Core Viewpoint - UBS initiates coverage on Zijin Gold International (02259) with a "Buy" rating and a target price of HKD 189, citing strong growth potential in production and profitability [1][2]. Group 1: Company Overview - Zijin Gold International is a spin-off of Zijin Mining (02899) focused on overseas gold mining operations [1]. - The company is expected to achieve a compound annual growth rate (CAGR) of approximately 20% in production from 2025 to 2027, increasing total output from 45 tons to 65 tons [1]. Group 2: Financial Projections - UBS forecasts that Zijin Gold International's earnings will grow from USD 1.3 billion in 2025 to USD 2.2 billion in 2027, implying a 30% CAGR [2]. - Projected operational revenues for 2025, 2026, and 2027 are USD 4.9 billion, USD 6.8 billion, and USD 7.4 billion, respectively [2]. Group 3: Market Position and Expansion - Zijin Gold International holds interests in nine mines across Central Asia, Australia, South America, and Africa, with plans for further expansion [1]. - The company aims to become the largest gold miner listed in Hong Kong or China by FY 2027, surpassing Shandong Gold (01787) and Zhongjin Gold (600489.SH) [1].
瑞银：首次覆盖紫金黄金国际(02259)予“买入”评级 目标价189港元