Manganese Likely Key Negative Surprise in South32 3Q Result -- Market Talk

Dow Jones

Apr 20

0218 GMT - South32 is likely to report misses in 3Q manganese and copper output versus market expectations, according to Macquarie. The bank expects aluminum output to be broadly in line with consensus estimates. Manganese "is likely the key negative surprise, with our forecasts sitting circa 10% below consensus due to weather impacts at Gemco," says Macquarie. "Silver also appears to be a miss with our expected production 5% below" consensus, the bank adds. It has an outperform rating on the stock. It raises its target price to A$5.80 from A$5.60 after increasing its earnings valuation multiple to 7x from 6.5x "to better align with spot pricing." Shares are down 3.3% at A$4.38. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

April 19, 2026 22:18 ET (02:18 GMT)

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The bank expects aluminum output to be broadly in line with consensus estimates. Manganese \"is likely the key negative surprise, with our forecasts sitting circa 10% below consensus due to weather impacts at Gemco,\" says Macquarie. \"Silver also appears to be a miss with our expected production 5% below\" consensus, the bank adds. It has an outperform rating on the stock. It raises its target price to A$5.80 from A$5.60 after increasing its earnings valuation multiple to 7x from 6.5x \"to better align with spot pricing.\" Shares are down 3.3% at A$4.38. (rhiannon.hoyle@wsj.com; @RhiannonHoyle) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  April 19, 2026 22:18 ET (02:18 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Manganese Likely Key Negative Surprise in South32 3Q Result -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nManganese Likely Key Negative Surprise in South32 3Q Result -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-04-20 10:18</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0218 GMT - South32 is likely to report misses in 3Q manganese and copper output versus market expectations, according to <a href=\"https://laohu8.com/S/MQG.AU\">Macquarie</a>. The bank expects aluminum output to be broadly in line with consensus estimates. Manganese \"is likely the key negative surprise, with our forecasts sitting circa 10% below consensus due to weather impacts at Gemco,\" says Macquarie. \"Silver also appears to be a miss with our expected production 5% below\" consensus, the bank adds. It has an outperform rating on the stock. It raises its target price to A$5.80 from A$5.60 after increasing its earnings valuation multiple to 7x from 6.5x \"to better align with spot pricing.\" Shares are down 3.3% at A$4.38. (rhiannon.hoyle@wsj.com; @RhiannonHoyle) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  April 19, 2026 22:18 ET (02:18 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"S32.AU","symbol_name":"SOUTH32 LTD","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2628718835","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2628718835","pubTimestamp":1776651480,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0218 GMT - South32 is likely to report misses in 3Q manganese and copper output versus market expectations, according to Macquarie. The bank expects aluminum output to be broadly in line with consensus estimates. Manganese \"is likely the key negative surprise, with our forecasts sitting circa 10% below consensus due to weather impacts at Gemco,\" says Macquarie. \"Silver also appears to be a miss with our expected production 5% below\" consensus, the bank adds. It has an outperform rating on the stock. It raises its target price to A$5.80 from A$5.60 after increasing its earnings valuation multiple to 7x from 6.5x \"to better align with spot pricing.\" Shares are down 3.3% at A$4.38. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"S32.AU":"SOUTH32 LTD","BK7507":"资源股","BK7095":"多种金属与采矿"},"translate_title":"锰可能是South32第三季度业绩的关键负面惊喜——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"S32.AU":0.9},"content_text":"0218 GMT - South32 is likely to report misses in 3Q manganese and copper output versus market expectations, according to Macquarie. The bank expects aluminum output to be broadly in line with consensus estimates. Manganese \"is likely the key negative surprise, with our forecasts sitting circa 10% below consensus due to weather impacts at Gemco,\" says Macquarie. \"Silver also appears to be a miss with our expected production 5% below\" consensus, the bank adds. It has an outperform rating on the stock. It raises its target price to A$5.80 from A$5.60 after increasing its earnings valuation multiple to 7x from 6.5x \"to better align with spot pricing.\" Shares are down 3.3% at A$4.38. (rhiannon.hoyle@wsj.com; @RhiannonHoyle) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  April 19, 2026 22:18 ET (02:18 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":true,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":true,"need_login_tip":false,"code":"91000000","status":"200"}}}