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<Research>JPM Names ZIJIN MINING as Top Pick, Expects Copper & Related Stocks to Continue Outperforming Next Yr
Recommend 12 Positive 25 Negative 7 |
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Due to disruptions in copper supply and heightened market tightness expectations, copper prices have once again surpassed USD11,000 per ton, JPMorgan wrote in its research report. JPMorgan is bullish about copper prices and related stocks and expects them to continue outperforming next year, given strong demand, severe supply disruptions, and reduced smelting capacity in China. The broker kept an Overweight rating on ZIJIN MINING (02899.HK) and CMOC (03993.HK), citing support from their study earnings growth and diversified assets in copper, gold, and cobalt. It set ZIJIN MINING's target price at HKD42 and lifted CMOC's from HKD13.5 to HKD22. It also named ZIJIN MINING as its top pick on the grounds of its fairly reasonable valuation. In contrast, JPMorgan, despite its positive outlook on copper, kept an Underweight rating on JIANGXI COPPER (00358.HK) due to persistently weak treatment and refining charges and slowed profit growth. JIANGXI COPPER's target price was raised from HKD15 to HKD28. AAStocks Financial News |
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