By Megan Cheah
CMOC Group shares surged after the company posted record earnings for the first half of the year.
The Chinese mining company's Hong Kong-listed shares rose as much as 11.5% to HK$12.03 on Monday, while its Shanghai-listed shares gained as much as 8.5% to 12.05 yuan. Both have since pared some gains, last trading at HK$11.87 and 11.86 yuan, respectively.
Net profit for the first half climbed 60% from a year earlier to 8.67 billion yuan, equivalent to $1.21 billion, CMOC said Friday.
However, operating revenue fell 7.8% to 94.77 billion yuan.
Higher metal prices and stronger copper sales volumes boosted the company's results, Citi analysts said in a note.
Following the first-half results, the Citi analysts raised their net profit forecasts for 2025-2027, and revised up their H-share and A-share target prices to HK$13.40 from HK$11.20 and 12.60 yuan from 10.60 yuan, respectively.
U.S. rate-cut expectations are likely to support copper equity sentiment in the near term, Citi said, opening a 90-day positive catalyst watch on the company's Hong Kong- and China-listed shares.
"In addition, we expect CMOC could beat its copper production guidance of 600,000-660,000 tons in 2025, considering strong operations in [the first half]," Citi added.
Write to Megan Cheah at megan.cheah@wsj.com
(END) Dow Jones Newswires
August 25, 2025 00:27 ET (04:27 GMT)
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