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>Investics Research will initiate coverage of the materials sector in April 2024, starting with iron ore and then gold, coal, and steel in subsequent months (in that order).</li>
<li>The areas of coverage on asset classes will encompass the underlying commodity and the associated equities. </li>
<li>Areas of differentiation would include in-depth coverage of all equities (small/mid and large cap) and actionable tactical ideas on the commodity.</li>
</ul>


Investics Research will initiate coverage of the materials sector in April 2024, starting with iron ore and then gold, coal, and steel in subsequent months (in that order).
The areas of coverage on asset classes will encompass the underlying commodity and the associated equities. 
Areas of differentiation would include in-depth coverage of all equities (small/mid and large cap) and actionable tactical ideas on the commodity.


Introduction: Initiation of Coverage in the Materials Sector

Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

<ul><li>Fortescue&rsquo;s weaker-than-expected quarterly update has heightened concerns over its pricing power, with China&rsquo;s tougher negotiating stance threatening lasting consequences.</li><li> Fortescue&rsquo;s preliminary quarterly operational report disappoints Lower realised pricing reflects China&rsquo;s growing bargaining power Ongoing dispute with buying agency over long-term offtake pricing Bell Potter sees an increasing shift in pricing power towards buyers</li></ul>

Fortescue&rsquo;s weaker-than-expected quarterly update has heightened concerns over its pricing power, with China&rsquo;s tougher negotiating stance threatening lasting consequences. Fortescue&rsquo;s preliminary quarterly operational report disappoints Lower realised pricing reflects China&rsquo;s growing bargaining power Ongoing dispute with buying agency over long-term offtake pricing Bell Potter sees an increasing shift in pricing power towards buyers

Fortescue Confronts A New Pricing Reality

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>The latest half year results from BHP indicate continued operational and financial strength, supported by robust commodity prices and disciplined capital management.</li><li>The company reported a 25% increase in underlying EBITDA to $6.2 billion in attributable profit, with margins improving to 58% and return on capital employed rising to 24%.</li><li>Production grew by 2%, while unit costs improved approximately 4.5%, despite inflation and currency headwinds.</li></ul>

The latest half year results from BHP indicate continued operational and financial strength, supported by robust commodity prices and disciplined capital management.The company reported a 25% increase in underlying EBITDA to $6.2 billion in attributable profit, with margins improving to 58% and return on capital employed rising to 24%.Production grew by 2%, while unit costs improved approximately 4.5%, despite inflation and currency headwinds.

BHP Group’s Copper Powerhouse: Can 2.5 Million Tonnes Redefine Its Growth Story?

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.

<ul>
<li>Jimblebar inventory drawdowns suggest Chinese mills are rotating back toward BHP’s higher-volume Pilbara blend after temporary feedstock adjustments.</li>
<li>BHP is expanding copper production while several global mining peers continue cutting guidance and struggling with operational execution pressures.</li>
<li>Markets are increasingly rewarding BHP’s scale, execution and commodity exposure through stronger earnings revisions and price target upgrades. </li>
</ul>


Jimblebar inventory drawdowns suggest Chinese mills are rotating back toward BHP’s higher-volume Pilbara blend after temporary feedstock adjustments.
BHP is expanding copper production while several global mining peers continue cutting guidance and struggling with operational execution pressures.
Markets are increasingly rewarding BHP’s scale, execution and commodity exposure through stronger earnings revisions and price target upgrades. 


The Market Repricing Around BHP May Only Be Getting Started

Bayon Financial

Graeme Cunningham

Independent Insight Provider

Bayon Financial provides industry and company analysis focusing on mid and small cap equity research coverage across a range of sectors including mining, financials and telecoms.

<ul>
<li>Operational results for Q1/26 (fiscal Q3/26) were muted with iron ore production near flat yoy, copper and steelmaking coal down and only energy coal rising significantly </li>
<li>The company noted the completion of iron ore sales contract negotiations with China Mineral Resources Group, finally removing that over six-month overhang on the price </li>
<li>We still see downside risk from iron ore and copper prices and deteriorating macro as insufficiently priced in at valuations that are towards the high end of the past decade </li>
</ul>


Operational results for Q1/26 (fiscal Q3/26) were muted with iron ore production near flat yoy, copper and steelmaking coal down and only energy coal rising significantly 
The company noted the completion of iron ore sales contract negotiations with China Mineral Resources Group, finally removing that over six-month overhang on the price 
We still see downside risk from iron ore and copper prices and deteriorating macro as insufficiently priced in at valuations that are towards the high end of the past decade 


Australia

BHP is an Australian multinational mining and metals company that extracts, processes, and markets iron ore, copper, and metallurgical coal, and is developing a potash business. It is one of the world's largest mining companies by market capitalization. The company was founded in August 1885 and is headquartered in Melbourne, Australia.

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BHP (BHP LN)

Introduction: Initiation of Coverage in the Materials Sector

We provide readers with an introduction to our initiation on commodities. We also provide a rationale as to how our coverage will be comprehensive...

Sameer Taneja

Fortescue Confronts A New Pricing Reality

Fortescue’s weaker-than-expected quarterly update has heightened concerns over its pricing power, with China’s tougher negotiating stance...

FNArena

BHP Group’s Copper Powerhouse: Can 2.5 Million Tonnes Redefine Its Growth Story?

The latest half year results from BHP indicate continued operational and financial strength, supported by robust commodity prices and disciplined...

Baptista Research

The Market Repricing Around BHP May Only Be Getting Started

Operational momentum, tightening copper markets and sustained earnings upgrades continue strengthening BHP’s position within the global mining sector.

Mint Finance

BHP: Q1/26 Production Growth Muted

Q1/26 production growth was muted yoy with iron ore near flat, copper down and coal mixed, while we see valuations as insufficiently pricing in...

Graeme Cunningham

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