Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Index Rebalance

<ul>
<li>JSE indices are due for rebalancing in the closing auction on Friday.</li>
<li>GLN will enter the Top 40, with APN falling out (projections sent out on 26 Aug, confirmed by the JSE on Wednesday 3 Sep).</li>
<li>There is quite a bit on the go on the economic calendar this week – FOMC on Wednesday evening, BOE and SARB on Thursday. </li>
</ul>


JSE indices are due for rebalancing in the closing auction on Friday.
GLN will enter the Top 40, with APN falling out (projections sent out on 26 Aug, confirmed by the JSE on Wednesday 3 Sep).
There is quite a bit on the go on the economic calendar this week – FOMC on Wednesday evening, BOE and SARB on Thursday. 


JSE September ’25 Rebalance: GLN to Enter Top 40, APN to Be Deleted

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Chifeng Jilong Gold Mining / Equity Bottom-Up

<ul>
<li>H1 2025 delivered record profitability, with realized gold prices up 41% YoY to ~US$3,020/oz and production surging 77% to 6.75t, lifting margins to ~US$1,440/oz.</li>
<li>Growth is anchored in the Sepon and Wassa ramp-ups, with optionality from the newly identified SND discovery (maiden reserve expected 2026, potential production from 2027–28).</li>
<li>On 2026E, Chifeng trades at ~8× P/E and ~4.6× EV/EBITDA with &gt;10% FCF yields, offering inexpensive exposure to earnings growth; risks remain around execution at overseas mines, cost pressures etc.</li>
</ul>


H1 2025 delivered record profitability, with realized gold prices up 41% YoY to ~US$3,020/oz and production surging 77% to 6.75t, lifting margins to ~US$1,440/oz.
Growth is anchored in the Sepon and Wassa ramp-ups, with optionality from the newly identified SND discovery (maiden reserve expected 2026, potential production from 2027–28).
On 2026E, Chifeng trades at ~8× P/E and ~4.6× EV/EBITDA with &gt;10% FCF yields, offering inexpensive exposure to earnings growth; risks remain around execution at overseas mines, cost pressures etc.


Chifeng Jilong Gold (600988 CH) – Earnings Step-Change, Valuation Undemanding

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Zijin Gold International / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2579355D HK)</a> is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO.</li>
<li>It is a global leading gold mining company formed by combining all of the gold mines of Zijin Mining, located outside of China.</li>
<li>We have looked at the company's past performance, and done a peer comparison in our previous note. In this note, we will provide a PHIP update.</li>
</ul>



Zijin Gold (2579355D HK) is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO.
It is a global leading gold mining company formed by combining all of the gold mines of Zijin Mining, located outside of China.
We have looked at the company's past performance, and done a peer comparison in our previous note. In this note, we will provide a PHIP update.


Zijin Gold Pre-IPO: PHIP Update: Acquisition of Raygorodok Mine for a Song

Zijin Gold International / Equity Bottom-Up

<ul>
<li>High Growth: ~80% production increase (36t to 65t, 2024–27E) via Buriticá, Aurora, Porgera, Central Asia.</li>
<li>Valuation: Filing suggests US$12–16bn (US$3–4bn raise, 6–7.5× EV/EBITDA); market eyes US$30–40bn.</li>
<li>Key Dynamics: SOE-backed expansion; risks in EM execution and AISC (~US$1,350/oz by 2027E).</li>
</ul>


High Growth: ~80% production increase (36t to 65t, 2024–27E) via Buriticá, Aurora, Porgera, Central Asia.
Valuation: Filing suggests US$12–16bn (US$3–4bn raise, 6–7.5× EV/EBITDA); market eyes US$30–40bn.
Key Dynamics: SOE-backed expansion; risks in EM execution and AISC (~US$1,350/oz by 2027E).


Zijin Gold Int'l IPO Preview: High-Growth Gold Mining Leader (PHIP, 14 Sep 2025)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2579355D HK) </a>is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO.</li>
<li>It is a global leading gold mining company formed by combining all of the gold mines of Zijin Mining, located outside of China. </li>
<li>We have looked at the company's past performance in our previous note. In this note, we will undertake a peer comparison.</li>
</ul>



Zijin Gold (2579355D HK) is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO.
It is a global leading gold mining company formed by combining all of the gold mines of Zijin Mining, located outside of China. 
We have looked at the company's past performance in our previous note. In this note, we will undertake a peer comparison.


South Africa

AngloGold Ashanti Limited is a holding company for a group of companies which explore for and mine gold internationally. The Group has operations in the Vaal River and West Witwatersrand areas of South Africa as well as Namibia, Mali, Brazil, Argentina, Australia, Tanzania and the United States.

Price Gauge
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AngloGold Ashanti Spon Adr (AU US)

JSE September ’25 Rebalance: GLN to Enter Top 40, APN to Be Deleted

JSE indices are due for rebalancing in the closing auction on Friday. GLN will enter the Top 40, with APN falling out...

DMA

Chifeng Jilong Gold (600988 CH) – Earnings Step-Change, Valuation Undemanding

Record profitability in H1 2025 driven by surging gold prices and production, with growth anchored in Sepon and Wassa ramp-ups and potential from...

Rahul Jain

Zijin Gold Pre-IPO: PHIP Update: Acquisition of Raygorodok Mine for a Song

Zijin Gold is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO. In this note, we will provide a PHIP update.

Nicholas Tan

Zijin Gold Int'l IPO Preview: High-Growth Gold Mining Leader (PHIP, 14 Sep 2025)

Article highlights significant production increase and valuation potential in gold mining sector, with emphasis on expansion risks and cost...

Rahul Jain

Zijin Gold Pre-IPO: Peer Comparison

Zijin Gold is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO. We have looked at the company's past performance in our previous note....

Nicholas Tan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JSE September ’25 Rebalance: GLN to Enter Top 40, APN to Be Deleted

JSE indices are due for rebalancing in the closing auction on Friday. GLN will enter the Top 40, with APN falling out...

DMA

Chifeng Jilong Gold (600988 CH) – Earnings Step-Change, Valuation Undemanding

​Record profitability in H1 2025 driven by surging gold prices and production, with growth anchored in Sepon and Wassa ramp-ups and potential from...

Rahul Jain

Zijin Gold Pre-IPO: PHIP Update: Acquisition of Raygorodok Mine for a Song

Zijin Gold is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO. In this note, we will provide a PHIP update.

Nicholas Tan

Zijin Gold Int'l IPO Preview: High-Growth Gold Mining Leader (PHIP, 14 Sep 2025)

​Article highlights significant production increase and valuation potential in gold mining sector, with emphasis on expansion risks and cost...

Rahul Jain

Zijin Gold Pre-IPO: Peer Comparison

Zijin Gold is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO. We have looked at the company's past performance in our previous note....

Nicholas Tan

Record profitability in H1 2025 driven by surging gold prices and production, with growth anchored in Sepon and Wassa ramp-ups and potential from...

Article highlights significant production increase and valuation potential in gold mining sector, with emphasis on expansion risks and cost...