Copper and gold miner SFR has been smacked 24% with Mondays 1st half net profit of $US54m falling over 20% short of consensus expectations. When combined with a 5-10% downgrade on both production and costs for its recently acquired MATSA project there was little left to cheer investors. We see no reason to be chasing SFR into its recent sell-off as its probably going to take 6-months to convince investors that things can & will improve i.e. if in doubt stay out! We prefer OZ Minerals (OZL) in this space.
MM is neutral SFR at best
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