＜Research＞UBS Initiates ZHAOJIN MINING (01818.HK) at Buy, TP $17.9

　　In a recent report, UBS initiated ZHAOJIN MINING (01818.HK) +0.260 (+1.849%) Short selling $28.68M; Ratio 12.745% at Buy, with a target price of HK$17.9 based on 30x forecasted 2025 P/E ratio.

　　The Global Precious Metals team at UBS expected the gold price to remain strong and stable from 2024 to 2026, and has hiked its gold price forecast to US$2,365 to US$2,775 per ounce. The broker's model also showed that ZHAOJIN has been the most gold price-sensitive of all A/H gold stocks over the past three years.

　　With the upcoming commissioning of the Haiyu gold mine project and the acquisition of Australia-listed miner Tietto, ZHAOJIN's mined volume is expected to reach 46 tonnes of gold in 2028, representing a compound annual growth rate (CAGR) of 27% from 2023 to 2028, making it the third-largest gold miner in China. UBS forecasted ZHAOJIN's earnings to grow at a CAGR of 85% from 2023 to 2026.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-04 16:25.)

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