1H26 earnings slightly beat

Research evidence excerpt

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M

Update

August 11, 2026 01:07 PM GMT

Morgan Stanley Asia Limited+

MMG Ltd | Asia Pacific

Hannah Yang, CFA

Equity Analyst

1H26 earnings slightly beat

Rachel L Zhang

Equity Analyst

Chris Jiang

AlphaSignals Earnings Reaction

Equity Analyst

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Cynthia Tang

Source: Company data, Morgan Stanley Research

Research Associate

MMG reported a 164% YoY increase in 1H26 net profit to US$897mn, better than

our expectation of US$812mn. The strong earnings reflected 1) 31% YoY and 21%

HoH increase in copper prices in 1H26; 2) lower C1 costs on better earnings

contribution from by-products; and 3) higher sales volume across the product

portfolio. EBITDA reached a record high of US$2.7bn. EBITDA at Las Bambas up 72%

MMG Ltd (1208.HK, 1208 HK)

YoY to US$2.3bn in 1H26 . Balance sheet position further strengthened with net

Greater China Materials | China

gearing declining to 6% in 1H26 vs. 49% at 2025 end. Finance costs lowers by 11%

hikes in the US, would support copper prices at elevated levels in the near term.

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 11, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

Meanwhile, the stable operation at Las Bambas in Peru and improved operation at

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

Kinsevere through increase in sulfide ore supply and more stable power supply

EPS (US$)**

Prior EPS (US$)**

Revenue, net (US$ mn)

EBITDA (US$ mn)

ModelWare net inc (US

$ mn)

P/E

P/BV

ROE (%)

EV/EBITDA

Div yld (%)

FCF yld ratio (%)**

0.04

6,218

3,122

509

0.12

8,892

5,700

1,532

0.12

8,518

5,310

1,434

0.12

8,526

5,249

1,447

27.1

3.5

14.9

6.7

0.0

4.1

9.2

2.6

38.7

3.6

0.0

4.2

9.8

2.0

26.1

3.6

0.0

11.8

9.7

1.7

20.9

3.4

0.0

11.5

YoY on lower debt level.

Earnings momentum continues in 2H26. Copper concentrate supply remains tight

with spot TCRC declines further to -US$174/t as of last week vs. -US$45/t at 2025

end.…