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2026-11-02 12:00:34 HSBC Global Investment Research issued a research report stating that ZIJIN MINING (02899.HK)'s copper and gold output in 3Q came in below the broker's expectations. In the first nine months of this year, mined copper and gold output only reached 68% and 67% of the company's 2026 guidance respectively. Domestic mine safety inspections and temporary production suspensions have further increased downside risks to near-term copper output. The consolidation of CHIFENG GOLD (06693.HK) in 4Q is expected to partially offset the shortfall in gold output. However, HSBC Global Investment Research said it remains positive on ZIJIN MINING (02899.HK)'s diversified business and medium-term growth prospects. The broker maintained its Buy rating and lowered its TP from HKD58 to HKD51. It also cut its 2026-2028 earnings forecasts by 6%, 9% and 6% respectively, reflecting adjustments to commodity price forecasts, slower growth in gold and copper output, and rising unit costs. The broker believes that a lower valuation multiple is justified amid short-term operational uncertainties, while remaining optimistic about the company's earnings resilience, medium-term production growth and cost control capabilities. (gc/da)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |