CMOC GROUP LTD(3993.HK)：DOWNGRADE AS VERY HIGH COPPER PRICE REFLECTED IN SHARE PRICE
Ge Long Hui·2025-08-26 19:14
We expect its earnings to grow 32% HoH in 2H25. We assume average spot LME copper price to rise 3% HoH in 2H25. We also assume the unfavourable RMB1.15bn change in fair value in 1H25 to revert in 2H25. We further assume the company will book an RMB1.5bn gain from the disposal of a subsidiary in Xinjiang. While we are positive on the long-term outlook of copper price, the company's share price has surged too much too soon. Including the 10% gain yesterday, its share price has surged 49% since its positive ea ...