Kazatomprom reported a strong outcome in FY24 with most financial metrics beating our expectations. We expect this success to continue into FY25 and beyond. KAP’s market dominance is driven by large scale and low-cost production. Revision of JV Inkai’s production has been flagged and will likely impact current FY25 guidance. Buy recommendation maintained with change of price target to US$47.00 per share (previously US$53.30 per share).
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