ZHAOJIN MINING(01818.HK):GOLD PRICE TO RISE AGAIN MAINTAIN "BUY"
ZHAOJIN MINING(01818.HK):GOLD PRICE TO RISE AGAIN MAINTAIN "BUY"
We revise down the TP of Zhaojin Mining (the "Company") to HK$12.06 due to lower EPS estimation, but maintain the investment rating at "Buy". Our TP represents 36.0x 2023 PER and 22.1x 2024 PER. Net profit of Zhaojin Mining has great growth potential in 2024-2025 and will be driven by higher gold price and descending mined gold production costs.
We forecast net profit of Zhaojin Mining to grow largely in 2024 and 2025 due to higher gold price and descending mined gold production costs. We forecast gold price to rise in 2024 as the US Federal Reserve to cut interest rate. Gold assets are of high value during the period of US Federal Reserve's interest rate cut. Descending mined gold production costs will be another driver of profit growth in 2024.
We believe the Descending of mined gold production costs in 2024-2025 was under estimated. The descending of mined gold production costs will be another main driver of profit growth in 2024-2025. In 2023, the decline in production costs have not been witness by investors and mined gold production costs of the Company in 1H2023 remained high. We believe the descending in production costs to accelerate in 2024-2025 due to expanded production scale, especially when new mines commence production.
Catalysts: gold price rise; the US Fed to cut interest rate early; financial market turbulence.
Risks: decline in gold price; gold mine production impacted by external factors.
We revise down the TP of Zhaojin Mining (the "Company") to HK$12.06 due to lower EPS estimation, but maintain the investment rating at "Buy". Our TP represents 36.0x 2023 PER and 22.1x 2024 PER. Net profit of Zhaojin Mining has great growth potential in 2024-2025 and will be driven by higher gold price and descending mined gold production costs.
由於每股收益預期降低,我們將招金礦業(“公司”)的目標股價下調至12.06港元,但投資評級維持在 “買入”。我們的目標股價代表2023年市盈率36.0倍和2024年市盈率22.1倍。招金礦業的淨利潤在2024-2025年具有巨大的增長潛力,這將受到金價上漲和開採黃金生產成本下降的推動。
We forecast net profit of Zhaojin Mining to grow largely in 2024 and 2025 due to higher gold price and descending mined gold production costs. We forecast gold price to rise in 2024 as the US Federal Reserve to cut interest rate. Gold assets are of high value during the period of US Federal Reserve's interest rate cut. Descending mined gold production costs will be another driver of profit growth in 2024.
我們預測,由於金價上漲和開採黃金生產成本的下降,招金礦業的淨利潤將在2024年和2025年大幅增長。我們預測,隨着聯儲局降息,金價將在2024年上漲。在聯儲局降息期間,黃金資產具有很高的價值。開採黃金生產成本的下降將是2024年利潤增長的另一個驅動力。
We believe the Descending of mined gold production costs in 2024-2025 was under estimated. The descending of mined gold production costs will be another main driver of profit growth in 2024-2025. In 2023, the decline in production costs have not been witness by investors and mined gold production costs of the Company in 1H2023 remained high. We believe the descending in production costs to accelerate in 2024-2025 due to expanded production scale, especially when new mines commence production.
我們認爲,2024-2025年開採黃金生產成本的下降被低估了。開採黃金生產成本的下降將是2024-2025年利潤增長的另一個主要驅動力。2023 年,投資者沒有目睹生產成本的下降,該公司在 1H2023 中開採的黃金生產成本仍然很高。我們認爲,由於生產規模的擴大,尤其是新礦山開始生產時,生產成本的下降將在2024-2025年加速。
Catalysts: gold price rise; the US Fed to cut interest rate early; financial market turbulence.
催化劑:金價上漲;聯儲局提前降息;金融市場動盪。
Risks: decline in gold price; gold mine production impacted by external factors.
風險:金價下跌;金礦產量受外部因素影響。
譯文內容由第三人軟體翻譯。
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