Zijin Mining Group could further boost shareholders' returns via buybacks, given the attractive valuations, say Citi analysts in a note. The Chinese miner's shares listed in Hong Kong and Shanghai have corrected around 30% since their most recent highs, given falling gold prices and investors choosing to rotate out of mining stocks into artificial-intelligence-related sectors, they say. The analysts expect Zijin to report a 70% gain in 1H earnings, with its preliminary results expected in July. Zijin Mining is Citi's top sector pick, with the bank opening a 30-day upside catalyst watch on its Hong Kong and China stocks. Citi maintains its buy ratings and target prices of 51.80 Hong Kong dollars and 46.60 yuan. Shares last closed at HK$31.20 in Hong Kong and 28.28 yuan in Shanghai. (megan.cheah@wsj.com)
Dow Jones Newswires
Zijin Mining Could Buy Back Shares on Attractive Valuations — Market Talk
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Zijin Mining Group could further boost shareholders' returns via buybacks, given the attractive valuations, say Citi analysts in a note. The Chinese miner's shares listed in Hong Kong and Shanghai have corrected around 30% since their most recent highs, given falling gold prices and investors choos…