Core Viewpoint - BNP Paribas initiates coverage on Zijin Mining International with an "outperform" rating, highlighting strong production growth, competitive resource quality, solid operational record, and value creation through acquisitions [1] Financial Projections - The target price for Zijin Mining International is set at HKD 157, based on a 12x enterprise value multiple and a 22x price-to-earnings ratio for 2026 [1] - Expected net profit growth from USD 481 million in 2024 to USD 1.287 billion in 2025, USD 2.476 billion in 2026, and USD 2.399 billion in 2027, indicating strong annual growth rates of 167% and 92% for 2025 and 2026 respectively, with stability in 2027 [1] Market Outlook - BNP Paribas anticipates gold prices to remain around USD 3,750 per ounce over the next 12 months, driven by factors such as the Federal Reserve entering a rate-cutting cycle, accelerated de-dollarization, increased investor allocation to gold for hedging against geopolitical and macroeconomic uncertainties, and limited growth in gold production [1]
大行评级丨法巴银行：首予紫金黄金国际“跑赢大市”评级及目标价157港元