2318 GMT - The most notable point in Metals X's annual result was the absence of a dividend, says Ord Minnett. It suggests Metals X is hoarding cash for future production growth. Analyst Matthew Hope says directors are looking toward the Rentails tin-project in Tasmania reaching a final investment decision in 2027, and other possible targets. "While Metals X could become a growth stock, we cannot see imminent catalysts," Ord Minnett says as it downgrades the company to hold, from buy. "The Renison mine is steady state, Rentails project may reach final investment decision in 2027, and the permitting status of projects in companies where Metals X holds a strategic stake is unknown." Metals X ended last week at A$1.915, up 22% over the past month. Ord Minnett retains a A$2.00/share price target.