BOC International: Adjusted MMG Limited (01208) target price to HK$10.93, strong metal production performance in the second quarter.

According to the Intelligent Finance and Economics APP, CCB International released a research report stating that, thanks to the strong performance of the Las Bambas and Dugald River mines, MMG Resources (01208) saw a 7% and 10% increase in copper and zinc production in the second quarter of 2026. Although the company has maintained its annual production guidance, it has lowered the C1 cash cost guidance for its three mines due to significant by-product offset income in the first half of 2026. After minor adjustments to the model by CCB International, the company's earnings per share forecast for 2026 to 2028 has been lowered by 0% to 2%, and the target price has been adjusted to 10.93 Hong Kong dollars, reaffirming a "buy" rating.