BHP Group Ltd: Rising data centre build favours BHP's commodity mix – but there's plenty of alpha too

研报英文原文证据摘录

BHP Group Ltd: Rising data centre build favours BHP's commodity mix – but there's plenty of alpha too

Asia Pacific Insight

May 13, 2026 10:53 PM GMT

Morgan Stanley Australia Limited+MBHP Group Ltd Rahul Anand, CFA

Equity Analyst

Rising data centre build favours R.Anand@morganstanley.comMichael A Stancliff +61 2 9770-1136

Research Associate

Michael.Stancliff@morganstanley.com +61 2 9770-9253

BHP's commodity mix – but Chris Nicol

Equity Strategist

Chris.Nicol@morganstanley.com +61 3 9256-8909

there's plenty of alpha too Antony Conte

What’s Changed Antony.Conte@morganstanley.com +61 2 9770-1544

BHP Group Ltd (BHP.AX) From To Morgan Stanley & Co. LLC

Price Target A$57.50 A$67.50 Vincent Andrews

Vincent.Andrews@morganstanley.com +1 212 761-3293

Rising data centre build gives BHP good beta exposure, given

Morgan Stanley & Co. International plc+

future growth. Yet we also see alpha opportunities in iron ore, Amy Gower (Amy Sergeant), CFA

copper, and further asset crystallisation beyond current Commodities Strategist

Amy.Gower1@morganstanley.com +44 20 7677-6937

guidance. Together, these could lift valuation and returns vs. Ben Kelson

consensus. Stay OW, price target to A$67.5 from A$57.5. Research Associate

Ben.Kelson@morganstanley.com +44 20 7677-1392

Data centres – a major growth driver in a market in deficit: Copper remains a key

BHP Group Ltd (BHP.AX, BHP AU)

AI/data centre beneficiary, with ~75% of demand tied to power infrastructure where

ADRBHGJ.J

substitution risk is low. Morgan Stanley sees data centre copper demand rising from Australia Materials | Australia

~760kt in 2026 to ~1.3Mt by 2028, potentially reaching ~5.6% of global demand Stock Rating Overweight

Industry View Attractive

and driving ~26% of 2026e copper demand growth.