Brokers Are Upgrading Their Views On Chifeng Jilong Gold Mining Co.,Ltd. (SHSE:600988) With These New Forecasts

Chifeng Jilong Gold Mining Co.,Ltd. (SHSE:600988) shareholders will have a reason to smile today, with the analysts making substantial upgrades to this year's forecasts. The consensus statutory numbers for both revenue and earnings per share (EPS) increased, with their view clearly much more bullish on the company's business prospects. Investor sentiment seems to be improving too, with the share price up 5.6% to CN¥19.17 over the past 7 days. Whether the upgrade is enough to drive the stock price higher is yet to be seen, however.

After this upgrade, Chifeng Jilong Gold MiningLtd's eleven analysts are now forecasting revenues of CN¥9.1b in 2024. This would be a sizeable 25% improvement in sales compared to the last 12 months. Per-share earnings are expected to jump 72% to CN¥0.84. Prior to this update, the analysts had been forecasting revenues of CN¥8.2b and earnings per share (EPS) of CN¥0.74 in 2024. So we can see there's been a pretty clear increase in analyst sentiment in recent times, with both revenues and earnings per share receiving a decent lift in the latest estimates.

View our latest analysis for Chifeng Jilong Gold MiningLtd

Of course, another way to look at these forecasts is to place them into context against the industry itself. The analysts are definitely expecting Chifeng Jilong Gold MiningLtd's growth to accelerate, with the forecast 25% annualised growth to the end of 2024 ranking favourably alongside historical growth of 10% per annum over the past five years. Compare this with other companies in the same industry, which are forecast to grow their revenue 10% annually. It seems obvious that, while the growth outlook is brighter than the recent past, the analysts also expect Chifeng Jilong Gold MiningLtd to grow faster than the wider industry.

The Bottom Line

The biggest takeaway for us from these new estimates is that analysts upgraded their earnings per share estimates, with improved earnings power expected for this year. Fortunately, analysts also upgraded their revenue estimates, and our data indicates sales are expected to perform better than the wider market. The clear improvement in sentiment should be enough to get most shareholders feeling more optimistic about Chifeng Jilong Gold MiningLtd's future.

Still, the long-term prospects of the business are much more relevant than next year's earnings. At Simply Wall St, we have a full range of analyst estimates for Chifeng Jilong Gold MiningLtd going out to 2026, and you can see them free on our platform here..

Of course, seeing company management invest large sums of money in a stock can be just as useful as knowing whether analysts are upgrading their estimates. So you may also wish to search this free list of stocks that insiders are buying.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.