Materials, IPO & Equity Analyst

Venkat Ramana Nandyal

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Shandong Gold Mining Co., Ltd / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/12908" target="_blank" data-smartkarma-citation="entities:12908:1">Shandong Gold Mining Co., (600547 CH)</a> has recently filed a revised PHIP. <a href="https://www.ft.com/content/9e62624c-ac4b-11e8-89a1-e5de165fa619" target="_blank">Financial Times reports</a> that the company is likely to raise up to HK$1B and it appears to have received approval from the Hong Kong listing committee to sell ~380M shares. The company has still not provided pricing details of the IPO and H1/18 results. What's new is gold prices have fallen nearly ~8% YTD, as a result, we believe if the gold prices range ~US$1200/oz for rest of year the company is likely to report a net loss for the H2/18. We continue to be negative on IPO based on the company’s financial, however, we reserve our judgment until the IPO pricing is provided.

Shandong Gold Mining Co., (600547 CH) has recently filed a revised PHIP. Financial Times reports that the company is likely to raise up to HK$1B and it appears to have received approval from the Hong Kong listing committee to sell ~380M shares. The company has still not provided pricing details of the IPO and H1/18 results. What's new is gold prices have fallen nearly ~8% YTD, as a result, we believe if the gold prices range ~US$1200/oz for rest of year the company is likely to report a net loss for the H2/18. We continue to be negative on IPO based on the company’s financial, however, we reserve our judgment until the IPO pricing is provided.

Shandong Gold IPO Preview: Trim Hedges & Improve Margins, But Can They Do It

Thematic (Sector/Industry)

Gold has had a great run in the last 15 years, beating almost all the other class. Is it the beginning of an another super cycle or is the current run going to peter out? We analyse gold as an investment vehicle, inflation hedge and its status as “asset of last resort”. We also look at the current trends in demand and supply and try to answer the eternal question “is it the right time to invest in gold or gold stocks”.

Gold has had a great run in the last 15 years, beating almost all the other class. Is it the beginning of an another super cycle or is the current run going to peter out? We analyse gold as an investment vehicle, inflation hedge and its status as “asset of last resort”. We also look at the current trends in demand and supply and try to answer the eternal question “is it the right time to invest in gold or gold stocks”.  

Gold: Is It the Beginning of New Golden Era or End of the Bull Run?

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

Last Wednesday, the Federal Open Market Committee, or FOMC, maintained the current target federal funds rate of 0.25%-0.5%.At first glance, this announcement would seem like a boon for gold, as lower interest rates mean a lower opportunity cost for holding goldAnalysts: Kristoffer Inton &amp; Daniel Rohr

Last Wednesday, the Federal Open Market Committee, or FOMC, maintained the current target federal funds rate of 0.25%-0.5%.At first glance, this announcement would seem like a boon for gold, as lower interest rates mean a lower opportunity cost for holding goldAnalysts: Kristoffer Inton &amp; Daniel Rohr

Although Fed Pares Back Rate-Hike Path, the Outlook for Gold as an Investment Remains Weak

Resurgent investor demand for gold rests on tenuous circumstances.Historically, "safe haven" rallies have proved short-lived, and we see near-term downside if fears of a severe recession end up being unwarranted.Analyst: Kristoffer Inton

Resurgent investor demand for gold rests on tenuous circumstances.Historically, "safe haven" rallies have proved short-lived, and we see near-term downside if fears of a severe recession end up being unwarranted.Analyst: Kristoffer Inton

The Safe-Haven Gold Rally Has Shaky Footing

Adjusted first-half fiscal 2016 net profit after tax of USD 63 million was a 65% decline on a year ago but in line with our forecast.Newcrest shares are undervalued. The company's competitive position is likely to improve with expansion of Cadia and Lihir and the lower AUD, driving cash costs back into the lowest half of the cost curve.

Adjusted first-half fiscal 2016 net profit after tax of USD 63 million was a 65% decline on a year ago but in line with our forecast.Newcrest shares are undervalued. The company's competitive position is likely to improve with expansion of Cadia and Lihir and the lower AUD, driving cash costs back into the lowest half of the cost curve.

Newcrest Result Declines With Prices but Meets Our Expectations, Fair Value Maintained

South Africa

AngloGold Ashanti Limited is a holding company for a group of companies which explore for and mine gold internationally. The Group has operations in the Vaal River and West Witwatersrand areas of South Africa as well as Namibia, Mali, Brazil, Argentina, Australia, Tanzania and the United States.

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AngloGold Ashanti Spon Adr (AU US)

Shandong Gold IPO Preview: Trim Hedges & Improve Margins, But Can They Do It

Shandong Gold Mining Co., (600547 CH) has recently filed a revised PHIP. Financial Times reports that the company is likely to raise up to HK$1B...

Venkat Ramana Nandyal

Gold: Is It the Beginning of New Golden Era or End of the Bull Run?

Gold has had a great run in the last 15 years, beating almost all the other class. Is it the beginning of an another super cycle or is the current...

Venkat Ramana Nandyal

Although Fed Pares Back Rate-Hike Path, the Outlook for Gold as an Investment Remains Weak

Last Wednesday, the Federal Open Market Committee, or FOMC, maintained the current target federal funds rate of 0.25%-0.5%.At first glance, this...

Morningstar, Inc.

The Safe-Haven Gold Rally Has Shaky Footing

Resurgent investor demand for gold rests on tenuous circumstances.Historically, "safe haven" rallies have proved short-lived, and we see near-term...

Morningstar, Inc.

Newcrest Result Declines With Prices but Meets Our Expectations, Fair Value Maintained

Adjusted first-half fiscal 2016 net profit after tax of USD 63 million was a 65% decline on a year ago but in line with our forecast.Newcrest...

Morningstar, Inc.

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