Core Viewpoint - The report from Zhongyin International indicates that Minmetals Resources is expected to experience strong production growth by 2025, with total copper production and zinc production increasing by 27% and 6% year-on-year, respectively [1] Group 1: Production Forecast - The company anticipates a more moderate growth in production for 2026, with copper production expected to grow by 3% year-on-year and zinc production projected to decrease by 3% [1] - Despite the tempered growth forecast for 2026, the company is expected to see a 1.1 times increase in earnings per share driven by stronger metal prices [1] Group 2: Market Dynamics - The recent surge in nickel prices has made the acquisition of Brazilian nickel assets more attractive for the company [1] Group 3: Financial Projections - The earnings forecast for 2026-2027 has been raised by 10-11%, with the target price increased from HKD 10.25 to HKD 11.9, while maintaining a "Buy" rating [1]
大行评级｜中银国际：上调五矿资源目标价至11.9港元，上调今明两年盈利预测