BOCI: Raises MMG (01208.HK) target price to HK$11.01, reiterates "Buy" rating

Zhito Finance APP has learned that BOC International issued a research report reiterating its "Buy" rating on MMG (01208.HK), raising the target price from HK$10.86 to HK$11.01, equivalent to a 2026 forecast P/E of 8.9x. The bank mainly raised its 2026 to 2028 earnings forecasts by 3% to 5% due to strong molybdenum and silver production in the third quarter. MMG's third-quarter copper production rose 3% year-on-year to 131,200 tonnes, with the ramp-up of capacity at two mines in Africa as the main growth driver. Based on the company's updated guidance, the bank estimates that fourth-quarter copper production will decline 6% quarter-on-quarter, but still expects full-year copper production to rise 3% year-on-year.