j.p. 摩根-中国-金属行业（个股-紫金矿业&江西铜业）-紫金矿业港股维持增持评级，江西铜业港股维持中性评级

《j.p. 摩根-中国-金属行业（个股-紫金矿业&江西铜业）-紫金矿业港股维持增持评级，江西铜业港股维持中性评级》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、Completed14Dec201709:30PMHKTDisseminated14Dec201709:39PMHKTAsiaPacificEquityResearch14December2017AsiaMetalsWhencopperaddsweighttogold-InitiateZijinMining-HwithOW,JiangxiCopper-HwithN(exA-shares)WeinitiatecoverageofZijinwithanOWratingandpricetargetofChinaHK$3.1andJiangxiwithaNeutralr

2、atingandpricetargetofHK$13.AsiaBasicMaterialsWehaveaneutralviewoncopper’ssupply/demandoutlook,butthinkACPoWeienvironmentalregulationsareanupsidepriceriskin2018.Jiangxi’sfocus(852)28008537ontradinglimitsitsmarginsandreturnsprofile,thoughweflagthestock’spo.wei@jpmorgan.comhighcorrelati

3、onwithcopperpricesasanupsiderisk.AsamorediversifiedBloombergJPMAPWEIminer,Zijinshouldbenefitfromoffshorecopperramp-upandstablegoldJ.P.MorganSecurities(AsiaPacific)Limitedprices.Forpuregoldexposures,welikeAustraliamid-capgoldminersScottLDarlingEVN,OGCandSBMcoveredbyJPManalystMathe

4、wHocking.(852)28008578scott.darling@jpmorgan.comPolicyisanupsiderisktocopperprices:WhilecopperhassofarbeenJ.P.MorganSecurities(AsiaPacific)LimitedconspicuouslyleftoutofChina’ssupply-sidereforms,twoenvironmentalAustrailianMetals&MiningpoliciescouldpotentiallyimpactChina’scoppersupply

5、:1)tighterMathewHockingregulationsonsmallmines;and2)apotentialbanontheimportofscrap(61-2)9003-6827copperbyyear-end.TheregulationscouldpotentiallybenefitZijinorJXCmathew.hocking@jpmorgan.comaswe’dexpectthemtotargetsmallermines,andtheycouldimpactsupplyJ.P.MorganSecuritiesAustraliaLimit

6、edby~5%andmovepriceshigher.Onthedemandside,growthinChinashouldslowtoc.2%fromc.5%inthepast.Benigngoldoutlook:JPM’scommodityteamexpectsfurtherFedrepricingandrisingUSrealratesin2018tocapgoldprices,withpreciousmetalsmovingslightlyhigherinto2H18E(seenote).Table1:JPMMetalsYearlyAverageOv

7、erweightZijin-H,NeutralJiangxi-H.ZijinhasevolvedfromapurePriceForecastsgoldcompanytoadiversifiedminerwithanM&AtrackrecordinPreciousandBase2017E2018Edevelopingnewresourcesatlowcosts.In2018,weexpectrampupinMetalsGold(US$/oz)1,2401,295copperassetstohelpsustaintherecentOPmarginrecovery.F

8、orJiangxi,Yo