the annual forecast. Zijin has revised its 2025 Copper production guidance down by 6% from 1.22 million tons to 1.15 million tons, while the Gold production guidance remains unchanged.
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