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Citigroup Raises Price Target for CMOC, Keeps Buy Recommendation

Stock News
Yesterday

Citigroup has released a research report increasing its net profit forecasts for CMOC (03993) for the years 2025, 2026, and 2027 by 3.8%, 34.2%, and 17.5%, respectively, to RMB 20.5 billion, RMB 33.9 billion, and RMB 31.8 billion. The bank raised its target price for CMOC from HKD 20.6 to HKD 28.3 and maintained a "Buy" rating. Based on Citigroup's commodities team forecast of a 2026 gold benchmark price of USD 4,600 per ounce, the bank projects that newly acquired assets will contribute 7.1 tonnes of attributable gold production in 2026, generating approximately RMB 2.4 billion in net profit for CMOC, which represents about 7% of total net profit. The report noted that CMOC announced the acquisition of Brazilian gold assets in December 2025 and completed the transaction in January 2026. It is estimated that these assets will contribute 7.1 tonnes of attributable gold production in 2026, adding roughly RMB 2.4 billion in net profit.

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