Core Viewpoint - The stock price of Minmetals Resources (01208) rose by 2.65% to HKD 8.14, with a trading volume of HKD 218 million, as HSBC Research released a report indicating positive operational performance at the Las Bambas mine and projected copper production exceeding 100,000 tons in Q4 this year [1][5]. Group 1: Operational Performance - The Las Bambas mine is operating smoothly this season, with expectations for Q4 copper production to exceed 100,000 tons, and all on-site inventory is expected to be sold by year-end [1][5]. - The expansion at the Kinsevere mine is progressing as planned, while production at the Khoemacau mine is expected to increase quarterly as the new contractor stabilizes operations [1][5]. - The Dugald River and Rosebery mines have maintained stable performance this season, supported by an optimistic overall environment in the commodity market, tight copper concentrate supply, and seasonal factors driving zinc prices higher [1][5]. Group 2: Production Guidance and Sensitivity - HSBC forecasts that Minmetals Resources will achieve annual production guidance of approximately 500,000 tons of copper and about 230,000 tons of zinc this year, with moderate growth expected in production by 2026 [1][5]. - Due to limited production growth, profitability remains highly sensitive to copper price fluctuations, with an estimated 1.7% change in 2026 earnings for every 1% change in copper prices [1][5]. - The report maintains a "Hold" rating, citing strong growth momentum in Q4, stable copper and zinc production, and rising metal prices, while noting that the improvement in copper fundamentals has limited short-term upside potential [1][5].
五矿资源午后涨近3% 汇丰研究维持“持有”评级