UBS: Gives a "buy" rating to CMOC Group Limited (03993) with a target price of 8.7 Hong Kong dollars.

UBS released a research report stating that it has a "buy" rating on CMOC Group Limited (03993), believing that the company's performance in the 2024 fiscal year exceeded market expectations, estimating that investors will react positively, and setting a target price at 8.7 Hong Kong dollars. The report stated that CMOC Group Limited's net profit attributable to shareholders in the 2024 fiscal year increased by 55% to 72% year-on-year, far exceeding market and the bank's expectations. The bank believes that the strong performance may be due to strong copper sales volume, lower tax rates, and better contributions from the trading department. The bank expects that the copper sales volume in the fourth quarter of last year should exceed 200,000 tons, mainly due to better-than-expected copper production in the fourth quarter; the 20% sales rights of the Congolese state-owned mining company Gecamines have taken effect, thus advancing CMOC's sales.