UBS cut Zijin Gold International (02259.HK) PT by 3.4% to HKD196 and kept a Buy
rating. Q3 2026 net profit attributable to shareholders was US$564 mln, down 12%
QoQ and below UBS’s US$650 mln forecast and the US$700 mln market consensus,
driven by weaker-than-expected gold output. UBS said investors are likely to
react negatively as this is the company’s second profit miss in 2026. Management
maintained full-year production guidance of 59.2 tons, but UBS views
delivering roughly 18 tons in Q4 as challenging. UBS trimmed its 2026 earnings
forecast by 2% and cut its full-year gold production estimate to about 58 tonnes
(from 59.2 tons).
