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

<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

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

Rikki Malik

<ul>
<li>While there may be still be some overhang once the rights shares start trading, this is a good entry point</li>
<li>Applications for 6.4 Billion excess rights shares received from 11 applications</li>
<li>Rights shares will start trading on Tuesday 16th of July</li>
</ul>


While there may be still be some overhang once the rights shares start trading, this is a good entry point
Applications for 6.4 Billion excess rights shares received from 11 applications
Rights shares will start trading on Tuesday 16th of July


MMG Limited (1208.HK) Rights Issue - 98.18% Taken Up

<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

<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

Iron Ore, Copper, Equities, Mint Finance

Umang Agrawal

Iron Ore, Copper, Equities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>Record US copper imports point to aggressive stockpiling, while Congo’s rising cathode shipments signal growing competition for physical demand outside COMEX channels.</li>
<li>Copper options retain a clear bullish tilt, with OI PCR at 0.55 and volume PCR at 0.30 signaling strong upside demand, while the easing CVOL points to lower volatility expectations.</li>
<li>Political pushback puts VBM’s IPO on hold, while Vale plans to double its copper business, keeping its growth strategy firmly focused on expanding production.</li>
</ul>


Record US copper imports point to aggressive stockpiling, while Congo’s rising cathode shipments signal growing competition for physical demand outside COMEX channels.
Copper options retain a clear bullish tilt, with OI PCR at 0.55 and volume PCR at 0.30 signaling strong upside demand, while the easing CVOL points to lower volatility expectations.
Political pushback puts VBM’s IPO on hold, while Vale plans to double its copper business, keeping its growth strategy firmly focused on expanding production.


Copper in Focus: US Tariff Risks Fuel Stockpiling; VBM IPO Hits Roadblock

Switzerland

Glencore is one of the world's largest globally diversified natural resource companies. It produces, sources, markets, and recycles a wide range of raw materials including metals, minerals, and energy products essential for everyday life and the transition to a low-carbon economy. The company was founded in 1974 and is headquartered in Baar, Switzerland.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Glencore (GLEN LN)

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

Building on our coverage in copper equities, we initiate on Teck Resources (TECK US). We explore its future growth prospects after selling its coal...

Sameer Taneja

MMG Limited (1208.HK) Rights Issue - 98.18% Taken Up

Good entry point for investors as excess rights shares receive strong demand, trading to begin on July 16th, and copper has had its correction

Rikki Malik

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

Copper in Focus: US Tariff Risks Fuel Stockpiling; VBM IPO Hits Roadblock

Chile’s supply disruptions and firm physical demand support copper, while a firmer US dollar, measured positioning and profit-taking introduce...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Building on our coverage in copper equities, we initiate on Teck Resources (TECK US). We explore its future growth prospects after selling its coal...

Sameer Taneja

MMG Limited (1208.HK) Rights Issue - 98.18% Taken Up

​Good entry point for investors as excess rights shares receive strong demand, trading to begin on July 16th, and copper has had its correction

Rikki Malik

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

Copper in Focus: US Tariff Risks Fuel Stockpiling; VBM IPO Hits Roadblock

Chile’s supply disruptions and firm physical demand support copper, while a firmer US dollar, measured positioning and profit-taking introduce...

Mint Finance

Good entry point for investors as excess rights shares receive strong demand, trading to begin on July 16th, and copper has had its correction

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