In "The Big Banks," CICC raised the target price for MMG to 11.9 yuan and reiterated the "Buy" rating

Bank of China International published a report stating that even though MMG (01208.HK) is expected to see only a moderate increase in production in 2026, it still anticipates rapid profit growth, raising the company's earnings forecast for 2026-2027 by 10-11%, with the target price adjusted from HKD 10.25 to HKD 11.9, and reaffirming a "Buy" rating.

The report indicated that MMG's production will grow strongly in 2025, with total copper production and total zinc production increasing by 27% and 6% year-on-year, respectively. Although the company expects production growth in 2026 to be more moderate, with copper production increasing by 3% year-on-year and zinc production decreasing by 3% year-on-year, the bank still anticipates that its earnings per share will increase by 1.1 times year-on-year in 2026, driven by rising metal prices. The recent surge in nickel prices has also made the acquisition of Brazilian nickel assets more attractive