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>
<a href="https://www.smartkarma.com/entities/apex-mining-co-inc" target="_blank" data-smartkarma-citation="entities:22952:1" rel="noopener">Apex Mining Co (APX PM)</a> is the Philippines' largest listed gold producer, operating two underground mines (Maco and Sangilo). It's in the early stages of developing another large tenement. </li>
<li>
<a href="https://www.smartkarma.com/entities/apex-mining-co-inc" target="_blank" data-smartkarma-citation="entities:22952:1" rel="noopener">Apex Mining Co (APX PM)</a> offers a high-quality, Philippine-domiciled vehicle for gold price exposure with growth prospects. </li>
<li>At a spot gold price of 4,500 USD/oz, the stock trades at 7.5x PE and 5.1x EV/EBITDA, with a 6.6% dividend yield. </li>
</ul>



Apex Mining Co (APX PM) is the Philippines' largest listed gold producer, operating two underground mines (Maco and Sangilo). It's in the early stages of developing another large tenement. 

Apex Mining Co (APX PM) offers a high-quality, Philippine-domiciled vehicle for gold price exposure with growth prospects. 
At a spot gold price of 4,500 USD/oz, the stock trades at 7.5x PE and 5.1x EV/EBITDA, with a 6.6% dividend yield. 


Apex Mining (APX PM): Cheap Play On Gold, With Massive Growth Angle

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Research Reinvented

<ul>
 <li>Apex Mining is demonstrating a remarkable growth trajectory, with significant year-over-year increases in revenue and net income, driven by higher production volumes and favorable gold prices.</li>
 <li>Strategic acquisitions and a 72% increase in ore reserves at its primary Maco Mine extend the mine's life by at least a decade and provide a clear path for future production growth and expansion.</li>
 <li>The company trades at a valuation discount to several peers on key metrics such as EV/EBITDA and P/E ratio, suggesting a potentially attractive entry point for investors, balanced against the inherent volatility of the mining sector.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Apex Mining is demonstrating a remarkable growth trajectory, with significant year-over-year increases in revenue and net income, driven by higher production volumes and favorable gold prices.
  Strategic acquisitions and a 72% increase in ore reserves at its primary Maco Mine extend the mine's life by at least a decade and provide a clear path for future production growth and expansion.
  The company trades at a valuation discount to several peers on key metrics such as EV/EBITDA and P/E ratio, suggesting a potentially attractive entry point for investors, balanced against the inherent volatility of the mining sector.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Apex Mining Co (APX PM) - Mar 2026

<ul>
<li>At a gold price of USD 4,200/oz, miners are generating cash flow well in excess of sustaining capital and operating requirements, supporting balance sheet deleveraging and shareholder returns.</li>
<li>Following our prior insight, <a href="https://www.smartkarma.com/insights/gold-equities-a-detailed-look-at-the-capital-allocation-plans-of-our-universe-barrick-gold-b-us" target="_blank" data-smartkarma-citation="insights:273679" rel="noopener">Gold Equities: A Detailed Look At The Capital Allocation Plans Of Our Universe - Barrick Gold (B US)</a>, we follow up on <a href="https://www.smartkarma.com/entities/newmont-mining-corp" target="_blank" data-smartkarma-citation="entities:14503:1" rel="noopener">Newmont Mining (NEM US)</a>  </li>
<li>We like <a href="https://www.smartkarma.com/entities/oceanagold-philippines-inc" target="_blank" data-smartkarma-citation="entities:40897:1" rel="noopener">OceanaGold Philippines (OGP PM)</a> for its 11% dividend yield. For the large caps, <a href="https://www.smartkarma.com/entities/newmont-mining-corp" target="_blank" data-smartkarma-citation="entities:14503:1" rel="noopener">Newmont Mining (NEM US)</a> and <a href="https://www.smartkarma.com/entities/barrick-mining-corporation" target="_blank" data-smartkarma-citation="entities:21023:1" rel="noopener">Barrick Mining (B US)</a>  have impressive capital return programs.</li>
</ul>


At a gold price of USD 4,200/oz, miners are generating cash flow well in excess of sustaining capital and operating requirements, supporting balance sheet deleveraging and shareholder returns.
Following our prior insight, Gold Equities: A Detailed Look At The Capital Allocation Plans Of Our Universe - Barrick Gold (B US), we follow up on Newmont Mining (NEM US)  
We like OceanaGold Philippines (OGP PM) for its 11% dividend yield. For the large caps, Newmont Mining (NEM US) and Barrick Mining (B US)  have impressive capital return programs.


Gold Equities: A Detailed Look At The Capital Allocation Plans Of Our Universe - Newmont (NEM US)

Philippine Stock Exchange / Equity Bottom-Up

<ul>
<li>We established metrics focused on high ROCE, sustainable 10-15% YoY CAGR, robust balance sheets, and prudent capital allocation: essential elements for identifying potential multibagger opportunities in the Philippines.</li>
<li>Our top picks are: <a href="https://www.smartkarma.com/entities/ginebra-san-miguel-inc" target="_blank" data-smartkarma-citation="entities:23029:1" rel="noopener">Ginebra San Miguel (GSMI PM)</a>, <a href="https://www.smartkarma.com/entities/keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">Keepers (KEEPR PM)</a>, <a href="https://www.smartkarma.com/entities/international-container-terminal-services-inc" target="_blank" data-smartkarma-citation="entities:20001:1" rel="noopener">International Container Terminal Services (ICT PM)</a>, and <a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a> </li>
<li>With 3QFY26 earnings around the corner, we believe Philippine consumer discretionary stocks will be affected by inflationary concerns, but we still expect resilient margins.</li>
</ul>


We established metrics focused on high ROCE, sustainable 10-15% YoY CAGR, robust balance sheets, and prudent capital allocation: essential elements for identifying potential multibagger opportunities in the Philippines.
Our top picks are: Ginebra San Miguel (GSMI PM), Keepers (KEEPR PM), International Container Terminal Services (ICT PM), and Philippine Stock Exchange (PSE PM) 
With 3QFY26 earnings around the corner, we believe Philippine consumer discretionary stocks will be affected by inflationary concerns, but we still expect resilient margins.


Shortlist of High Conviction Philippines Equity Ideas - October 2026

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 High-margin leverage to gold: FY25 revenue rose 37% to US$7.05bn while production cost per ounce rose 12%, lifting cash margin to US$2,285/oz.</li>
<li>
 Organic pipeline extends the profile: Phase X, Curlew and Redbird 2 start in 2028; Great Bear (late 2029) and Lobo-Marte add ~850koz/yr of high-grade ounces to the existing 2 Moz.</li>
<li>
Valuation: 9.4x FY26E P/E and 5.1x EV/EBITDA with FY25 ROCE 29.8%; US$1.9bn net cash</li>
</ul>



 High-margin leverage to gold: FY25 revenue rose 37% to US$7.05bn while production cost per ounce rose 12%, lifting cash margin to US$2,285/oz.

 Organic pipeline extends the profile: Phase X, Curlew and Redbird 2 start in 2028; Great Bear (late 2029) and Lobo-Marte add ~850koz/yr of high-grade ounces to the existing 2 Moz.

Valuation: 9.4x FY26E P/E and 5.1x EV/EBITDA with FY25 ROCE 29.8%; US$1.9bn net cash


Kinross Gold Corporation (TSX: K; NYSE: KGC): Record Margins Fund Buybacks and a Grade-Led Pipeline

Philippines

Apex Mining Co. Inc. is a Philippine-owned mining company primarily engaged in the exploration, development, and production of gold, silver, and other metals. The company operates the Maco Gold Mine in Davao de Oro and holds interests in other mineral properties. Apex Mining was incorporated in 1970 and is headquartered in Pasig City, Philippines.

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Apex Mining (APX PM)