dreamcardvideopoker| Goldman Sachs: Maintain Zhaojin Mining's "Buy" rating and raise target price to HK$16

Goldman Sachs released a research report sayingdreamcardvideopoker, maintain the "Buy" rating of Zhaojin Mining (01818)dreamcardvideopoker, based on the recent merger and acquisition of Tietto

Minerals, which expects gold prices to rise and new H-share issuance in 2024, raised its 2024-2026 recurring earnings per share forecast by 35%-47%, and raised its target price by 23% from HK$13 to HK$16.

The bank expects that recent acquisitions will boost self-mining gold production by 14%-29% in 2024-26. Along with the sea gold mine (Haiyu

Mine) will start operations at the end of 2024. Goldman Sachs expects that self-mining gold production will further increase from 15 tons in 2023 to 40 tons in 2028, with a compound annual growth rate of 21%. This was mainly based on the increase in trading volume and the rise in gold prices. The bank expects recurring net profit to increase from 10% in 2023dreamcardvideopoker.50 million yuan will increase to 21 per cent in 2025dreamcardvideopoker.90 million yuan or 2.98 billion yuan in 2028 (when the expansion project is fully launched), which means a compound annual growth rate of 23%.