HK Stock Market Move | CMOC Group Limited (03993) fell over 3% after the performance report. The first quarter net profit attributable to the mother increased by nearly 97% year-on-year. Goldman Sachs lowered the company's target price.

CMOC Group Limited (03993) fell more than 3%, as of the time of writing, it fell by 3.08% to 18.24 Hong Kong dollars, with a turnover of 6.18 billion Hong Kong dollars. In terms of news, CMOC Group Limited released its first quarter report for 2026, with operating income of 66.403 billion yuan, an increase of 44.34% year-on-year; net profit attributable to shareholders of the listed company was 7.76 billion yuan, an increase of 96.65% year-on-year. Goldman Sachs stated that the company's first quarter net profit was 7.76 billion yuan, an increase of 97% annually; recurring net profit was 8.1 billion yuan, which is equivalent to 23% of the bank's annual forecast and 25% market consensus, slightly lower than the bank's expectations but in line with market consensus. The bank believes that the profit from the niobium and phosphorus business in Brazil was lower than expected, and the copper mining business in the Congo saw an increase in unit costs due to rising sulfur and energy prices, which will drag down performance. Goldman Sachs believes that the current valuation is attractive, estimating that the current price reflects a copper price of $8,615 per ton to achieve the target in 2028, 35% lower than the spot price of $13,300. The bank has lowered its recurring profit forecast for CMOC Group Limited from 2026 to 2028 by 3% to 6%, with a Hong Kong stock target price reduced from 27 Hong Kong dollars to 25 Hong Kong dollars, and an A-share target price reduced from 28 yuan to 26 yuan, maintaining a "buy" rating for both Hong Kong and A shares.