Core Viewpoint - Morgan Stanley's report indicates that Minmetals Resources is expected to achieve core earnings of $700 million to $730 million for early 2025, aligning with the bank's expectations [1] - After accounting for an impairment of $280 million to $300 million related to the Kinsevere project, the annual net profit is projected to be between $500 million and $520 million [1] Summary by Category - Earnings Forecast - Core earnings are projected to reach $700 million to $730 million, consistent with Morgan Stanley's expectations [1] - Net profit is expected to be between $500 million and $520 million after impairment adjustments [1] - Operational Performance - Operations at key mining sites, including Las Bambas and Khoemacau, remain stable with normal production ongoing [1] - The company is anticipated to benefit from strong copper prices and improved operational efficiency [1] - Market Conditions - Global copper supply is tight, and a weaker dollar is expected to support high copper prices, providing strong backing for overall profitability [1] - Despite short-term impacts from impairments on net profit, the company's core profitability remains robust, with major operational challenges being addressed through financial provisions and substantial improvement measures [1]
大行评级｜大摩：维持五矿资源“增持”评级，预期将受益于铜价强势及营运效率提升