Core Viewpoint - China International Capital Corporation (CICC) has released a report indicating that despite a modest increase in Minmetals Resources' (01208) production in 2026, the company's earnings are expected to grow rapidly, leading to a 10-11% upward revision of the earnings forecast for 2026-2027 and an increase in target price from HKD 10.25 to HKD 11.9, maintaining a "Buy" rating [1] Production Forecast - Minmetals Resources is projected to experience strong production growth in 2025, with total copper production and total zinc production expected to increase by 27% and 6% year-on-year, respectively [1] - For 2026, the company anticipates a more moderate production growth, with copper production expected to rise by 3% year-on-year, while zinc production is forecasted to decline by 3% [1] Earnings Expectations - Despite the anticipated modest production growth in 2026, CICC expects the company's earnings per share to increase by 1.1 times year-on-year, driven by strengthening metal prices [1] - The recent surge in nickel prices has also made the acquisition of Brazilian nickel assets more attractive for the company [1]
中银国际：升五矿资源(01208)目标价11.9港元 重申“买入”评级