JPM initiated coverage on MMG with an Overweight rating and a target price of HKD13, citing the company's strong exposure to copper, which is expected to drive significant earnings growth. Despite underperforming compared to international peers, the positive outlook for copper prices and improvements in MMG's financials, including reduced debt and lower interest expenses, support the potential for a valuation re-rating. Additionally, stable operations at the Las Bambas mine and upcoming expansions are seen as growth catalysts.
