＜Research＞Daiwa Initiates CMOC (03993.HK) at Buy & TP $9.4

　　Daiwa issued a report, initiating CMOC (03993.HK) -0.190 (-2.433%) Short selling $4.82M; Ratio 5.511% at Buy and a target price of $9.4. The broker believed that CMOC is currently the second largest copper miner in China, and with the increase in production, it is expected to become one of the world's top ten, and benefit from competitive cash costs.

　　According to the report, CMOC gradually shifted from diversified mining towards copper mines, and copper-related gross margins increased, but the company is still undervalued compared to ZIJIN MINING (02899.HK) -0.420 (-2.354%) Short selling $40.73M; Ratio 14.823% and other industry peers. The broker believed attractive growth and competitive advantages would be recognised over time, and CMOC would be revalued by investors as a global copper leader.

　　Related NewsZIJIN MINING Forecasts 41-50% Growth in 1H24 NP

　　Daiwa said CMOC's 2Q24 earnings will reflect the rise in copper prices from April to May. Furthermore, the market estimation that the US Federal Reserve will start cutting interest rates from late 2024 to early 2025 may stimulate a rise in copper prices, driving the performance of CMOC's shares.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-10 12:25.)

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