Mark A. DeWeaver, PhD, CFA

Equity Bottom-Up

<ul>
<li>China Minmetals subsidiary <a href="https://www.smartkarma.com/entities/13961" target="_blank" data-smartkarma-citation="entities:13961:1">Mmg Ltd (1208 HK)</a> is among the most successful Chinese overseas investors.</li>
<li>The company’s copper mines in Peru, DR Congo, and Laos and two zinc mines in Australia make it primarily a call on copper and zinc.</li>
<li>A Monte-Carlo simulation using re-sampled historical changes in copper and zinc prices, C1 costs, and LIBOR rates indicates that the shares would have to rise 107% from current levels to be fully valued.</li>
</ul><p>With a market cap of only USD 5 bn and average daily volume of…</p>


China Minmetals subsidiary Mmg Ltd (1208 HK) is among the most successful Chinese overseas investors.
The company’s copper mines in Peru, DR Congo, and Laos and two zinc mines in Australia make it primarily a call on copper and zinc.
A Monte-Carlo simulation using re-sampled historical changes in copper and zinc prices, C1 costs, and LIBOR rates indicates that the shares would have to rise 107% from current levels to be fully valued.
With a market cap of only USD 5 bn and average daily volume of…

MMG as a Call on Copper and Zinc: 1 Million Iterations, 107% Upside