报告名称：CMOC(03993.HK)The Commodity Rout Is Deepening Downgrade to “Reduce”
报告类型：港股研究
报告日期：2015-12-17
研究机构：国泰君安国际
研究员：郭勇
股票名称：洛阳钼业
股票代码：03993,603993
页数：6
简介：The loss of metal prices extended as investors worried that thecommodity rout may deepen. Base metals have slumped 27 percent in2015, as years of increased output from miners created global productionsurpluses just as slower economic growth from China erodes demand.
Maintain mining output assumptions unchanged. The Company plans toproduce 16,323 and 8,720 tons of mined molybdenum and tungsten,respectively, and the Northparke mine plans to produce 41,614 tons of minedcopper in 2015. The production of the Company was stable in the first half of2015 and we expect the Company to fulfill its output target.
Revise down metal prices assumptions as the consumption demandcontinues to deteriorate in 2H2015 and is worse than our previousexpectation. We expect molybdenum and tungsten prices to decline andremain low in 2015 and 2016 due to excessive supply and weak consumptiondemand, we also expect copper to continue to decline due to global supplyglut
Revise down TP to HK$ 1.23, and downgrade to “Reduce”.

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