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

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events and data impacting our investment themes and outlook</li>
<li>Tensions ratchet up between China and Japan over Taiwan comments</li>
<li>Signs of a turning point in the Chinese macro environment?</li>
</ul>


A review of recent events and data impacting our investment themes and outlook
Tensions ratchet up between China and Japan over Taiwan comments
Signs of a turning point in the Chinese macro environment?


Overview #45 - Sanctions, Metals, and Mergers

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

<ul>
<li>While tariff headlines may dominate, accumulate the miners on weakness</li>
<li>The positive Supply and Demand drivers for copper are  still intact</li>
<li>Latest tariffs add to the continued inflationary pulse around the world</li>
</ul>


While tariff headlines may dominate, accumulate the miners on weakness
The positive Supply and Demand drivers for copper are  still intact
Latest tariffs add to the continued inflationary pulse around the world


Copper Miners Update Post US Tariff Announcement

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/carnaby-resources-ltd" target="_blank" data-smartkarma-citation="entities:4197:1" rel="noopener">Carnaby Resources (CNB AU)</a> IE considers <a href="https://www.smartkarma.com/entities/evolution-mining-ltd" target="_blank" data-smartkarma-citation="entities:18363:1" rel="noopener">Evolution Mining (EVN AU)</a>’s offer (0.0682 EVN shares per CNB share) fair and reasonable.</li>
<li>Evolution waived the ACCC condition on 17 September. The key condition is Carnaby shareholder approval (value and headcount test).</li>
<li>The scheme vote is low as retail opposition has waned and no disinterested shareholder holds a blocking stake. At the last close, the gross/annualised spread was 0.4%/3.1%.</li>
</ul>


The Carnaby Resources (CNB AU) IE considers Evolution Mining (EVN AU)’s offer (0.0682 EVN shares per CNB share) fair and reasonable.
Evolution waived the ACCC condition on 17 September. The key condition is Carnaby shareholder approval (value and headcount test).
The scheme vote is low as retail opposition has waned and no disinterested shareholder holds a blocking stake. At the last close, the gross/annualised spread was 0.4%/3.1%.


Carnaby Resources (CNB AU): Scheme Vote on 26 October

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Indian equities have delivered envious returns and consistently rewarded shareholders, showcasing superior per share earnings growth and a high number of firms with strong Return on Equity.  </li>
<li>While GDP grows robustly (projected 6.3% FY25, 6.4% 2026), earnings growth, robust household consumption (7.1% CAGR over 34 years), and increasing investments are key drivers.  </li>
<li>The FY26 outlook is cautiously optimistic, with potential 12-15% Nifty returns driven by tailwinds, but current valuations and global risks necessitate a careful approach.</li>
</ul>


Indian equities have delivered envious returns and consistently rewarded shareholders, showcasing superior per share earnings growth and a high number of firms with strong Return on Equity.  
While GDP grows robustly (projected 6.3% FY25, 6.4% 2026), earnings growth, robust household consumption (7.1% CAGR over 34 years), and increasing investments are key drivers.  
The FY26 outlook is cautiously optimistic, with potential 12-15% Nifty returns driven by tailwinds, but current valuations and global risks necessitate a careful approach.


Can India’s Equity Outperformance Last?

Switzerland

Glencore is one of the world's largest globally diversified natural resource companies. It produces, sources, markets, and recycles a wide range of raw materials including metals, minerals, and energy products essential for everyday life and the transition to a low-carbon economy. The company was founded in 1974 and is headquartered in Baar, Switzerland.

Price Gauge
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Glencore (GLEN LN)

Overview #45 - Sanctions, Metals, and Mergers

A review of recent events/data impacting our investment themes and outlook. All clear ahead for many of our investment themes

Rikki Malik

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

Copper trading above $6/lb - a new ALL TIME HIGH. As we wrote here, $5 is the new floor. Spec positioning in futures close to levels signalling...

Rikki Malik

Copper Miners Update Post US Tariff Announcement

Both Jiangxi Copper (358.HK) and MMG (1208.HK) continue to perform very well. A big laggard here is Sumitomo Metal Mining (5713.JP). Name ...

Rikki Malik

Carnaby Resources (CNB AU): Scheme Vote on 26 October

The scheme vote is low as retail opposition has waned and no disinterested shareholder holds a blocking stake. At the last close, the gross...

Arun George

Can India’s Equity Outperformance Last?

Indian equities have delivered strong returns with high EPS and RoE, driven by robust GDP & consumption. FY26 outlook is cautiously optimistic,...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Overview #45 - Sanctions, Metals, and Mergers

A review of recent events/data impacting our investment themes and outlook. All clear ahead for many of our investment themes

Rikki Malik

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

Copper trading above $6/lb - a new ALL TIME HIGH. As we wrote here, $5 is the new floor. Spec positioning in futures close to levels signalling...

Rikki Malik

Copper Miners Update Post US Tariff Announcement

Both Jiangxi Copper (358.HK) and MMG (1208.HK) continue to perform very well. A big laggard here is Sumitomo Metal Mining (5713.JP). Name ...

Rikki Malik

Carnaby Resources (CNB AU): Scheme Vote on 26 October

The scheme vote is low as retail opposition has waned and no disinterested shareholder holds a blocking stake. At the last close, the gross...

Arun George

Can India’s Equity Outperformance Last?

​Indian equities have delivered strong returns with high EPS and RoE, driven by robust GDP & consumption. FY26 outlook is cautiously optimistic,...

Nimish Maheshwari

Indian equities have delivered strong returns with high EPS and RoE, driven by robust GDP & consumption. FY26 outlook is cautiously optimistic,...