not vested
July 21, 2017
<Research Report>Deutsche: ZIJIN MINING Interim Profit Miss May Be Due to Non-operating Loss; Rated Buy with TP $3.6
Deutsche Bank, in its report, said ZIJIN MINING (02899.HK) released preliminary 2017 interim results with net profit after tax (NPAT) of RMB1.5 billion, increasing 179% yearly, only achieving 33% and 39% of the broker's estimate and consensus, respectively.
Pre-tax profit and NPAT dropped 27% quarterly and 50% quarterly in 2Q17, respectively, despite 3% quarterly increase in revenue.
With a fairly strong gold price and stable copper/zinc price in the second quarter, the broker believed there might be some non-operating losses recorded during the period.
The broker rated Zijin at Buy with target price of $3.6. Deutsche Bank will revisit the forecast after the conference call.
Source: AAStocks Financial News