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<Research>HSBC Research Elevates ZIJIN MINING TP to $37.7 as ZIJIN GOLD INTL Spin-off Unlocks Value
Recommend 9 Positive 26 Negative 13 |
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The spin-off of ZIJIN MINING (02899.HK)'s ZIJIN GOLD INTL (02259.HK) saw its share price rise by 68% from its IPO price on debut, HSBC Global Research said. Based on the department's forecasted earnings of US$1.8 billion for 2026, the predicted PE ratio is 22x. The spin-off unlocks value in a gold price-supported environment, enhances access to capital markets, accelerates overseas expansion and mitigates geopolitical risks. HSBC Global Research maintained a positive outlook on ZIJIN MINING, based on continuously on-track output growth, supported by quality assets, with an projected CAGR of 27% in earnings from 2024 to 2027. The broker believed that increased gold output and prices should enhance gross profit contribution, and assumptions of rising copper and gold prices also bolster earnings visibility. Therefore, HSBC Global Research elevated its target price for ZIJIN MINING from $27.3 to $37.7, with rating kept at Buy. AASTOCKS Financial News Website: www.aastocks.com |
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