Morgan Stanley: "Overweight" rating on CMOC Group Limited (03993) with target price lowered to HK$8.7

Morgan Stanley released a research report stating that the earnings per share forecast for CMOC Group Limited (03993) for the years 2024 to 2026 has been adjusted by -1.9%/+0.3%/+0.6% respectively. The target price has also been lowered from 8.9 Hong Kong dollars to 8.7 Hong Kong dollars, equivalent to a forecasted 2025 P/E ratio of 14.6 times, with a rating of "hold." The bank has taken into account changes in metal prices and adjusted sales volume forecasts based on the company's expansion plans and performance in the first half of the year.