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《Big Banks》BofA Securities: Zijin (02899.HK) second-quarter net profit below expectations, reiterates a “Buy” rating

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Bank of America Securities issued a report saying Zijin Mining (02899.HK) +0.580 (+1.971%) had short interest of $364 million, with a ratio of 20.438%. The company issued a profit alert; the expected net profit for the first half of 2026 is RMB 39.1 billion, up 68% year-on-year, equivalent to 53% and 47% of the bank’s and the market’s full-year forecasts, respectively. On a standalone basis for the second quarter, net profit was RMB 19.0 billion, up 45% year-on-year, but down 5% quarter-on-quarter; recurring net profit was RMB 19.4 billion, up 5% quarter-on-quarter, which was below the bank’s expectations. The bank believes the results lagging expectations were mainly due to Zijin Gold International (02259.HK) -1.400 (-1.404%) with short interest of $300 million and a ratio of 43.129%, reflecting weak performance in the second quarter; if the related impact is excluded, Zijin Mining’s second-quarter earnings are broadly in line with forecasts. The bank maintained its “Buy” rating for Zijin Mining. Its positive view is based on a constructive outlook for copper prices; visible growth in copper, gold, and lithium production; strong cost control; and attractive valuation. The bank noted that Zijin Mining’s current share price implies a 2027 forecast P/E of 8x, below 12x for global copper peers and 11x for gold peers, with an attractive risk-reward profile. Regarding the target price, the H-share target price is HK$43, and the A-share target price is RMB 39. (da/u) (Hong Kong stock quotes are delayed by at least fifteen minutes. Short-selling data as of 2026-07-10 16:25.) Related content 《Profit Alert》Zijin (02899.HK) expected interim net profit to rise 68% to RMB 39.1 billion
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