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<Research>JPM: Lithium Stocks Skewed Towards Adverse News Flow; Neutral Kept on TIANQI LITHIUM, GANFENGLITHIUM
Recommend 6 Positive 3 Negative 6 |
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On June 3, lithium carbonate futures sank 4% to RMB167,000 per tonne, while China lithium stocks declined 0-2%, JP Morgan said in its report. Market sentiment weakened after GFEX lithium carbonate warehouse receipts hit a record high. Although downstream demand remains solid, the broker raised its earnings forecasts for TIANQI LITHIUM (09696.HK) and GANFENGLITHIUM (01772.HK) for 2026-28 based on higher long-term lithium price assumptions, as well as improved margin expectations for lithium compounds and battery businesses. However, the broker expected sentiment in commodity and equity markets to be difficult to reverse in the near term. The market still lacks consensus on lithium supply-demand balance, with prices mainly driven by news flow. The broker said recent positive catalysts, such as Jiangxi lepidolite production suspensions and Zimbabwe export controls, have largely been priced in. It believed risks are skewed towards adverse news flow. It maintained Neutral ratings on GANFENGLITHIUM and TIANQI LITHIUM, with TP of HKD70 and HKD52, respectively. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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