Citi International released a report stating that Zijin Mining's perfo

Published: Apr 2, 2024 15:37

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Citi International released a report stating that Zijin Mining's performance last year met expectations, mainly benefited from the significant rise in metal prices; strong growth in gold and copper production; effective cost control by the company, among other factors. The bank views Zijin's business growth as a core strategy and with the launch of numerous new projects, it maintains the earnings forecast for 2024 and 2025, respectively unchanged and raised by 12%. In addition, the bank's adjusted earnings forecast for 2025 is currently in line with market consensus, with growth expected to be 32%/25%/11% in 2024/2025/2026. Furthermore, Citi International believes that Zijin's current valuation is attractive, with a potential upside of 21% in its stock price. Therefore, it has raised its target price from 14.4 yuan to 18.9 yuan, maintaining an outperform rating.

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