[ET Net News Agency, 14 September 2021] Citi raised its target price for CMOC (03993)
to HK$8.3 from HK$6.5 and maintained its "buy" rating.
The research house said it raises its 2021/22/23 earnings forecasts by 6.9%/7.6%/-2.9%
mainly to factor in (1) higher LME copper price assumptions in 2021-22E; (2) higher cobalt
price assumptions in 2021-23E; and (3) higher copper production for 2024E onwards to
factor in Tenke expansion to 450ktpa copper by 2025E. (RC)