Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Commodities

<ul>
<li>Top miners like <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a> and <a href="https://www.smartkarma.com/entities/teck-resources-ltd-36dbdad5-1430-4d7a-8578-31bc50086f72" target="_blank" data-smartkarma-citation="entities:33343:1" rel="noopener">Teck Resources (TECK US)</a> are signaling their long-term bullish copper intent through their recent corporate actions. </li>
<li>Copper may experience short periods of oversupply, but its long-term outlook makes it one of the best commodities we cover in terms of return potential. </li>
<li>Our best plays in the copper space are <a href="https://www.smartkarma.com/entities/southern-copper-corp" target="_blank" data-smartkarma-citation="entities:16279:1" rel="noopener">Southern Copper (SCCO US)</a>, <a href="https://www.smartkarma.com/entities/teck-resources-ltd-36dbdad5-1430-4d7a-8578-31bc50086f72" target="_blank" data-smartkarma-citation="entities:33343:1" rel="noopener">Teck Resources (TECK US)</a> and <a href="https://www.smartkarma.com/entities/freeport-mcmoran-inc" target="_blank" data-smartkarma-citation="entities:12491:1" rel="noopener">Freeport Mcmoran (FCX US)</a>
</li>
</ul>


Top miners like BHP Group Ltd (BHP AU) and Teck Resources (TECK US) are signaling their long-term bullish copper intent through their recent corporate actions. 
Copper may experience short periods of oversupply, but its long-term outlook makes it one of the best commodities we cover in terms of return potential. 
Our best plays in the copper space are Southern Copper (SCCO US), Teck Resources (TECK US) and Freeport Mcmoran (FCX US)



Copper Primer: What We Like About Copper And What to Play

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

Rikki Malik

Equity Bottom-Up

<ul>
<li>Increased demand from power plants under construction outside  G-7 countries</li>
<li>There is constrained supply as with many other fossil fuels</li>
<li>We look at a basket of coal stocks with good balance sheets and increasing production</li>
</ul>


Increased demand from power plants under construction outside  G-7 countries
There is constrained supply as with many other fossil fuels
We look at a basket of coal stocks with good balance sheets and increasing production


Coal Is Back - The Real Inconvenient Truth

<ul>
<li>Company Forecasts extremely conservative at current and expected metal prices</li>
<li>Scarcity Value for a liquid, large-cap gold miner in Japan</li>
<li>Balance Sheet will allow future share buybacks and dividend in the harvesting phase</li>
</ul>


Company Forecasts extremely conservative at current and expected metal prices
Scarcity Value for a liquid, large-cap gold miner in Japan
Balance Sheet will allow future share buybacks and dividend in the harvesting phase


Sumitomo Metal Mining -  A Shiny Mix of Gold, Copper and Nickel

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

Thematic (Sector/Industry)

<ul>
<li>Our insight <a href="https://www.smartkarma.com/insights/2024-high-conviction-junior-copper-miners" target="_blank" data-smartkarma-citation="insights:122425" rel="noopener">2024 High Conviction: Junior Copper Miners</a> garnered significant interest in late 2023, we hereby provide an update on our favorite junior copper names.</li>
<li>Copper prices have started to to tick up (+5% YTD) on the back of gold making new all-time highs late in 1Q24, and more importantly squeezed global supply.</li>
<li>
<a href="https://www.smartkarma.com/entities/entree-resources-ltd-3aeeb68c-80d0-4ada-822e-898883fbb28e" target="_blank" data-smartkarma-citation="entities:26727:1" rel="noopener">Entree Resources (ETG CN) </a>has performed strongest +22% while <a href="https://www.smartkarma.com/entities/arras-minerals-corp" target="_blank" data-smartkarma-citation="entities:40384:1" rel="noopener">Arras Minerals (ARK V EQUITY)</a> has been a laggard at -18% YTD.</li>
</ul>


Our insight 2024 High Conviction: Junior Copper Miners garnered significant interest in late 2023, we hereby provide an update on our favorite junior copper names.
Copper prices have started to to tick up (+5% YTD) on the back of gold making new all-time highs late in 1Q24, and more importantly squeezed global supply.

Entree Resources (ETG CN) has performed strongest +22% while Arras Minerals (ARK V EQUITY) has been a laggard at -18% YTD.


Junior Copper Miners: An Update After 1Q24

<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

Canada

Teck Resources Ltd. is an integrated natural resource group with activities in mining, smelting, and refining.  The Company mines zinc, copper, molybdenum, gold, and metallurgical coal in the United States, Canada, Peru, and Chile. Teck also produces refined metals, specialized metal products, and other products.

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Teck Resources (TECK US)

Copper Primer: What We Like About Copper And What to Play

We initiate with a primer on the copper sector. We elaborate on our fundamental rationale for being bullish on the metal and discuss different ways...

Sameer Taneja

Coal Is Back - The Real Inconvenient Truth

Growing demand for coal outside of G-7 countries is putting pressure on already limited supply, leading to opportunities in coal stocks with...

Rikki Malik

Sumitomo Metal Mining - A Shiny Mix of Gold, Copper and Nickel

This miner has extremely conservative forecasts, some scarcity value, and a strong balance sheet for potential future buybacks and dividends.

Rikki Malik

Junior Copper Miners: An Update After 1Q24

Update on favorite junior copper miners as copper prices rise, Entree Resources (+22%) outperforms while Arras Minerals (-18%) lags.

Nicolas Van Broekhoven

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Copper Primer: What We Like About Copper And What to Play

We initiate with a primer on the copper sector. We elaborate on our fundamental rationale for being bullish on the metal and discuss different ways...

Sameer Taneja

Coal Is Back - The Real Inconvenient Truth

​Growing demand for coal outside of G-7 countries is putting pressure on already limited supply, leading to opportunities in coal stocks with...

Rikki Malik

Sumitomo Metal Mining - A Shiny Mix of Gold, Copper and Nickel

This miner has extremely conservative forecasts, some scarcity value, and a strong balance sheet for potential future buybacks and dividends.

Rikki Malik

Junior Copper Miners: An Update After 1Q24

​Update on favorite junior copper miners as copper prices rise, Entree Resources (+22%) outperforms while Arras Minerals (-18%) lags.

Nicolas Van Broekhoven

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

Growing demand for coal outside of G-7 countries is putting pressure on already limited supply, leading to opportunities in coal stocks with...

Update on favorite junior copper miners as copper prices rise, Entree Resources (+22%) outperforms while Arras Minerals (-18%) lags.