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<Research>BofAS: ZIJIN MINING Intends to Spin Off Overseas Gold Mines for HK IPO; TP Set at $19
Recommend 8 Positive 12 Negative 2 |
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ZIJIN MINING (02899.HK) plans to spin off Zijin Gold International for a separate listing on the main board of the Hong Kong Stock Exchange, with all eight key overseas gold mines to be included in the proposed spin-off entity, according to a report from BofA Securities. These eight mines produced around 40 tonnes of gold last year and are expected to produce about 42 tonnes this year, accounting for roughly 50% of the company's gold production guidance for this year. Since ZIJIN MINING's proposal is still pending shareholder and regulatory approval, the transaction date and details have yet to be determined, making it impossible for BofA Securities to provide an accurate valuation or earnings forecast at this stage. However, the broker believes the proposal will help realize the gold assets value and serve as a positive catalyst for the stock in the short term. Given ZIJIN MINING's attractive valuation, robust growth in gold and copper sales, and solid cost control execution, BofA Securities kept the Buy rating unchanged, with a target price of $19. AAStocks Financial News |
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