JMS FY24 result was mixed, with Ebitda as expected and NPAT stronger. However, Tshipi and JMS have highlighted a turn in manganese market sentiment (to bearish) and has decided to hoard cash which has materially impacted the dividend, which came in 34% below our forecasts. We maintain a more bullish view on Mn unit demand (although have tempered our near-term Mn price forecasts) and note there is catalysts for JMS in terms of Tshipi consolidation and further Kalahari Manganese Field M&A. Near-term earnings downgrades and lower spot prices drive a 25% decrease to our price target to A$0.30/sh, however we maintain our buy recommendation as dividend yield remain >10%.
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