HAITONG INT'L: Initiates ZIJIN GOLD INTL (02259) with "Outperform" Rating, Target Price HK$182.2

HAITONG INT'L released a research report initiating coverage on ZIJIN GOLD INTL (02259) with an "Outperform" rating and a target price of HK$182.2. The bank stated that production growth and high gold prices in the first half of 2026 will jointly drive accelerated profit realization, and the company focuses on balancing expansion with shareholder returns. The bank believes that global gold has entered a new phase characterized by high prices, high volatility, and rigid supply, and the central gold price still has long-term support. The bank noted that in the first half of 2026, the company's mined gold output was 27.3 tonnes, up 44% year-on-year; revenue was US$3.987 billion, up 100% year-on-year; net profit attributable to shareholders was US$1.451 billion, up 179% year-on-year; and operating cash flow was US$1.798 billion, up 331% year-on-year. The company paid an interim dividend for the first time in 2026, at HK$1.50 per share, totaling approximately US$512 million, accounting for 35.3% of net profit attributable to shareholders in the first half; the bank expects the company's full-year dividend payout ratio to be approximately 35%. The bank stated that high gold prices do not mean linear price increases, but they can expand the economic boundaries of low-grade resources and enable mining companies with resource, operational, and capacity expansion capabilities to gain stronger cash generation ability.