CMOC (03993) fell more than 3%, dropping 3.08% to HK$18.24 by the time of writing, with a turnover of HK$618 million. The company released its first-quarter 2026 report, showing revenue of RMB 66.403 billion, a year-on-year increase of 44.34%. Net profit attributable to shareholders reached RMB 7.76 billion, up 96.65% compared to the same period last year. Goldman Sachs noted that CMOC's first-quarter net profit was RMB 7.76 billion, representing 97% year-on-year growth. Recurring net profit stood at RMB 8.1 billion, accounting for 23% of the bank's full-year forecast and 25% of market consensus, slightly below the bank's expectations but in line with market consensus. The bank attributed the weaker-than-expected performance to lower profits from the Brazilian niobium and phosphate businesses, as well as increased unit costs at the Congolese copper mining operations due to rising sulfur and energy prices. Goldman Sachs views the current valuation as attractive, estimating that the current share price reflects a copper price of $8,615 per ton to achieve 2028 targets, which is 35% lower than the spot price of $13,300. The bank lowered its recurring profit forecasts for CMOC for 2026 to 2028 by 3% to 6%, reducing its H-share target price from HK$27 to HK$25 and its A-share target price from RMB 28 to RMB 26, while maintaining a "buy" rating for both H-shares and A-shares.