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BMC is one of the leading companies in theTitanium mining industry and among the five domestic companies which have switched to Titanium slag production in order to protect itself against the Government’s policy to limit crude Titanium ore export. BMC has many advantages against other titanium slag producers such as low cost per unit, high product quality and low energy consumption. However, as BMC’s profit is expected to tumble in 2014, so we rate UNDERPERFORM on this stock.
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