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: Holding Its Ground, Value Emerging In Equities

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

Copper Tracker Sep 23rd, 2024: Markets Volatile, Accumulate Good Copper Names On Weakness

Copper Tracker August 19th, 2024: Markets Volatile, Accumulate Good Copper Names On Weakness

Copper Tracker August 5th, 2024: Physical/​Equity Screens And Trades, Positive Signs For Copper

Southern Copper (SCCO US) Concall Highlights: Great Q2 2024, FY24 Production Guide Up

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>After selling its coking coal business to <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/teck-resources-ltd-36dbdad5-1430-4d7a-8578-31bc50086f72" target="_blank" data-smartkarma-citation="entities:33343:1" rel="noopener">Teck Resources (TECK US)</a> has pivoted to copper as its primary growth driver. </li>
<li>The 7.3 bn CAD cash (20% of Mkt cap) received from the sale of the coal business stake is being used for buybacks, debt repayment, and growth opportunities.  </li>
<li>The stock is cheap on an EV-EBITDA basis at 7.5x, but we are not too fond of the business's low ROCE. </li>
</ul>


After selling its coking coal business to Glencore Plc (GLEN LN), Teck Resources (TECK US) has pivoted to copper as its primary growth driver. 
The 7.3 bn CAD cash (20% of Mkt cap) received from the sale of the coal business stake is being used for buybacks, debt repayment, and growth opportunities.  
The stock is cheap on an EV-EBITDA basis at 7.5x, but we are not too fond of the business's low ROCE. 


Teck Resources (TECK US): The New Purish Copper Play In Town