Group 1 - The company maintains a constructive stance on uranium prices due to strong demand from nuclear power and uncertain supply from new mines [1] - Earnings forecasts for 2026E-27E have been revised up by 9-11% based on higher uranium spot price assumptions [1] - The new NPV-based target price has been increased to HK$3.67 from HK$2.42, reflecting expectations of continued recovery in uranium prices [1] Group 2 - Uranium spot price forecasts for 2026E and 2027E have been raised by 9% to US$90 and US$93 per pound respectively [1] - Earnings growth is estimated at 235% YoY in 2026E and 19% in 2027E, driven by new off-take agreements and low base effects [1] - Long-term uranium price assumptions have been revised up from US$96 to US$120 per pound starting from 2031E [1] Group 3 - The multiple for NPV has been increased to 3.5x from 3x, indicating a higher likelihood of resource conversion to reserves due to rising uranium prices [1]
CGN MINING(1164.HK)：FURTHER UPSIDE DRIVEN BY HIGHER URANIUM PRICE
Ge Long Hui·2025-10-04 04:45