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

Equity Bottom-Up

Plover Bay Technologies / Equity Bottom-Up

Plover Bay is the holding company of Peplink. Our vision is to make connectivity reliable through our ecosystem of enterprise LTE/5G routers and software services. Everyday, thousands of enterprises in retail, industrial, public safety, healthcare and government organizations use Peplink technologies in workplaces, factories, outdoor deployments, vehicles, ships, drones, and IoT systems to ensure their network connections are fast and reliable.

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<li>
<a href="https://www.smartkarma.com/entities/plover-bay-technologies-ltd" target="_blank" rel="noopener">Plover Bay Technologies (1523 HK)</a> reported 28.4%/55 % YoY revenue/net profit growth, led by growth from new customers in the US, Australia, and Europe. </li>
<li>The company reiterated its long-term guidance of reaching 300 mn USD revenue (FY23: 94 mn USD) in less than ten years. There was no clear guidance for FY24. </li>
<li>The stock trades at 14.8x PE FY24e, with a 5.4% dividend yield (assuming an 80% payout), and is at the cusp of an inflection in its growth. </li>
</ul>



Plover Bay Technologies (1523 HK) reported 28.4%/55 % YoY revenue/net profit growth, led by growth from new customers in the US, Australia, and Europe. 
The company reiterated its long-term guidance of reaching 300 mn USD revenue (FY23: 94 mn USD) in less than ten years. There was no clear guidance for FY24. 
The stock trades at 14.8x PE FY24e, with a 5.4% dividend yield (assuming an 80% payout), and is at the cusp of an inflection in its growth. 


Plover Bay (1523 HK): Solid H1 FY24, Inflection Point In Earnings

Commodities

Copper is a chemical element with symbol Cu (from Latin: cuprum) and atomic number 29. It is a soft, malleable and ductile metal with very high thermal and electrical conductivity. A freshly exposed surface of pure copper has a reddish-orange color. It is used as a conductor of heat and electricity, as a building material and as a constituent of various metal alloys, such as Sterling silver used in jewelry, cupronickel used to make marine hardware and coins and constantan used in strain gauges and thermocouples for temperature measurement.

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<li>
<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> posted a 6% EBITDA beat and a 17% EPS beat buoyed by higher pricing of copper and by-products</li>
<li>Sales/EBITDA/Profit increased by 35.5%/61%/72% YoY. It also guided a positive outlook for copper, highlighting a tightening of the physical market boding well for future quarters. </li>
<li>The board paid a 1.20 USD/share quarterly dividend in 50:50 scrip/cash. It will probably continue this practice, considering the elevated capex/ debt repayment of 500 mn USD in April 2025.</li>
</ul>



Southern Copper (SCCO US) posted a 6% EBITDA beat and a 17% EPS beat buoyed by higher pricing of copper and by-products
Sales/EBITDA/Profit increased by 35.5%/61%/72% YoY. It also guided a positive outlook for copper, highlighting a tightening of the physical market boding well for future quarters. 
The board paid a 1.20 USD/share quarterly dividend in 50:50 scrip/cash. It will probably continue this practice, considering the elevated capex/ debt repayment of 500 mn USD in April 2025.


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

Sai Gon Cargo Service  / Equity Bottom-Up

Sai Gon Cargo Service Corporation (SCSC) provides air transportation services. The Company offers cargo handling, supply packaging, air freight, storage, and warehousing services, as well as elevating transfer vehicles, material handling systems, x-ray scanner, pallet, forklift, and other equipment. SCSC serves customers worldwide.

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<li>
<a href="https://www.smartkarma.com/entities/sai-gon-cargo-service-corp" target="_blank" data-smartkarma-citation="entities:40374:1" rel="noopener">Sai Gon Cargo Service (SCS VN)</a> reported a solid set of Q2 2024 numbers, with revenue up 53.2% YoY and profits up 46.8% YoY. </li>
<li>Volumes were up 50% YoY, and the balance revenue growth was from recent tariff hikes (<em> <a href="https://www.smartkarma.com/insights/sai-gon-cargo-services-scs-vn-update-price-hikes-strong-q1-2024-operational-numbers" target="_blank" data-smartkarma-citation="insights:136006" rel="noopener">Sai Gon Cargo Services (SCS VN) Update: Price Hikes, Strong Q1 2024 Operational Numbers</a></em> )</li>
<li>The stock trades at 13x FY24e PE and a 7.5% dividend yield with upside from the current earnings trajectory. Finding 80% EBITDA operators with &gt;40% ROE is rare.</li>
</ul>



Sai Gon Cargo Service (SCS VN) reported a solid set of Q2 2024 numbers, with revenue up 53.2% YoY and profits up 46.8% YoY. 
Volumes were up 50% YoY, and the balance revenue growth was from recent tariff hikes ( Sai Gon Cargo Services (SCS VN) Update: Price Hikes, Strong Q1 2024 Operational Numbers )
The stock trades at 13x FY24e PE and a 7.5% dividend yield with upside from the current earnings trajectory. Finding 80% EBITDA operators with &gt;40% ROE is rare.


Sai Gon Cargo Service (SCS VN): Strong Q2 2024, 8% Dividend Yield, >40% ROEs, Net Cash

Mongolian Mining Corporation produces coking coal.  The Company operates the Ukhaa Khudag mine in Mongolia.

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<li>Following our insight, <a href="https://www.smartkarma.com/insights/mongolia-mining-corp-975-hk-play-on-coking-coal-price-with-growth-optionality" target="_blank" rel="noopener">Mongolia Mining Corp (975 HK): Play on Coking Coal Price With Growth Optionality, </a><a href="https://www.smartkarma.com/entities/mongolian-mining-corp" target="_blank" data-smartkarma-citation="entities:4382:1" rel="noopener">Mongolian Mining (975 HK)</a><a href="https://www.smartkarma.com/insights/mongolia-mining-corp-975-hk-play-on-coking-coal-price-with-growth-optionality" target="_blank" rel="noopener"> </a>has released its <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0722/2024072200375.pdf" target="_blank" rel="noopener">Q2 2024 operational numbers</a>. </li>
<li>For Q2, the sales of coking coal products increased by 47% YoY and for H1 by 25% YoY. HCC was only 63% of the product mix (vs 87% in H1FY23).</li>
<li>Based on our numbers, the stock trades at 5.6x FY24 PE and 2.6x EV-EBITDA. We await the H1 FY23 results and clarity on the dividend catalyst in August. </li>
</ul>


Following our insight, Mongolia Mining Corp (975 HK): Play on Coking Coal Price With Growth Optionality, Mongolian Mining (975 HK) has released its Q2 2024 operational numbers. 
For Q2, the sales of coking coal products increased by 47% YoY and for H1 by 25% YoY. HCC was only 63% of the product mix (vs 87% in H1FY23).
Based on our numbers, the stock trades at 5.6x FY24 PE and 2.6x EV-EBITDA. We await the H1 FY23 results and clarity on the dividend catalyst in August. 


Mongolian Mining (975 HK): Q2 2024 Production Impressive, Good Set Up for H1

<ul>
<li>Copper retreated by more than 5% due to China's weak print on TSF. The plenum's lack of concrete stimulus measures also did not help matters. </li>
<li>Check out our initiation, <a href="https://www.smartkarma.com/insights/copper-primer-what-we-like-about-copper-and-what-to-play" target="_blank" data-smartkarma-citation="insights:141017" rel="noopener">Copper Primer: What We Like About Copper And What to Play</a>, where we provide our long-term bullish outlook on copper. </li>
<li>Also, see our initiation, <a href="https://www.smartkarma.com/insights/southern-copper-in-a-league-of-its-own" target="_blank" data-smartkarma-citation="insights:139839" rel="noopener">Southern Copper: In a League of Its Own</a>. The company reported a stellar Q2 FY24, beating the street estimates by 20%.</li>
</ul>


Copper retreated by more than 5% due to China's weak print on TSF. The plenum's lack of concrete stimulus measures also did not help matters. 
Check out our initiation, Copper Primer: What We Like About Copper And What to Play, where we provide our long-term bullish outlook on copper. 
Also, see our initiation, Southern Copper: In a League of Its Own. The company reported a stellar Q2 FY24, beating the street estimates by 20%.


Copper Tracker July 22nd, 2024: Physical/​Equity Screens And Trades, Copper Weak

Investics Research
Equity Bottom-up Research

Plover Bay (1523 HK): Solid H1 FY24, Inflection Point In Earnings

We summarize the earnings of Plover Bay (1523 HK) for H1 FY24. The company reached an inflection point with 28%/55% YoY revenue and profit growth.

Sameer Taneja

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

We summarize the Q2 2024 conference call and results for Southern Copper (SCCO US). It is the best-in-class pure-play operator for copper with...

Sameer Taneja

Sai Gon Cargo Service (SCS VN): Strong Q2 2024, 8% Dividend Yield, >40% ROEs, Net Cash

We summarize Sai Gon Cargo Services' (SCS VN) Q2 FY24 results. This rare stock has>40% ROE, 70% net margins, and a 7.5-8% dividend yield. There is...

Sameer Taneja

Mongolian Mining (975 HK): Q2 2024 Production Impressive, Good Set Up for H1

We provide an update on Mongolian Mining Corp's (975 HK) operational numbers for Q2/H1 FY24 and highlight the catalysts we await in their H1FY24...

Sameer Taneja

Copper Tracker July 22nd, 2024: Physical/Equity Screens And Trades, Copper Weak

This brief insight summarizes Copper's performance and equities on our screens. We highlight our research and trades to explore.

Sameer Taneja

Plover Bay (1523 HK): Solid H1 FY24, Inflection Point In Earnings

We summarize the earnings of Plover Bay (1523 HK) for H1 FY24. The company reached an inflection point with 28%/55% YoY revenue and profit growth.

Sameer Taneja

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

We summarize the Q2 2024 conference call and results for Southern Copper (SCCO US). It is the best-in-class pure-play operator for copper with...

Sameer Taneja

Sai Gon Cargo Service (SCS VN): Strong Q2 2024, 8% Dividend Yield, >40% ROEs, Net Cash

We summarize Sai Gon Cargo Services' (SCS VN) Q2 FY24 results. This rare stock has>40% ROE, 70% net margins, and a 7.5-8% dividend yield. There is...

Sameer Taneja

Mongolian Mining (975 HK): Q2 2024 Production Impressive, Good Set Up for H1

We provide an update on Mongolian Mining Corp's (975 HK) operational numbers for Q2/H1 FY24 and highlight the catalysts we await in their H1FY24...

Sameer Taneja

Copper Tracker July 22nd, 2024: Physical/​Equity Screens And Trades, Copper Weak

This brief insight summarizes Copper's performance and equities on our screens. We highlight our research and trades to explore.

Sameer Taneja

Copper Tracker July 22nd, 2024: Physical/Equity Screens And Trades, Copper Weak