BOC International released a research report stating that following MMG's (01208) financial report adjustments and upward revisions to metal price forecasts, the firm has raised its net profit projections for 2025 to 2027 by 11% to 26%. The firm maintains its "Buy" rating and has increased the target price from HK$4.72 to HK$5.25 based on discounted cash flow (DCF) valuation.

The firm noted that MMG's (01208) net profit surged 15.1 times year-over-year in the first half of 2025 to $340 million, primarily driven by significant increases in copper production, cost reductions (specifically at Las Bambas in Peru and Khoemacau mine in Botswana), and rising metal prices.

BOC International expects the company's net profit for the second half of 2025 to grow 4% on a half-yearly basis, as rising metal prices should offset potential declines in metal production that could lead to cost increases.

Looking ahead, BOC International projects the company's net profit will increase 4% half-yearly in the second half of 2025. Under conservative assumptions, copper production is expected to decline 10% on a half-yearly basis, with Las Bambas copper production anticipated to fall 20% half-yearly based on the midpoint of its full-year guidance.

Following mining-related road blockades in June and early July, the company has maintained sufficient buffer room in its guidance. If operations experience no further disruptions, the mine's full-year production could potentially exceed 400,000 tonnes.