BOA Merrill Lynch: Jiangxi Copper (00358.HK) target price raised to HK$17, mid-term earnings beat expectations.

According to the Zhixun Finance APP, Bank of America released a research report stating that Jiangxi Copper (00358.HK) had a 15% year-on-year increase in its net profit after tax in the first half of the year to 4.2 billion RMB, which means that its net profit after tax in the second quarter increased by 17% to 2.2 billion RMB, exceeding expectations. The bank is optimistic about copper mining, mainly due to operational disruptions leading to a tight supply of copper concentrate, but the copper mining volume of Jiangxi Copper accounts for less than 10% of its total production. The bank has raised its forecast for Jiangxi Copper's net profit after tax this year by 28% to 7.2 billion RMB, and for next year by 18% to 7 billion RMB, while also raising its target price from 11 Hong Kong dollars to 17 Hong Kong dollars, with a rating of "underperforming the market."