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Deutsche Bank lifts CMOC (03993) to HK$6.4
  Deutsche Bank lifted its target price for China 
Molybdenum (03993) to HK$6.4 from HK$5.2, and reiterated its "buy" rating.
  The research house upgraded CMOC's earnings to RMB7bn (up 47%) and RMB8bn (up 33%) in
2018 and 2019, respectively, to factor in its latest copper price assumptions and the 80%
Tenke holding.
  From an industry perspective, DB remains positive on copper and the expected growing 
deficits towards 2020, supported by slow supply growth globally, potential disruptions,
and higher-than-consensus expectations for Chinese copper demand (~4% pa) over the next
several years.
  It also remains positive on cobalt, thanks to robust EV momentum recently and digested 
battery inventory in the supply chain. Besides earnings contribution from copper and 
cobalt, tungsten, moly, and phosphate segments are also recovering well throughout 2017
(4-9%QoQ in 4Q 2017), DB thus envisioned Moly's EPS to grow 113% YoY this year.

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