27 May 2025 | 3:34PM JST Sumitomo Metal Mining (5713.T) Expecting cathode materials/metals business earnings deterioration on slowdown in BEV demand; downgrade to Sell from Buy 5713.T 12m Price Target: ¥3,100 Price: ¥3,363 Downside: 7.8% Adopting weaker outlook We believe margins have deteriorated noticeably on several of Sumitomo Metal Mining's (SMM) products as a consequence of a global slowdown in BEV demand. This is evidenced, in our view, by impairment losses in the company's Philippine nickel business ...