Sumitomo Metal Mining Watchlist
SMM – Guidance Makes Little Sense
239 Views, 11 May 2022 08:28
- SMM beat at the PTP level by 10% driven by the surge in nickel prices but guided for just ¥194bn undershooting consensus by 9.3%.
- We do not find guidance credible at all as it would defy historical trends to a very large degree.
- In fact we believe that excluding one-off gains from the sale of Sierra Gorda, PTP could actually be up YoY.