＜Research＞Jefferies Lowers TPs for GANFENGLITHIUM/ TIANQI LITHIUM, Both Rated Underperform

　　In the short term, the lithium market will become more normal, with stabilized prices making less significant impact on inventory, Jefferies issued a research report saying. Spodumene prices adjusted more frequently, and high-cost concentrates are digested.

　　Jefferies lowered its FY2024 earnings Forecasts for TIANQI LITHIUM (09696.HK) +1.350 (+4.306%) Short selling $8.05M; Ratio 25.623% / GANFENGLITHIUM (01772.HK) +1.500 (+6.012%) Short selling $16.86M; Ratio 23.339% by 208%/ 58% to reflect the weak 1Q24 performance. Jefferies believed that these two stocks are specialized chemical companies, instead of pure miners, and may be valued at higher multiples at cycle trough.

　　Related NewsMacquarie Chops GANFENGLITHIUM (01772.HK) TP to $38.4 as Worst Is Over

　　Jefferies rated TIANQI LITHIUM at Underperform, and chopped its target price from $32 to $24.4. The broker also cut its target price for GANFENGLITHIUM from $17.33 to $17, with rating Underperform.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-05-08 16:25.)

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