by winston » Thu Dec 05, 2013 3:55 pm
<Research Report>ZHAOJIN MINING (01818.HK) rated Buy with target cut to $6.59 by UBS
UBS global commodities team had reduced 2014 gold price estimate by 9% to USD1,200 per ounce, and had trimmed 2013 4Q gold price forecast by 11% to USD1,240 per ounce.
The commodities team projected gold price will fluctuate substantially, thanks to potential QE tapering by the Fed, and contracting gold imports by the Indian government.
2013/14/15 EPS forecasts of ZHAOJIN MINING (01818.HK) were lowered by 13%/38%/8% to RMB0.3/0.2/0.24. Stock price of ZHAOJIN MINING had slid 34% since August, while gold price had sunk 14% and stock price of ZIJIN MINING (02899.HK) had dropped 9%.
The bank commented the current valuation of ZHAOJIN MINING is compelling. Target price decreased from $7.22 to $6.59, and rating stayed at Buy.
Source: AAStocks Financial News
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