Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Zijin Mining delivered a strong H1 2025 with net profit up 55% YoY, comfortably ahead of guidance.</li>
<li>We have raised FY25–27 earnings by 20–25%, with further upside optionality from the planned Zijin Gold spin-off.</li>
<li>Trading at ~11.4x 2026E P/E and ~10.3x 2027F, with EV/EBITDA at 6.3x and 5.8x respectively, Zijin’s valuations remain undemanding—supporting a bullish, accumulate stance.</li>
</ul>


Zijin Mining delivered a strong H1 2025 with net profit up 55% YoY, comfortably ahead of guidance.
We have raised FY25–27 earnings by 20–25%, with further upside optionality from the planned Zijin Gold spin-off.
Trading at ~11.4x 2026E P/E and ~10.3x 2027F, with EV/EBITDA at 6.3x and 5.8x respectively, Zijin’s valuations remain undemanding—supporting a bullish, accumulate stance.


Zijin Mining (2899 HK | 601899 CH) H1 2025: Profit Beats, Estimates Raised on Gold & Copper

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of HSCEI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on BIDU, China Life, JD.COM, BEIGENE, MEITUAN, Sinopec, China Life, Beigene, Meituan, Jd, Bidu, Sinopec.</li>
</ul>


We analysed the earning revision of component stocks of HSCEI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on BIDU, China Life, JD.COM, BEIGENE, MEITUAN, Sinopec, China Life, Beigene, Meituan, Jd, Bidu, Sinopec.


HSCEI Index Earning Revision (Aug): BIDU, China Life, JD.COM, BEIGENE, MEITUAN, Sinopec, China Life

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.0% as of Aug 29th.</li>
<li>The average A-H premium changed by 2.7ppt week-on-week, led by health care, financials, information technology and offset by real estate.</li>
<li>We highlight weekly changes in A-H premium for Qingdao Port, Beigene, Cgn Power, China Galaxy Securities, Jl Mag Rare-Earth.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.0% as of Aug 29th.
The average A-H premium changed by 2.7ppt week-on-week, led by health care, financials, information technology and offset by real estate.
We highlight weekly changes in A-H premium for Qingdao Port, Beigene, Cgn Power, China Galaxy Securities, Jl Mag Rare-Earth.


A-H Premium Weekly (Aug 29th): Qingdao Port, Beigene, Cgn Power, China Galaxy Securities

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 22nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Xiaomi, TraHK HSI ETF, ZTE, Anta, Cathay Pacific Airways, HSCEI ETF.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 22nd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Xiaomi, TraHK HSI ETF, ZTE, Anta, Cathay Pacific Airways, HSCEI ETF.


HK Short Interest Weekly: Xiaomi, ZTE, Anta, Cathay Pacific Airways

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> to be taken private via cash plus scrip into the backdoor listing of its EV arm.</li>
<li>
<a href="https://www.smartkarma.com/entities/minebea-mitsumi-inc" target="_blank" data-smartkarma-citation="entities:5032:1" rel="noopener">Minebea</a> extends its ¥6,200 TOB for <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura (6957 JP)</a> to 11 September, a day after YAGEO's ¥7,130 bid expires. Now there's no game of chicken with Minebea. Just with METI.</li>
<li>The <a href="https://www.smartkarma.com/entities/hd-hyundai-heavy-industries-co" target="_blank" data-smartkarma-citation="entities:33808:1" rel="noopener">HD Hyundai Heavy Industries (329180 KS)</a>/<a href="https://www.smartkarma.com/entities/hd-hyundai-mipo" target="_blank" data-smartkarma-citation="entities:2755:1" rel="noopener">HD Hyundai Mipo (010620 KS)</a> merger announcement reaffirms Seoul's commitment to the MASGA project. </li>
</ul>



Dongfeng Motor (489 HK) to be taken private via cash plus scrip into the backdoor listing of its EV arm.

Minebea extends its ¥6,200 TOB for Shibaura (6957 JP) to 11 September, a day after YAGEO's ¥7,130 bid expires. Now there's no game of chicken with Minebea. Just with METI.
The HD Hyundai Heavy Industries (329180 KS)/HD Hyundai Mipo (010620 KS) merger announcement reaffirms Seoul's commitment to the MASGA project. 


Last Week In Event SPACE: Dongfeng Motor, Shibaura, HD Hyundai Heavy/HD Hyundai Mipo, Zijin Mining

China

Zijin Mining Group Co., Ltd., through its subsidiaries, explores, mines, produces, refines, and sells gold and other mineral resources in China.

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Zijin Mining Group Co Ltd H (2899 HK)

Zijin Mining (2899 HK | 601899 CH) H1 2025: Profit Beats, Estimates Raised on Gold & Copper

Zijin Gold International is preparing a Hong Kong IPO in September 2025, targeting US$2 billion. It filed its A1 application on 30 June, and on 26...

Rahul Jain

HSCEI Index Earning Revision (Aug): BIDU, China Life, JD.COM, BEIGENE, MEITUAN, Sinopec, China Life

We analyzed HSCEI's consensus for Aug 2025 and highlighted changes of EPS in BIDU, China Life, JD.COM, BEIGENE, MEITUAN, Sinopec, China Life,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 29th): Qingdao Port, Beigene, Cgn Power, China Galaxy Securities

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Qingdao Port, Beigene, Cgn Power, China Galaxy Securities,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Xiaomi, ZTE, Anta, Cathay Pacific Airways

We analyzed the latest HK SFC report for aggregate short position as of Aug 22nd and highlight short interest changes in Xiaomi, TraHK HSI ETF,...

Ke Yan, CFA, FRM

Last Week In Event SPACE: Dongfeng Motor, Shibaura, HD Hyundai Heavy/HD Hyundai Mipo, Zijin Mining

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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