CST Mining 0985

CST Mining 0985

Postby winston » Tue Feb 08, 2011 3:03 pm

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DJ MARKET TALK: BOCI Keeps CST Mining At Buy; Bullish View Intact

1354 [Dow Jones] STOCK CALL: BOCI keeps CST Mining (0985.HK) at Buy with an unchanged target of HK$0.30. The house says since the entire share disposal by CST Mining's formerly second largest shareholder on Dec. 17 2010, the company's share price has rebounded 19%, back to its pre-disposal level.

"Our bullish view on CST remains intact due to its copper exposure and strong fundamentals for copper," as the LME copper spot price closed above US$10,000/ton (US$4.53/lb) Friday, BOCI says.

Incorporating its new copper price assumptions and the company's production volume guidance, BOCI raises its FY12-FY13 earnings forecasts by 13% and 7.0%, respectively.

BOCI also lifts its capex estimates for Lady Annie Mine and raises its discount rate to reflect the higher risk premium across the house's mining stocks coverage. CST is up 2.5% at 24.2 HK cents at midday.


Source: Dow Jones Newswire
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