On August 17, MMG rose 5.41% in regular trading, trading at HKD 9.025/share, with turnover of HKD 90.35 million. The stock continues to gain momentum following its record-breaking first-half results and multiple analyst upgrades.

MMG reported H1 revenue of USD 4.54 billion, up 61% year-over-year, with net profit attributable to equity holders surging 164% to USD 897 million. EBITDA reached USD 2.73 billion, up 77%, driven by higher copper sales volumes, elevated copper and by-product prices, and lower C1 cash costs. Operating cash flow hit a record USD 2.23 billion, up 89%. Net debt declined sharply from USD 3.35 billion to USD 608 million following a USD 1.6 billion convertible bond issuance and share placement.

Bank of America raised its target price from HKD 10.5 to HKD 12, reiterating a Buy rating, noting H1 earnings already represent 54% of full-year consensus. The firm also upgraded earnings forecasts by 16%-22% for the next three years. Citi maintained a Buy rating with a HKD 11.2 target, while Morgan Stanley kept an Overweight rating at HKD 11.7, citing stable operations and improving cost guidance at Las Bambas.

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