Morgan Stanley has released a research report indicating that CMOC Group's (03993.HK) second-quarter earnings preview aligns with market expectations. The mining giant anticipates first-half net profits between 8.2 billion and 9.1 billion yuan, representing a robust year-on-year surge of 51% to 68%. This projection implies Q2 net profits ranging from 4.25 billion to 5.15 billion yuan, marking a 27% to 54% annual increase. The midpoint estimate of 4.7 billion yuan corresponds closely with the investment bank's projections.
Company management attributes this substantial profit growth to favorable copper and cobalt pricing dynamics coupled with increased copper sales volumes. Morgan Stanley maintains its "Overweight" rating on CMOC's Hong Kong-listed shares with an unchanged target price of HK$11.7.
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