According to JPMorgan, CIMC ENRIC's Indonesia project is expected to contribute a maximum profit of 70 million RMB

JP Morgan's research report indicates that CIMC ENRIC (03899.HK) has announced its first overseas coke oven gas project in Indonesia. The bank estimates that if the project reaches its maximum capacity, it could contribute approximately RMB 70 million in profit to the company, accounting for about 6% of the forecasted net profit for the fiscal year 2025; it currently gives CIMC ENRIC an "Overweight" rating with a target price of HKD 12.

The bank expects that this progress will further boost market sentiment towards the company, as the project reflects the company's overseas expansion of new business initiatives moving from vision to actual execution. Meanwhile, this project is the company's fifth coke oven gas project, enhancing its visibility for long-term sustainable growth and alleviating investors' previous concerns about slowing net profit growth, as the company's three new businesses are all project-based