CICC International: Raised Shandong Gold (01787.HK) target price to 27.3 Hong Kong dollars, maintains "outperform" rating.

According to the Smart Finance app, Industrial Bank International released a research report stating that it maintains a "outperform" rating on Shandong Gold (01787.HK), with a target price raised from HK$22.4 to HK$27.3, corresponding to a forecast P/E ratio of 20 times for the 2026 fiscal year and a 2 times P/B ratio. The bank pointed out that Shandong Gold's net profit in the first quarter of 2024 soared 47% year-on-year to 1 billion yuan, and revenue increased by 37% year-on-year. The performance growth is mainly benefited from two factors: the year-on-year increase in self-produced gold sales volume by 8% to 11 tons, and the year-on-year increase in spot gold price by 38% to $2,862 per ounce.