Morgan Stanley: ZIJIN GOLD INTL's full-year net profit forecast exceeds expectations

AASTOCKS
2026.01.02 02:17

Morgan Stanley published a report indicating that ZIJIN GOLD INTL (02259.HK) announced a preliminary net profit of USD 1.5 billion to 1.6 billion for 2025, representing a year-on-year increase of 212% to 233%, exceeding market expectations of USD 1.35 billion. The implied profit for the fourth quarter of 2025 is estimated to be USD 595 million to 695 million, higher than USD 385 million in the third quarter of 2025. The quarterly growth is primarily attributed to the integration of the RG project in October and rising gold prices in the fourth quarter of 2025.

The report stated that the company's gold production for 2025 is expected to reach 46.5 tons, an increase from 38.9 tons in 2024 (excluding the Porgera project), aligning with management's expectation of approximately 47 tons. The production target for 2026 is set at 57 tons of gold, with market expectations at 56.7 tons

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