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CMOC: POLL RESULTS OF THE 2023 ANNUAL GENERAL MEETING HELD ON 7 JUNE 2024 PAYMENT OF FINAL DIVIDEND RETIREMENT OF INDEPENDENT NON-EXECUTIVE DIRECTORS AND APPOINTMENT OF THE SEVENTH SESSION OF THE BOARD AND THE SUPERVISORY COMMITTEE
Express News | Cmoc Says Board Elects Yuan Honglin as Chairman
Goldman Sachs maintains a 'buy' rating for CMOC Group Limited (03993) with a target price of HKD 8.
According to the research report released by Goldman Sachs on Zhītōng Cáijīng APP, considering the continuous expansion of Congo's mines and the increase in copper and cobalt production, as well as the expected rise in copper prices in 2024, Goldman Sachs has raised the regular profit forecast of CMOC Group Limited (03993) from 2024 to 2026 by 15% to 26%, with a target price increased by 14% from HKD 7 to HKD 8 and maintains a "buy" rating. The bank said that with the continuous expansion of Congo's mines, it is expected that the copper and cobalt production of CMOC Group Limited will increase from 394,000 tons and 56,000 tons in 2023 to 748,000 tons and 84,000 tons in 2026, with a compound annual growth rate of 15-24%.
HK stocks surge: Cmoc Group Limited (03993) rose more than 4%. KFM company's copper production in May exceeded 14%. The dividend rate in the next three years may exceed 40%.
Zhixin Finance APP learned that CMOC Group Limited (03993) rose by nearly 6% in midday trading. As of the time of writing, it has risen by 4.05% to HKD 7.2, with a turnover of HKD 213 million. According to CMOC Group Limited, after achieving an overproduction boom in the first four months, KFM's copper production in May exceeded by 14%, reaching a new high since its investment. It is reported that KFM is an important mining subsidiary of CMOC Group Limited in the Democratic Republic of Congo, specializing in the development and processing of copper-cobalt mineral resources. As an important part of CMOC Group Limited's global strategy, KFM relies on its world-class mining resources and advanced production technology to make a name in the world.
Hong Kong Stock Market Trends: Non-ferrous metal stocks collectively decline, Aluminum Corporation of China (02600) falls more than 6%, and macroeconomic sentiment cools down to suppress non-ferrous metals.
According to the Wisdom Finance APP, non-ferrous metal stocks are collectively down. As of press time, Aluminum Corporation of China (02600) fell by 6.49% to HKD 5.62; Jiangxi Copper (00358) fell by 3.49% to HKD 16.02; CMOC Group Limited (03993) fell by 3.05% to HKD 7; Lingbao Gold (03330) fell by 2.25% to HKD 3.04; Ganfeng Lithium (01772) fell by 0.23% to HKD 21.65. In terms of news, the US May ISM manufacturing PMI declined for the second consecutive month, indicating a weakened overseas economy and weak macro sentiment in the non-ferrous sector.
[Broker Focus] CITIC Securities indicates that supply disturbances are the dominant logic of investment in the resource sector in the first half of 2024
Jinwu Financial News | CITIC Securities said that supply disturbances were the dominant logic of investment in the resource sector in the first half of 2024. In particular, copper prices showed the most prominent performance, which reached a record high. Under long-term supply constraints, it is expected that the prices of crude oil, copper, tin, etc. will continue to operate at a high level, and phased supply shortages or increased disturbances are expected to drive up the prices of products such as phosphate ore and manganese ore. In addition, commodity prices such as crude oil and copper will also benefit from the rebalancing of inflation and interest-rate cut transactions, supported by both finance and supply and demand. The bank expects the crude oil price operating range for the second half of 2024 to be 80-90 US dollars/barrel, and the copper price range is 9
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