CICC: Cuts CGN Mining (01164.HK) target price by 36% to HK$3.07, maintains "Outperform" rating.

CICC has released a research report stating that it maintains an "Outperform" rating on CGN Mining (01164.HK), but due to rising US Treasury yields leading to a downward revision in uranium mining stock valuations, it has cut the target price by 36% to HK$3.07, corresponding to 31.3x and 21.0x P/E for 2026 and 2027, implying 50% upside from the current share price. Considering short-term international trade losses and rising costs, the broker has lowered its net profit forecasts for 2026 and 2027 by 29%/5% to HK$750 million and HK$1.11 billion. The company has published its Q3 2026 operational report. The broker believes that the drag on the company's profitability from cross-period deliveries in its trading business is gradually being removed, the uranium mining projects in Kazakhstan are operating stably, and the company is expected to benefit from the upward cycle in the natural uranium industry.