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News

4.5

01-06aastocks

HSI Increases by 468 Points at Midday; AI, Financial, and Commodity Stocks See Growth

6.5

01-06aastocks

G Sachs Predicts Steady Supply and Demand for CN Commodities, Expresses Optimism for Cement and Coal

6.5

01-05aastocks

G Sachs Provides Stock Buy Recommendations for HK Following ERLI (Table)

6.5

2025-12-31aastocks

G Sachs and M Stanley's Top Recommendations for HK Stocks (Table)

4.5

2025-12-31aastocks

HSI Ends Half-Day Trading with a 224-Point Decline; ZIJIN MINING and JIANGXI COPPER Reach New Peaks; CHINA UNICOM Experiences Six Consecutive Days of Decline

Money Flow

Over the past 66 trading days, overall net money flow is -82.27M, with retail investors contributing 21.93M and major investors adding -85.94M.

Net Buy $ Volume

Net Sell $ Volume

Galaxy Securities

initiated

2025-12-31

Reason

The analyst rating from Galaxy Securities for MMG (01208.HK) is based on several positive factors. The report highlights that MMG is expected to achieve substantial operating revenues and net profits over the next few years, with projections of HKD48.3 billion, HKD64.5 billion, and HKD68.7 billion in revenues, and HKD5.6 billion, HKD10.4 billion, and HKD12.1 billion in net profits attributable to shareholders from 2025 to 2027. Additionally, the broker commended MMG's high-quality mining resources and noted the increasing capacity of its three major copper mines, indicating a clear growth trajectory and significant potential for cost optimization. These factors contribute to the positive recommendation rating.

Galaxy Securities

Price Target

2025-12-31

initiated

The analyst rating from Galaxy Securities for MMG (01208.HK) is based on several positive factors. The report highlights that MMG is expected to achieve substantial operating revenues and net profits over the next few years, with projections of HKD48.3 billion, HKD64.5 billion, and HKD68.7 billion in revenues, and HKD5.6 billion, HKD10.4 billion, and HKD12.1 billion in net profits attributable to shareholders from 2025 to 2027. Additionally, the broker commended MMG's high-quality mining resources and noted the increasing capacity of its three major copper mines, indicating a clear growth trajectory and significant potential for cost optimization. These factors contribute to the positive recommendation rating.

HSBC Global Investment Research

Hold

to

Hold

upgrade

2025-12-15

Reason

The analyst rating for MMG (01208.HK) from HSBC Global Investment Research is a "Hold" due to improvements in copper fundamentals but limited short-term upside. The report highlights strong growth momentum in 4Q25, stable copper and zinc production, and firmer metal prices, with projections for mild production growth by 2026. The target price was raised significantly, reflecting a positive outlook, but the overall rating remains cautious given the current market conditions.

HSBC Global Investment Research

Hold

to

Hold

Price Target

2025-12-15

upgrade

The analyst rating for MMG (01208.HK) from HSBC Global Investment Research is a "Hold" due to improvements in copper fundamentals but limited short-term upside. The report highlights strong growth momentum in 4Q25, stable copper and zinc production, and firmer metal prices, with projections for mild production growth by 2026. The target price was raised significantly, reflecting a positive outlook, but the overall rating remains cautious given the current market conditions.

Morgan Stanley

maintain

$9.1

2025-11-26

Reason

The analyst rating from Morgan Stanley for MMG (01208.HK) is based on the expectation that recent regulatory measures in China, which include strict limits on new copper smelting capacity and the shutdown of approximately 2 million tons of illegally constructed capacity, will positively impact copper prices. This anticipated increase in copper prices is expected to benefit major copper companies, including MMG. As a result, Morgan Stanley has assigned an Overweight rating to MMG with a target price of HKD8.4, predicting a 70-80% chance of the stock price rising in the next 15 days.

Morgan Stanley

Price Target

$9.1

2025-11-26

maintain

The analyst rating from Morgan Stanley for MMG (01208.HK) is based on the expectation that recent regulatory measures in China, which include strict limits on new copper smelting capacity and the shutdown of approximately 2 million tons of illegally constructed capacity, will positively impact copper prices. This anticipated increase in copper prices is expected to benefit major copper companies, including MMG. As a result, Morgan Stanley has assigned an Overweight rating to MMG with a target price of HKD8.4, predicting a 70-80% chance of the stock price rising in the next 15 days.

DBS Group Research

Buy

maintain

2025-11-26

Reason

The analyst rating from DBS Group Research is based on several key factors: 1. Strong Earnings Growth: The expectation of a 75% compound annual growth rate (CAGR) in earnings for MMG from 2024 to 2027, driven by anticipated CAGRs of 10% for copper and 6% for gold sales by 2027. 2. Normalization of Operations: The anticipated normalization of operations at the Las Bambas mine, which is expected to provide additional support to earnings. 3. Copper Supply Shortage: The projection that copper will face a supply shortage next year, driven by stable demand growth related to the energy transition and tightening supply of mined copper. 4. Increased Price Forecasts: The broker's decision to raise its copper price forecasts for 2025 and 2026 by 3%, indicating confidence in the metal's market performance. 5. Revised Earnings Forecasts: The increase in earnings forecasts for 2025 and 2026 by 12% and 19%, respectively, reflecting a positive outlook for the company's financial performance. 6. Target Price Increase: The adjustment of the target price from $6.8 to $9.1, reinforcing the positive sentiment towards the stock. Overall, these factors led DBS Group Research to maintain a "Buy" rating on MMG.

DBS Group Research

Buy

Price Target

2025-11-26

maintain

The analyst rating from DBS Group Research is based on several key factors: 1. Strong Earnings Growth: The expectation of a 75% compound annual growth rate (CAGR) in earnings for MMG from 2024 to 2027, driven by anticipated CAGRs of 10% for copper and 6% for gold sales by 2027. 2. Normalization of Operations: The anticipated normalization of operations at the Las Bambas mine, which is expected to provide additional support to earnings. 3. Copper Supply Shortage: The projection that copper will face a supply shortage next year, driven by stable demand growth related to the energy transition and tightening supply of mined copper. 4. Increased Price Forecasts: The broker's decision to raise its copper price forecasts for 2025 and 2026 by 3%, indicating confidence in the metal's market performance. 5. Revised Earnings Forecasts: The increase in earnings forecasts for 2025 and 2026 by 12% and 19%, respectively, reflecting a positive outlook for the company's financial performance. 6. Target Price Increase: The adjustment of the target price from $6.8 to $9.1, reinforcing the positive sentiment towards the stock. Overall, these factors led DBS Group Research to maintain a "Buy" rating on MMG.

BOCI

NULL -> Buy

upgrade

2025-10-23

Reason

The analyst rating for MMG (01208.HK) was reiterated at "Buy" due to several positive factors highlighted in the report. The company's 3Q25 copper and zinc output increased significantly year-over-year, driven by strong performance at key mines such as Las Bambas, Kinsevere, and Dugald River. Additionally, the stable operations at the Las Bambas mine allowed the company to raise its annual copper output guidance, which the broker believes can be maintained over the next two years. As a result, BOCI raised its earnings forecasts for MMG for 2026-2027 by 7% and increased its target price from $8.41 to $8.63, supporting the positive rating.

BOCI

NULL -> Buy

Price Target

2025-10-23

upgrade

The analyst rating for MMG (01208.HK) was reiterated at "Buy" due to several positive factors highlighted in the report. The company's 3Q25 copper and zinc output increased significantly year-over-year, driven by strong performance at key mines such as Las Bambas, Kinsevere, and Dugald River. Additionally, the stable operations at the Las Bambas mine allowed the company to raise its annual copper output guidance, which the broker believes can be maintained over the next two years. As a result, BOCI raised its earnings forecasts for MMG for 2026-2027 by 7% and increased its target price from $8.41 to $8.63, supporting the positive rating.

Citi Research

NULL -> Buy

upgrade

2025-09-30

Reason

The analyst rating from Citi Research for MMG (01208.HK) is based on several key factors: 1. Updated Mineral Reserve Estimations: The report reflects revised estimates of mineral reserves, which can enhance the company's long-term value and production potential. 2. Higher Copper Prices: Anticipated increases in copper prices are expected to positively impact the company's profitability, as MMG's net profit is highly sensitive to fluctuations in copper prices. 3. Lower C1 Cost Guidance for Las Bambas: The expectation of reduced C1 costs for the Las Bambas project, driven by strong gold and copper prices and stable output, suggests improved operational efficiency and profitability. 4. Positive Catalyst Watch: The initiation of a 90-day positive catalyst watch indicates that Citi Research expects upcoming developments or announcements that could further enhance the stock's performance. Overall, these factors led Citi Research to raise the target price from $5.7 to $7.2 and maintain a "Buy" rating on the stock.

Citi Research

NULL -> Buy

Price Target

2025-09-30

upgrade

The analyst rating from Citi Research for MMG (01208.HK) is based on several key factors: 1. Updated Mineral Reserve Estimations: The report reflects revised estimates of mineral reserves, which can enhance the company's long-term value and production potential. 2. Higher Copper Prices: Anticipated increases in copper prices are expected to positively impact the company's profitability, as MMG's net profit is highly sensitive to fluctuations in copper prices. 3. Lower C1 Cost Guidance for Las Bambas: The expectation of reduced C1 costs for the Las Bambas project, driven by strong gold and copper prices and stable output, suggests improved operational efficiency and profitability. 4. Positive Catalyst Watch: The initiation of a 90-day positive catalyst watch indicates that Citi Research expects upcoming developments or announcements that could further enhance the stock's performance. Overall, these factors led Citi Research to raise the target price from $5.7 to $7.2 and maintain a "Buy" rating on the stock.

Valuation Metrics

Forward PE

5Y Average PE

10.35

Current PE

18.24

Overvalued PE

13.49

Undervalued PE

7.21

Forward EV/EBITDA

5Y Average EV/EBITDA

5.25

Current EV/EBITDA

5.90

Overvalued EV/EBITDA

6.01

Undervalued EV/EBITDA

4.49

Forward PS

5Y Average PS

0.84

Current PS

2.21

Overvalued PS

1.14

Undervalued PS

0.53

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