CICC International: raised the target price of Minmetals Resources to HK$11.9, and raised profit forecasts for this and next year.

Bank of China International published a report stating that the production of Minmetals Resources is expected to grow strongly by 2025, with total copper production and total zinc production increasing by 27% and 6% annually, respectively. Although the company predicts more moderate production growth in 2026, with copper production increasing by 3% annually and zinc production decreasing by 3% annually, the bank still expects the company's earnings per share in 2026 to increase by 1.1 times, driven by strong metal prices. The recent surge in nickel prices has also made the acquisition of Brazilian nickel businesses more attractive. The bank has raised its profit forecast for the company for 2026-2027 by 10-11%, raised the target price from 10.25 Hong Kong dollars to 11.9 Hong Kong dollars, and reiterated a "buy" rating.