Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/los-andes-copper-ltd" target="_blank" data-smartkarma-citation="entities:35434:1" rel="noopener">Los Andes Copper Ltd (LA CN)</a> published its long-awaited PFS in late February. The PFS shows an NPV of 2.77 billion USD vs a 240 million USD market cap.</li>
<li>In our opinion, LA is one of the largest, Chile-based copper miners without a strategic investment partner. </li>
<li>
<a href="https://www.smartkarma.com/entities/lundin-mining-corp-92352503-3781-4fcb-a4db-62e6f6343783" target="_blank" data-smartkarma-citation="entities:25356:1" rel="noopener">Lundin Mining (LUN CN)</a><a href="https://www.smartkarma.com/entities/hudbay-minerals-inc-79e1a8a8-5377-44fa-b0d2-453fa494a1fa" target="_blank" data-smartkarma-citation="entities:33286:1" rel="noopener">,  Hudbay Minerals Inc (HBM US) and </a><a href="https://www.smartkarma.com/entities/glencore-plc" target="_blank" data-smartkarma-citation="entities:764:1" rel="noopener">Glencore Plc (GLEN LN)</a><a href="https://www.smartkarma.com/entities/hudbay-minerals-inc-79e1a8a8-5377-44fa-b0d2-453fa494a1fa" target="_blank" data-smartkarma-citation="entities:33286:1" rel="noopener"> have announced offers for copper producers recently. Last year Rio and BHP also made copper acquisitions.</a>
</li>
</ul>



Los Andes Copper Ltd (LA CN) published its long-awaited PFS in late February. The PFS shows an NPV of 2.77 billion USD vs a 240 million USD market cap.
In our opinion, LA is one of the largest, Chile-based copper miners without a strategic investment partner. 

Lundin Mining (LUN CN),  Hudbay Minerals Inc (HBM US) and Glencore Plc (GLEN LN) have announced offers for copper producers recently. Last year Rio and BHP also made copper acquisitions.



Los Andes Copper: PFS Published and M&A Scene Heating Up

Breaking Down the Mining News of the Day, Money of Mine

Money of Mine

Breaking Down the Mining News of the Day

An ex-underground miner, an ex-investment banker, and an ex-equity research guy breaking down the mining news of the day. It's a bit of entertainment, information, and occasionally some alpha.

Thematic (Sector/Industry)

<ul><li>Sapphire produced 27,000 tonnes of copper and 21,500 tonnes of zinc, similar to last quarter</li><li>Matzah saw a slight increase in copper equivalent production and maintained processing rate at 3.6 million tonnes per annum</li><li>Mateo had a planned shutdown and lower head grades, but net debt decreased by US $51 million to US 345 million, with group EBITDA of US 121 million for the quarter</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Sapphire produced 27,000 tonnes of copper and 21,500 tonnes of zinc, similar to last quarterMatzah saw a slight increase in copper equivalent production and maintained processing rate at 3.6 million tonnes per annumMateo had a planned shutdown and lower head grades, but net debt decreased by US $51 million to US 345 million, with group EBITDA of US 121 million for the quarterThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul>
<li>Last week Friday, JSE indices were rebalanced in the closing auction. Turnover for the day was R53.7bn, R37bn traded in the closing auction (68%).</li>
<li>Turnover at the June rebalance was R58bn, 66% traded in the closing auction.</li>
<li>Foreign activity in MRP on Friday suggests that there was a large buyer, despite muted index weight changes.</li>
</ul>


Last week Friday, JSE indices were rebalanced in the closing auction. Turnover for the day was R53.7bn, R37bn traded in the closing auction (68%).
Turnover at the June rebalance was R58bn, 66% traded in the closing auction.
Foreign activity in MRP on Friday suggests that there was a large buyer, despite muted index weight changes.


JSE Sep24 Rebalance: Foreigners Bid up MRP, PPH Trades 11 Times ADV

<ul>
<li>On Friday in the closing auction, JSE indices will be rebalanced. PPH will enter the Top 40, with AMS falling out.</li>
<li>There are also a number of changes to the ALSI index – PHP &amp; PMR will be added, with THA &amp; TCP falling out.</li>
<li>Hedgers and passives tracking uncapped indices will be sellers of Naspers and Prosus whereas those tracking the capped variants will be buyers.</li>
</ul>


On Friday in the closing auction, JSE indices will be rebalanced. PPH will enter the Top 40, with AMS falling out.
There are also a number of changes to the ALSI index – PHP &amp; PMR will be added, with THA &amp; TCP falling out.
Hedgers and passives tracking uncapped indices will be sellers of Naspers and Prosus whereas those tracking the capped variants will be buyers.


JSE Sep24 Rebal: Foreign Inward Listings Amongst Top Sells, PPH to Enter Top 40, AMS to Be Deleted

<ul>
<li>Last night, the price snapshot was taken for the JSE September rebalance. The rebalance is scheduled to take place during the closing auction on Friday the 20th of September.</li>
<li>PPH is expected to enter the Top 40 with AMS falling out. No changes are expected for the FINI, FINDI, INDI or RESI.</li>
<li>There are several noteworthy free float changes across ALSI constituents, particularly amongst foreign counters (detail below).</li>
</ul>


Last night, the price snapshot was taken for the JSE September rebalance. The rebalance is scheduled to take place during the closing auction on Friday the 20th of September.
PPH is expected to enter the Top 40 with AMS falling out. No changes are expected for the FINI, FINDI, INDI or RESI.
There are several noteworthy free float changes across ALSI constituents, particularly amongst foreign counters (detail below).


JSE Sep 24 Rebalance: PPH Expected to Enter Top 40, AMS to Fall Out

United Kingdom

Anglo American PLC is a global mining company. The Company's mining portfolio includes bulk commodities including iron ore, manganese and metallurgical coal, base metals including copper and nickel and precious metals and minerals including platinum and diamonds.  Anglo American PLC has mining operations in Africa, Europe, North and South America, Asia and Australia.

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Anglo American (AAL LN)

Los Andes Copper: PFS Published and M&A Scene Heating Up

Los Andes Copper is a sitting duck in the current copper M&A frenzy. Lundin, Hudbay and Glencore have all recently announced copper acquisitions....

Nicolas Van Broekhoven

Fire Sale for Anglo Coal Bidders

The company had consistent production levels for copper and zinc, with cost performance varying between Matsa and Matteo, as well as an overall...

Money of Mine

JSE Sep24 Rebalance: Foreigners Bid up MRP, PPH Trades 11 Times ADV

A summary of trade analytics for the September rebalance. Foreign activity suggests a large buyer in MRP. PPH entered the Top 40, AMS fell out.

DMA

JSE Sep24 Rebal: Foreign Inward Listings Amongst Top Sells, PPH to Enter Top 40, AMS to Be Deleted

An overview of the top buys and sells going into the JSE September rebalance on Friday. AGL & CFR are amongst the top sells, resulting from a...

DMA

JSE Sep 24 Rebalance: PPH Expected to Enter Top 40, AMS to Fall Out

Last night, the snapshot for the JSE September rebalance was taken. We expect PPH to enter the Top 40 index, with AMS falling out. We also provide...

DMA

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