October 7, 2025 09:00 PM GMT Jiangxi Copper | Asia Pacific Solid Earnings Ahead, Double Upgrade to OW JXC's mined gold segment benefits from strong gold prices: The company also currently has ~5.5t of mined gold each year. Contribution from investments: The mine in Panama of First Quantum (FM.TO, covered by Ioannis Masvoulas) is expected to resume production in 3Q26, which would lead to incremental profit contribution from concentrate to JXC, FQ's largest shareholder (~18.9% equity stake). JXC is also the s ...

Investment Rating - The investment rating for Britannia Industries Ltd is Equal-weight [8] Core Insights - Management anticipates a gradual sequential recovery in growth, aiming for double-digit revenue growth in fiscal year 2026. Price hikes implemented in the fourth quarter are expected to fully impact the first quarter, with no further price changes anticipated [1] - Volume growth was reported at 3.5% in the fourth quarter [1] - The company is targeting cost savings of over 2.5% in fiscal year 2026, with a focus on increasing distribution depth in high-potential outlets and expanding reach in rural areas [2] - The non-biscuit portfolio currently represents 75% of the product mix, with aspirations to grow it at 1.5 times the biscuit portfolio [2] - The company has not actively pursued mergers and acquisitions due to high valuations and low potential for value creation [3] Financial Metrics - The price target for Britannia Industries Ltd is set at Rs 5,511.00, with a current share price of Rs 5,436.00, indicating a 1% upside potential [8] - Market capitalization is reported at Rs 1,307,186 million, with an enterprise value of Rs 1,295,712 million [8] - Projected revenue for fiscal year 2025 is Rs 177,781 million, increasing to Rs 194,068 million in fiscal year 2026 [8] - Earnings per share (EPS) is expected to grow from Rs 91.57 in fiscal year 2025 to Rs 109.51 in fiscal year 2026 [8] - The company maintains a high return on equity (ROE) of 60.6% for fiscal year 2025, projected to be 60.1% in fiscal year 2026 [8]