HK Stock Market Move | MMG (01208) rose by more than 6%. The company plans to significantly increase the nickel production in Brazil to over 150,000 tons.

MMG (01208) rose by over 6% again, with a cumulative increase of over 23% within the month. As of the time of writing, it has increased by 5.28%, trading at HK$2.79 with a trading volume of HK$2.45 billion. In terms of news, MMG recently announced its annual performance, with a total revenue of US$4.479 billion, a 3% year-on-year increase; net profit of US$162 million, a 17-fold increase. In addition, MMG recently announced the acquisition of Anglo American's nickel business in Brazil. Chairman Xu Jiqing stated that the company is not satisfied with the annual nickel production of about 40,000 tons in Brazil and hopes to increase it to over 150,000 tons by around 2030. Goldman Sachs released a research report stating that they have lowered MMG's net profit forecast for 2025 by 19% and raised the forecast for 2026 by 26% to reflect the 2024 performance, combined with the latest copper price forecast from their global commodities team. The bank believes that MMG, as a leveraged pure copper company, will benefit from rising copper prices and production growth. In addition, the company reported a net profit of US$162 million for 2024, a 17-fold increase year-on-year, equivalent to earnings per share of $0.015, excluding one-off losses such as inventory write-offs and impairments. The recurring net profit reached US$240 million, which is basically in line with the bank's expectations.