Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 15 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. 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 Analyst

Copper Tracker 10th Feb 2025: Comex Spreads Bullish, Commentary on China Improving

Antofagasta (ANTO LN): Good Set of Results, Capex Acceleration of >50%

Copper Tracker 3rd March 2025: China TSF And PMI Rebound A Major Boost, All Eyes On the NPC

First Quantum Minerals (FM CN): Call Option on Cobre Panama?

Antofagasta (ANTO LN): An Initiation on a Mid-Sized Copper Miner

Copper Tracker 20th Jan 2025: Encouraging China TSF Numbers To Boost Future Demand?

Copper Tracker 6th Jan 2025: What Lies In Store For The Year

Copper Tracker 16th Dec 2024: New Loan Growth In China Uninspiring

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><span>This is a follow-up to our initiation on <a href="https://www.smartkarma.com/entities/antofagasta-plc" target="_blank" rel="noopener">Antofagasta PLC (ANTO LN)</a>: <a href="https://www.smartkarma.com/insights/antofagasta-anto-ln-an-initiation-on-a-mid-sized-copper-miner" target="_blank" rel="noopener">Antofagasta (ANTO LN): An Initiation on a Mid-Sized Copper Miner</a>, in which we provide some positive updates. </span></li>
<li>The company guided a full-year copper production of 660-700k for FY25 (in line with expectations) and slightly higher gross YoY costs at the upper end (but better than street expectations).</li>
<li>The long-term production plan of 900,000 tons by 2027 puts it under 5x EV-EBITDA for FY27 at spot prices (vs. the current 7.8x).</li>
</ul>


This is a follow-up to our initiation on Antofagasta PLC (ANTO LN): Antofagasta (ANTO LN): An Initiation on a Mid-Sized Copper Miner, in which we provide some positive updates. 
The company guided a full-year copper production of 660-700k for FY25 (in line with expectations) and slightly higher gross YoY costs at the upper end (but better than street expectations).
The long-term production plan of 900,000 tons by 2027 puts it under 5x EV-EBITDA for FY27 at spot prices (vs. the current 7.8x).


Antofagasta (ANTO LN) Updates: Good Set Up For 2025