UBS: Gives Zijin Mining Group (02899) a "buy" rating with a target price of 22.3 Hong Kong dollars.

UBS released a research report stating that it has given a "buy" rating to Zijin Mining Group (02899). Due to a downward revision in production guidance by Zijin, it is expected that investors will have a slightly negative reaction. The target price is set at 22.3 Hong Kong dollars. Zijin Mining Group's net profit attributable to shareholders for fiscal year 2024 increased by 51.5% year-on-year, which is basically in line with market and the bank's expectations. During the period, copper production increased by 6% year-on-year, slightly below the full-year expectation; gold production increased by 8% year-on-year, which is basically in line with the full-year expectation. Zijin has lowered its copper production guidance for 2025 from 1.22 million tonnes to 1.15 million tonnes, while maintaining the gold production guidance unchanged.