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>
$3.1B Q1FY26 all-time record quarterly FCF; Annualized implies a 10% FCF yield, with a realized gold price of 4,900 USD/oz. </li>
<li>
Tanami Exp 2, Cadia PC2-3/PC1-2, Lihir Nearshore Barrier, and Red Chris Block Cave underpin a multi-year production ramp to ~6 Moz (vs. current 5.3 Moz).</li>
<li>
$6B new buyback authorization; $2.7B returned since Feb-26; $1.1B/yr dividend growing per-share as share count declines.</li>
</ul>



$3.1B Q1FY26 all-time record quarterly FCF; Annualized implies a 10% FCF yield, with a realized gold price of 4,900 USD/oz. 

Tanami Exp 2, Cadia PC2-3/PC1-2, Lihir Nearshore Barrier, and Red Chris Block Cave underpin a multi-year production ramp to ~6 Moz (vs. current 5.3 Moz).

$6B new buyback authorization; $2.7B returned since Feb-26; $1.1B/yr dividend growing per-share as share count declines.


Newmont Mining (NEM US): The World's Premier Gold Miner At ~10% FCF Yield

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Thematic (Sector/Industry)

<ul>
<li>SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold mining stocks. These 11 stocks are at different stages in the exploration, development, production cycle and have averaged a 19.0% gain in 2017 YTD.</li>
<li>
Of the three segments, mining industrial minerals has been the strongest performer in the 2017 YTD with an average 30.4% gain, led Alliance Minerals Assets. Coal was the next best performer with the four stocks…</li>
</ul>


SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold mining stocks. These 11 stocks are at different stages in the exploration, development, production cycle and have averaged a 19.0% gain in 2017 YTD.

Of the three segments, mining industrial minerals has been the strongest performer in the 2017 YTD with an average 30.4% gain, led Alliance Minerals Assets. Coal was the next best performer with the four stocks…


Average 19% YTD Gain in Key Mining Stocks

<ul>
<li>At gold prices of 4,500 USD/oz (vs. current price &gt;4,700 USD/oz), the stock trades at 9x PE and 4.2x EV-EBITDA, with a 3.5% dividend yield (50% payout on FCF). </li>
<li>
The North America IPO could be a catalyst for a structural re-rating, comprising holdings in NGM (61.5%), Pueblo Viejo (60%), and 100%-owned Fourmile, targeting completion by late 2026.</li>
<li>
This is a diversified 14-asset miner, with 85 million ounces of reserves (more than 17-year mine life) that provides a good, large-cap/liquid option geared to the gold price. </li>
</ul>


At gold prices of 4,500 USD/oz (vs. current price &gt;4,700 USD/oz), the stock trades at 9x PE and 4.2x EV-EBITDA, with a 3.5% dividend yield (50% payout on FCF). 

The North America IPO could be a catalyst for a structural re-rating, comprising holdings in NGM (61.5%), Pueblo Viejo (60%), and 100%-owned Fourmile, targeting completion by late 2026.

This is a diversified 14-asset miner, with 85 million ounces of reserves (more than 17-year mine life) that provides a good, large-cap/liquid option geared to the gold price. 


Barrick Gold (B US): An Option For Investors Looking At Diversified Asset, Large-Cap Gold Exposure

OceanaGold Philippines / Equity Bottom-Up

<ul>
<li>FY2025 revenue of US$438.8m (+27.9% YoY); EBITDA of US$161.9m (+41.3%); net income of US$76.5m (+152%), driven primarily by gold prices averaging US$3,481/oz in 2H25 (vs Current Spot 5,300 USD/oz)</li>
<li>At a gold price of 5000 USD/oz, the stock trades at 7.6x FY26e PE with a 13% dividend yield. Even at 3,400 USD/oz, the stock yields 7.2%. </li>
<li>Key risks lie in local or government disputes that could disrupt operations, or in the Liggayu Vs Gonzales case, which, if resolved adversely, could result in equity dilution. </li>
</ul>


FY2025 revenue of US$438.8m (+27.9% YoY); EBITDA of US$161.9m (+41.3%); net income of US$76.5m (+152%), driven primarily by gold prices averaging US$3,481/oz in 2H25 (vs Current Spot 5,300 USD/oz)
At a gold price of 5000 USD/oz, the stock trades at 7.6x FY26e PE with a 13% dividend yield. Even at 3,400 USD/oz, the stock yields 7.2%. 
Key risks lie in local or government disputes that could disrupt operations, or in the Liggayu Vs Gonzales case, which, if resolved adversely, could result in equity dilution. 


OceanaGold Philippines, Inc. (OGP PM): Another Cheap Play On Gold Price

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)

Newmont Mining (NEM US): The World's Premier Gold Miner At ~10% FCF Yield

NEM US: World's largest gold miner. Record $3.1B quarterly FCF. $6B buyback. 2026 trough; production ramps to 6Moz+ by 2028. 10.8x PE/6.0 EV-EBITDA...

Sameer Taneja

Average 19% YTD Gain in Key Mining Stocks

SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold...

Singapore Exchange Ltd (SGX)

Barrick Gold (B US): An Option For Investors Looking At Diversified Asset, Large-Cap Gold Exposure

Barrick: net cash $2B, 9x P/E,4.2x EV-EBITDA at $4,500 gold. IPO of North American assets the re-rating catalyst. Fourmile — 13Moz at 17g/t — is...

Sameer Taneja

OceanaGold Philippines, Inc. (OGP PM): Another Cheap Play On Gold Price

OceanaGold Philippines: Philippines' #3 gold & copper producer. Debt-free, 90% FCF payout, AISC ~$1,263/oz vs $3,481/oz avg gold price. 12-year...

Sameer Taneja

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