DBS has published a research report initiating coverage on ZIJIN GOLD INTL (02259) with a "Buy" rating and a target price of HK$137. The report notes that ZIJIN GOLD INTL is a prominent pure-play gold mining company that is currently consolidating substantial overseas gold assets under Zijin Mining (02899). The bank anticipates average gold price increases of 42% and 9% for 2025 and 2026 respectively, positioning ZIJIN GOLD INTL as an exceptional pure-play gold mining company that will attract investors. The bank highlights that benefiting from ZIJIN GOLD INTL's robust growth potential, the company's sales compound annual growth rate is expected to reach 8.2% by 2027, with earnings growth continuing to outpace industry peers. EBITDA margin is projected to rise to 58.1% by 2025, significantly exceeding the industry average of 48%. The bank forecasts that net profit compound annual growth rate will reach 51% by 2027, substantially surpassing the industry average of 44%.