Group 1 - The core viewpoint of the report is that despite a modest increase in production for Minmetals Resources (01208) in 2026, the company's profitability is expected to grow rapidly, leading to a 10-11% upward revision in earnings forecasts for 2026-2027 and an increase in target price from HKD 10.25 to HKD 11.9, maintaining a "Buy" rating [1] Group 2 - The report indicates that Minmetals Resources is expected to see strong production growth in 2025, with total copper production and total zinc production increasing by 27% and 6% year-on-year, respectively [1] - For 2026, the company anticipates a more moderate production growth, with copper production expected to increase by 3% year-on-year, while zinc production is projected to decline by 3% [1] - Despite the anticipated modest production growth in 2026, the firm expects a 1.1 times year-on-year increase in earnings per share, driven by rising metal prices [1] - The recent surge in nickel prices has made the acquisition of Brazilian nickel assets more attractive [1]
中银国际：升五矿资源目标价11.9港元 重申“买入”评级