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2026-07-09 15:50:16 JPMorgan released a research report expecting companies in China's basic materials sector, including copper, gold, aluminum, lithium and some coal producers, to issue positive profit alerts. The broker forecast investors will gradually refocus on earnings and fundamental supply-demand factors going forward. JPMorgan's preference ranking for sub-sectors is copper > gold > aluminum > lithium > coal > steel. It believed copper and gold stocks have already seen valuation corrections under expectations of aggressive rate hikes, while physical fundamentals remain solid. For the copper sector, JPMorgan estimated 1H earnings of MMG (01208.HK), CMOC (03993.HK), JIANGXI COPPER (00358.HK) and ZIJIN MINING (02899.HK) to swell YoY by 120%, 94%, 92% and 79% respectively, benefiting from a 31% YoY increment in Shanghai Futures Exchange copper prices and a 163% YoY surge in sulfuric acid prices. The broker lowered the TP for ZIJIN MINING from HKD55 to HKD50, CMOC (03993.HK) from HKD28 to HKD25, and JIANGXI COPPER from HKD51 to HKD44, while maintaining MMG's TP at HKD13. Ratings for all remained Overweight. JPMorgan sharply slashed the TP for ZIJIN GOLD INTL (02259.HK) from HKD240 to HKD170 while maintaining an Overweight rating, expecting EPS CAGR for 2025-28 of about 42%. The TP for SD GOLD (01787.HK) was lowered from HKD35 to HKD22.5 with the rating maintained at Neutral, as the broker viewed its earnings growth is mainly driven by gold prices rather than operational improvements. ~ AASTOCKS Financial News Website: www.aastocks.com | |