JP Morgan raises CMOC's target price to 30 yuan and reaffirms "Overweight" rating

AASTOCKS
2026.01.28 03:53

JP Morgan stated that after CMOC (03993.HK) completed the acquisition of the Brazilian gold mine, a conference call was held on Sunday (25th), and the bank also hosted its investor relations team last week.

The bank indicated that the meeting further strengthened its positive view on CMOC's strategy and operations. Key business updates include: the successful completion of the Brazilian gold mine acquisition, management's target of 6 to 8 tons of gold production this year, and reaching 20 tons before 2030; as well as details on this year's copper production guidance, supported by process optimization and the increase in KFM Phase II capacity.

The bank raised its profit forecasts for CMOC for the next two years by 27% to 30%, and increased the target prices for CMOC (603993.SH) A shares and CMOC H shares from RMB 24 and HKD 24 to RMB 30 and HKD 30, respectively, reiterating the "Overweight" rating

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