
BofAS: Cost Inflation Remains Key Variable for CMOC ; Maintains Buy Rating

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BofAS has maintained a Buy rating on CMOCwith a target price of HKD28, citing cost inflation as a key variable. CMOC reported a 97% YoY increase in net profit to RMB7.76 billion for 1Q26, driven by a copper business gross profit of approximately RMB10 billion, which accounted for 63% of total gross profit. Copper production rose 10% YoY to 188,000 tonnes, with sales of 182,000 tonnes. The company maintains its full-year production guidance of 760,000 to 820,000 tonnes.
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