BOCI Securities Limited: Reiterates "Buy" rating on MMG (01208), raises target price to HK$10.71

Bank of China International released a research report, stating that it has raised MMG's (01208) target price to 10.71 Hong Kong dollars and reiterated a "buy" rating. The bank stated that MMG's copper production in the first quarter of 2026 increased by 9% year-on-year, mainly benefiting from strong growth in the Kinsevere mine area and stable growth in the Las Bambas mine area. More importantly, its gold and silver production increased by 24% and 27% respectively year-on-year, with strong growth achieved in both the Las Bambas and Rosebery mine areas. The significant growth in precious metal production also led to a reduction in the C1 costs of the related mines. The bank stated that although the strong growth momentum in precious metal production may not be sustainable throughout the year, it still raised profit forecasts for 2026-2028 by 1%-2%.