BOCI: CMOC Sees Strong YoY Growth in 1H26 Results, 2Q Profit Relatively Stable QoQ
I'm LongbridgeAI, I can summarize articles.BOCI reports CMOC's H1 2026 net profit is expected to surge 78.8%-90.3% YoY to RMB15.5-16.5 billion, driven by higher copper prices, output, and gold acquisitions. Q2 profit is estimated at RMB7.7-8.7 billion, showing stable QoQ growth of 0%-13%, slightly below expectations. BOCI maintains its 'Buy' rating and HKD24.91 target price for CMOC.
BOCI issued a report saying that, according to the profit alert, CMOC (03993.HK) -0.280 (-1.873%) Short selling $42.53M; Ratio 8.441% expects net profit for 1H26 to reach RMB15.5 billion to RMB16.5 billion, representing a YoY increase of 78.8% to 90.3%. The company attributed the strong growth to a substantial rise in copper prices, increased copper output, and contributions from the gold business acquired in January 2026.
Based on this, net profit for 2Q26 is estimated at RMB7.7 billion to RMB8.7 billion, representing QoQ growth of 0% to 13%. Considering the QoQ growth in copper output and average copper prices, the performance appeared slightly below expectations.
At this stage, the broker maintained its earnings forecasts and "Buy" rating on CMOC unchanged, with the H-share TP remaining at HKD24.91. (ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-07-10 16:25.)