According to Damo, the 2024 copper price forecast was raised, so the earnings forecast for Jiangxi Copper (00358) 2024-2026 per share was increased by 13%, 1%, and 1%.
The Zhitong Finance App learned that Damo released a research report saying that it gave Jiangxi Copper Co., Ltd. (00358) “increased its holdings” rating and slightly raised the target price by 2.2% to HK$18.7, which is expected to be supported by rising copper prices. Furthermore, the 2024 copper price forecast was raised, so the company's 2024-2026 earnings per share forecast was raised by 13%, 1%, and 1%. The basic assumption is that demand from the renewable energy market and power grids and global inflation expectations are beneficial to copper prices. Damo expects the price of copper to rise to 4.38 US dollars/pound in 2024. However, the pessimistic assumption is that domestic copper demand is worse than expected. The price of copper is 3.59 US dollars/pound, which lowered the forecast for the company's stock price from HK$10.3 to HK$9.2.