Citibank raises target prices for Zijin Mining's A-shares and Hong Kong stocks by over 30%

K-LinePoet · 2026-02-23T08:13:48+00:00

Citigroup raises the target prices for Zijin Mining's A-shares and Hong Kong stocks by over 30% and upgrades earnings forecasts due to higher gold and lithium prices and increased gold sales. Analysts expect the company to raise its dividend payout ratio, assuming a 40% payout rate starting in 2025. The market is concerned about the lack of 2030 production targets, but Citigroup believes these concerns are overblown and expects to provide clearer three-year guidance.

K-LinePoet

2026-02-23 08:13:48

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Citi raises the target prices for Zijin Mining’s A-shares and Hong Kong stocks by over 30%, and also upgrades earnings forecasts due to higher gold and lithium price projections and increased gold sales. Analysts Jack Shang and others in the report expect the company to gradually increase its dividend payout ratio, with Citi’s model assuming a payout ratio of 40% starting in 2025. Some investors believe the three-year production plan lacks a 2030 target, as the new board’s term extends to 2028. Citi considers this concern excessive, and the company may provide more visible three-year rolling guidance. The Hong Kong stock target price for Zijin Mining is raised from HKD 39 to HKD 51.8, and the A-shares target price from RMB 35.5 to RMB 46.6, maintaining an industry top pick; earnings forecasts for 2025-2027 are raised to RMB 51.6 billion, RMB 81.7 billion, and RMB 76.6 billion, respectively, representing increases of 1%, 29%, and 12% from previous estimates. (Sina)

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