Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>Low-Cost producer of copper and zinc with two of the biggest  ten mines in the world.</li>
<li>Recent mine acquisition and increased production at existing mines will grow earnings.</li>
<li>The supply and demand imbalance in copper will lead to higher prices.</li>
</ul>


Low-Cost producer of copper and zinc with two of the biggest  ten mines in the world.
Recent mine acquisition and increased production at existing mines will grow earnings.
The supply and demand imbalance in copper will lead to higher prices.


Mmg Limited 1208.HK - It's Got It All - Copper, EV's, and AI!

<ul>
<li>While there may be still be some overhang once the rights shares start trading, this is a good entry point</li>
<li>Applications for 6.4 Billion excess rights shares received from 11 applications</li>
<li>Rights shares will start trading on Tuesday 16th of July</li>
</ul>


While there may be still be some overhang once the rights shares start trading, this is a good entry point
Applications for 6.4 Billion excess rights shares received from 11 applications
Rights shares will start trading on Tuesday 16th of July


MMG Limited (1208.HK) Rights Issue - 98.18% Taken Up

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/mmg-ltd" target="_blank" data-smartkarma-citation="entities:13961:1" rel="noopener">MMG (1208 HK)</a> rights, designed to raise US$1.15bn to pay off loans to the parent for the purchase of a large copper asset, start trading 24 June 2024. </li>
<li>There is some risk up for grabs, and it is likely to trade according to standard Hong Kong Rights Trading Dynamics. Shorts are down somewhat, but covering should be expected. </li>
<li>There is path-dependency to the Rights Trading, and while they trade for 7 trading days through Tuesday next, one should expect the volume to trade this week. </li>
</ul>


The MMG (1208 HK) rights, designed to raise US$1.15bn to pay off loans to the parent for the purchase of a large copper asset, start trading 24 June 2024. 
There is some risk up for grabs, and it is likely to trade according to standard Hong Kong Rights Trading Dynamics. Shorts are down somewhat, but covering should be expected. 
There is path-dependency to the Rights Trading, and while they trade for 7 trading days through Tuesday next, one should expect the volume to trade this week. 


<ul>
<li>In H1 2024 Profits and cash flow grew year over year</li>
<li>Overall, operations tracking in line with previous guidance with some cost savings</li>
<li>The key is the copper price which is closer to bottoming</li>
</ul>


In H1 2024 Profits and cash flow grew year over year
Overall, operations tracking in line with previous guidance with some cost savings
The key is the copper price which is closer to bottoming


<ul>
<li>Friday post-close, <a href="https://www.smartkarma.com/entities/mmg-ltd" target="_blank" data-smartkarma-citation="entities:13961:1" rel="noopener">MMG (1208 HK)</a> released the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0712/2024071200875.pdf" target="_blank" rel="noopener">results of its Rights Offering</a>. 3.4654bn Rights Shares at HK$2.62 saw 98.18% take-up. New Rights Shares officially start trading on 16 July.</li>
<li>The other 1.82% (63.1mm Rights Shares) saw 6.383bn excess Rights Shares applications. EAFs were allocated evenly, so applicants got 0.99% of what they bid for, <em>but hey, free money?</em>
</li>
<li>The new Rights Shares are expected to commence trading on 16 July. Even better, there was good fundamental news out late Sunday which should add to the general wellbeing.</li>
</ul>


Friday post-close, MMG (1208 HK) released the results of its Rights Offering. 3.4654bn Rights Shares at HK$2.62 saw 98.18% take-up. New Rights Shares officially start trading on 16 July.
The other 1.82% (63.1mm Rights Shares) saw 6.383bn excess Rights Shares applications. EAFs were allocated evenly, so applicants got 0.99% of what they bid for, but hey, free money?

The new Rights Shares are expected to commence trading on 16 July. Even better, there was good fundamental news out late Sunday which should add to the general wellbeing.


MMG (1208) - Rights Results Show High Take-Up, Small Unhedged Portion

Australia

MMG Limited is a mid-tier global resources company which explores, develops and mines base metal projects around the world.  The Company currently owns and operates the Century, Golden Grove and Rosebery mines in Australia, the Kinsevere mine in the Democratic Republic of Congo (DRC) and the LXML Sepon mine in Laos.

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MMG (1208 HK)

Mmg Limited 1208.HK - It's Got It All - Copper, EV's, and AI!

Copper at 5-yr highs. Drivers: a) Tariff fear (25% on aluminium/steel) causing copper to be diverted to the US b) The inventory of copper in China...

Rikki Malik

MMG Limited (1208.HK) Rights Issue - 98.18% Taken Up

Good entry point for investors as excess rights shares receive strong demand, trading to begin on July 16th, and copper has had its correction

Rikki Malik

MMG (1208 HK) Rights Trading Dynamics

It is now time to buy the dip on MMG vs Peers. The liquidation selling of Rights should be done, and this stock is cheap vs assets and earnings...

Travis Lundy

MMG Limited Releases Interim Results

Profits and cash flow increased in H1 2024, operations on track with cost savings, key focus on copper price nearing bottom.

Rikki Malik

MMG (1208) - Rights Results Show High Take-Up, Small Unhedged Portion

MMG's Rights Issue was well taken up. Excess Rights were 1.82% of total rights, which means a 0.99% allocation and up to US$24mm of selling in the...

Travis Lundy

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mmg Limited 1208.HK - It's Got It All - Copper, EV's, and AI!

Copper at 5-yr highs. Drivers: a) Tariff fear (25% on aluminium/steel) causing copper to be diverted to the US b) The inventory of copper in China...

Rikki Malik

MMG Limited (1208.HK) Rights Issue - 98.18% Taken Up

​Good entry point for investors as excess rights shares receive strong demand, trading to begin on July 16th, and copper has had its correction

Rikki Malik

MMG (1208 HK) Rights Trading Dynamics

It is now time to buy the dip on MMG vs Peers. The liquidation selling of Rights should be done, and this stock is cheap vs assets and earnings...

Travis Lundy

MMG Limited Releases Interim Results

​Profits and cash flow increased in H1 2024, operations on track with cost savings, key focus on copper price nearing bottom.

Rikki Malik

MMG (1208) - Rights Results Show High Take-Up, Small Unhedged Portion

MMG's Rights Issue was well taken up. Excess Rights were 1.82% of total rights, which means a 0.99% allocation and up to US$24mm of selling in the...

Travis Lundy

Good entry point for investors as excess rights shares receive strong demand, trading to begin on July 16th, and copper has had its correction

Profits and cash flow increased in H1 2024, operations on track with cost savings, key focus on copper price nearing bottom.