Core Viewpoint - Citigroup has raised the profit forecasts for China Molybdenum (01208) for 2025 to 2027 by 3%, 47.2%, and 5.6%, reaching $801 million, $1.721 billion, and $1.545 billion respectively, and significantly increased the target price from HKD 7.2 to HKD 12.5 while maintaining a "Buy" rating [1] Group 1 - The Las Bambas project reported a quarterly copper production decrease of 5% to 97,300 tons in Q4 last year, with a year-on-year decline of 8%, but an improvement is expected in Q1 2026 [1] - Management targets a copper production of 400,000 tons in 2026 under stable operating conditions, with a conservative lower estimate of 380,000 tons, and anticipates maintaining similar annual production levels in the coming years [1] - The C1 cost guidance for 2026 is set at $1.2 to $1.4 per pound, with potential reductions of $0.2 to $0.3 per pound if gold and silver prices remain high [1] Group 2 - The Kinsevere project achieved an electrolytic copper production of 12,600 tons in Q4 last year, reflecting a quarterly decline of 15% but a year-on-year increase of 21% [1] - Management expects the electrolytic copper production for this year to reach between 65,000 to 75,000 tons [1]
花旗：上调五矿资源目标价至12.5港元 维持“买入”评级