In "The Big Banks," China International Capital Corporation lowered the target price for MMG to 10.57 yuan and reiterated a "Buy" rating

Bank of China International published a report stating that MMG (01208.HK) benefited from rising metal prices and increased sales last year, with net profit soaring 2.15 times year-on-year to USD 509 million. After adjusting for impairment and hedging losses, its core earnings were 4% lower than the bank's expectations. Looking ahead, the bank expects profits to jump 2.5 times year-on-year by 2026, benefiting from rising metal prices and (to a lesser extent) increased copper sales. After adjusting for performance, the bank has lowered its profit forecasts for the fiscal years 2026 and 2027 by 5% and 12%, respectively. It reiterated a "Buy" rating, with the target price reduced from HKD 11.9 to HKD 10.57