Damo estimates that for every 1% increase in the price of gold, the net profit of Zhaojin in 2024 will increase by 2.9%.
The Zhitong Finance App learned that Damo released a research report saying that it is believed that the stock price of Zhaojin Mining (01818) will rise within 30 days. It is estimated that the chance of this happening is over 80%. The target price is HK$12.2, maintaining the “in sync with the market” rating because sales growth of Zijin Mining (02899) is believed to be relatively higher. The price of gold hit a new high of more than 2,100 US dollars per ounce, and fundraising will benefit from this. The bank estimates that for every 1% increase in the price of gold, the net profit of Zhaojin in 2024 will increase by 2.9%.