Citi released a research report that opened a 90-day upturn for Qientong Floorboards (01888.HK), as it expects the company to post an earnings note in mid-July; it expects a profit increase of 82% year-on-year to $7.68 billion for shareholders in the first half of this year. The report noted that the company's share price fell by about 17% from its year-to-date high, while copper fell by about 10% to $9,600 per tonne in the same period. As the Mainland's energy transition from oil to electricity, such as electric vehicles, solar and wind power, the global commodities team expects copper prices to rise to $1.2 million per tonne by early 2025. Over the past decade, the company's share price has been closely linked to the cost of copper, and the cost of copper has been one of the company's largest costs. THE BANK REINSTATED A BUY RATING AFTER THE COMPANY'S SHARE PRICE FELL 17%.

The bank has a target price of $12.5 and expects earnings per share growth of 60% for the combined year to 2026.