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Shares of gold molybdenum molybdenum industry consolidation may bring new oppo

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Jin Mo shares the first half of 2010 of net profit surged 121% year on year to 4.45 billion yuan, increased performance was mainly due to the average price of molybdenum at home and abroad during the first half of 2010 rose 64-78.3%. Q2 2010 net profit Run a decline of 19% to 1.99 billion yuan, mainly due to estimated average molybdenum price in Q2 were down 1-4%. Mo Ruyang the mining of gold projects in step by step, this allows the company to the next molybdenum mine production will gradually increase. In Government introduced the policy in favor of molybdenum industry resource protection of molybdenum mining, so as to stabilize and further enhance the molybdenum price. Since the molybdenum price performance this year than we expect, we will molybdenum price assumptions 2010-12 were lowered 4.4%, 4.6% and 5.1%. Assuming the lower molybdenum prices, future costs may be higher than the company expected and the decline in interest income and other reasons, we will forecast 2010-12 earnings were down 23%, 20% and 14%, and target Reduced price from 21.10 yuan to 18.60 yuan, and we maintain the stock a "buy" rating.

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