Core Viewpoint - UBS has raised its profit forecast for Zhaojin Mining (01818) based on a projected 10% increase in gold prices compared to market consensus, anticipating a compound annual growth rate of 54% in profits from 2025 to 2027 [1] Group 1: Company Analysis - UBS has significantly increased its gold price forecast, expecting prices to reach $4,000 per ounce by the end of this year and $4,200 by the end of next year [1] - The strong growth trend in Zhaojin's production has led to an upward revision of profit forecasts [1] - The target price for Zijin has been raised from HKD 25.3 to HKD 37, reflecting a price-to-earnings ratio of 23 times for the 2026 forecast, with a "Buy" rating reaffirmed [1] Group 2: Industry Insights - The increase in gold prices is attributed to rising investor positions and a growing investor base, alongside a weakening dollar and declining real interest rates due to the Federal Reserve's interest rate cut cycle [1]
瑞银：上调招金矿业(01818)目标价至37港元 重申“买入”评级