HALISTER1: Peru’s Milpo Bonds Raised to Overweight From Neutral: Credicorp

Peru’s Milpo Bonds Raised to Overweight From Neutral: Credicorp

(Bloomberg) -- Is favorite Peruvian mining issuer as metals diversification lowers operational risk vs peers such as Minsur or Hochschild, Credicorp says in note.
  • Milpo has positive FCF despite weak metal prices
  • Zinc prices may rise this year as mines set to close
    • Zinc accounts for 45% of Milpo sales
  • Spread of Milpo’s 2023 may continue to tighten after falling by 120 bps since Feb. 16
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
MILPOC1 PE (Cia Minera Milpo SAA)

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