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>The pivot in capital allocation plans of <a href="https://www.smartkarma.com/entities/whitehaven-coal-ltd" target="_blank" data-smartkarma-citation="entities:14253:1" rel="noopener">Whitehaven Coal (WHC AU)</a> by suspending its buyback program (up to 25% of outstanding shares) is a big negative for us. </li>
<li>We think the increase in capex spending in a frothy pricing environment and focus on M&amp;A for spending the 2.6 bn of cash is a coin toss on capital allocation. </li>
<li>We prefer names that keep their capital allocation plans consistent, e.g., <a href="https://www.smartkarma.com/entities/indo-tambangraya-megah-tbk-p" target="_blank" data-smartkarma-citation="entities:15891:1" rel="noopener">Indo Tambangraya Megah (ITMG IJ)</a>, and would take money off the table here.</li>
</ul>


The pivot in capital allocation plans of Whitehaven Coal (WHC AU) by suspending its buyback program (up to 25% of outstanding shares) is a big negative for us. 
We think the increase in capex spending in a frothy pricing environment and focus on M&amp;A for spending the 2.6 bn of cash is a coin toss on capital allocation. 
We prefer names that keep their capital allocation plans consistent, e.g., Indo Tambangraya Megah (ITMG IJ), and would take money off the table here.


Whitehaven Coal Suspension of Buyback: A Negative Despite Rising Coal Price/ Potential Acquisition

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Opportunity: Currently eight pair trade opportunities across four markets and five sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Opportunity: Currently eight pair trade opportunities across four markets and five sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (15 Dec)

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Structural copper tightness, strong gold cash flows, and rising silver prices position Zijin for multi-year earnings growth and a valuation re-rating in 2026.</li>
<li>Leadership transition reduces founder dependence, strengthens governance credibility, and enables multiple expansion as Zijin aligns with global copper-scarcity peers.</li>
<li>Base valuation is HK$40–41; spot and peer convergence support HK$48–50, implying 35–40% upside with clear catalysts across copper expansions and gold stability.</li>
</ul>


Structural copper tightness, strong gold cash flows, and rising silver prices position Zijin for multi-year earnings growth and a valuation re-rating in 2026.
Leadership transition reduces founder dependence, strengthens governance credibility, and enables multiple expansion as Zijin aligns with global copper-scarcity peers.
Base valuation is HK$40–41; spot and peer convergence support HK$48–50, implying 35–40% upside with clear catalysts across copper expansions and gold stability.


2026 High Conviction Idea: Zijin Mining – Copper Scarcity Rerating to HK$48

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Dec 5th (reported today). The aggregated short interest was USD28.4bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Aristocrat Leisure, ALS, JB Hi-Fi, WiseTech Global, Woolworths.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Dec 5th (reported today). The aggregated short interest was USD28.4bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Aristocrat Leisure, ALS, JB Hi-Fi, WiseTech Global, Woolworths.


ASX Short Interest Weekly (Dec 5th): Aristocrat Leisure, ALS, JB Hi-Fi, WiseTech Global, Woolworths

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

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>This insight recommends a basket of Asian-listed base metal producers.</li>
<li>Base metals, especially Copper, have a high probability of moving much higher as the AI race continues</li>
<li>We prefer to invest in the materials needed for the  building out of AI infrastructure  </li>
</ul>


This insight recommends a basket of Asian-listed base metal producers.
Base metals, especially Copper, have a high probability of moving much higher as the AI race continues
We prefer to invest in the materials needed for the  building out of AI infrastructure  


2026 High Conviction Idea: Our Basket of Commodity Equities Will Outperform Broad Equity Indices # 2

Australia

BHP Billiton Limited is an international resources company.  The Company's principal business lines are mineral exploration and production, including coal, iron ore, gold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum exploration, production, and refining.  Dually-listed company with BLT LN.

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BHP Group Ltd (BHP US)

Whitehaven Coal Suspension of Buyback: A Negative Despite Rising Coal Price/ Potential Acquisition

We provide a rationale for why we do not like Whitehaven Coal's suspension of its buy back program despite the strong coal price environment and...

Sameer Taneja

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (15 Dec)

Discover statistical pair trade opportunities based on mean-reversion analysis in various markets and sectors, offering unique insights for...

Gaudenz Schneider

2026 High Conviction Idea: Zijin Mining – Copper Scarcity Rerating to HK$48

Zijin poised for multi-year earnings growth and valuation re-rating in 2026 with strong copper, gold, and silver positioning, leadership...

Rahul Jain

ASX Short Interest Weekly (Dec 5th): Aristocrat Leisure, ALS, JB Hi-Fi, WiseTech Global, Woolworths

We analyzed ASX short interest report for the past week and highlight short interest changes in Aristocrat Leisure, ALS, JB Hi-Fi, WiseTech Global,...

Ke Yan, CFA, FRM

2026 High Conviction Idea: Our Basket of Commodity Equities Will Outperform Broad Equity Indices # 2

As part of our basket of Commodity producers, we present a selection of base metals producers with a copper focus, which we believe will outperform...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Whitehaven Coal Suspension of Buyback: A Negative Despite Rising Coal Price/ Potential Acquisition

We provide a rationale for why we do not like Whitehaven Coal's suspension of its buy back program despite the strong coal price environment and...

Sameer Taneja

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (15 Dec)

​Discover statistical pair trade opportunities based on mean-reversion analysis in various markets and sectors, offering unique insights for...

Gaudenz Schneider

2026 High Conviction Idea: Zijin Mining – Copper Scarcity Rerating to HK$48

​Zijin poised for multi-year earnings growth and valuation re-rating in 2026 with strong copper, gold, and silver positioning, leadership...

Rahul Jain

ASX Short Interest Weekly (Dec 5th): Aristocrat Leisure, ALS, JB Hi-Fi, WiseTech Global, Woolworths

We analyzed ASX short interest report for the past week and highlight short interest changes in Aristocrat Leisure, ALS, JB Hi-Fi, WiseTech Global,...

Ke Yan, CFA, FRM

2026 High Conviction Idea: Our Basket of Commodity Equities Will Outperform Broad Equity Indices # 2

As part of our basket of Commodity producers, we present a selection of base metals producers with a copper focus, which we believe will outperform...

Rikki Malik

Discover statistical pair trade opportunities based on mean-reversion analysis in various markets and sectors, offering unique insights for...

Zijin poised for multi-year earnings growth and valuation re-rating in 2026 with strong copper, gold, and silver positioning, leadership...