Morgans leaves its $0.33 target price and Add rating unchanged following Red 5’s update on construction at the King of the Hills gold project (on-track). The overall project is 65% complete as at September 30.
The broker also adjusts its financial model for the sale of the Siana Gold project in the Philippines and 1Q production results at the Darlot gold mine, which were in-line with expectations.
Sector: Materials.
Target price is $0.33.Current Price is $0.27. Difference: $0.06 – (brackets indicate current price is over target). If RED meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges – negative figures indicate an expected loss).
