CNBM (03323.HK) issued a profit warning, expecting a loss of approximately 0.7 billion yuan in the first three quarters due to the decrease in commodity prices. A research report released by UBS Group indicated that based on this estimate, the company incurred a loss of 2.018 billion yuan in the first half of the year, followed by a profit of 1.318 billion yuan in the third quarter. Based on communication with investors, the bank believes that CNBM's third-quarter profit improvement will be better than market expectations.

Due to the profit warning, UBS Group has adjusted its profit forecast for CNBM. The earnings per share forecasts for each year from this year to 2026 have been revised down to 14 cents, 28 cents, and 39 cents, respectively. The valuation basis has been extended to 2025, calculated at a P/E ratio of 0.23 times, resulting in a target price increase from HK$3.1 to HK$3.2, with a 'Neutral' rating.