Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

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.

Equity Bottom-Up

<ul>
<li>Goldman reported FY and Q4 2023 earnings and revenue that topped analysts estimates. Goldman stands to benefit from higher deal-making and lower operating expenses in 2024.</li>
<li>FY2023 earnings and revenue were lower than FY2022 as Goldman faced large losses on its real estate portfolio and retreat from its consumer banking push.</li>
<li>Q4 earnings beat expectations by a huge margin but investment banking fees continued to lag; heading into a looser monetary environment in 2024, Goldman stands to outperform.</li>
</ul>


Goldman reported FY and Q4 2023 earnings and revenue that topped analysts estimates. Goldman stands to benefit from higher deal-making and lower operating expenses in 2024.
FY2023 earnings and revenue were lower than FY2022 as Goldman faced large losses on its real estate portfolio and retreat from its consumer banking push.
Q4 earnings beat expectations by a huge margin but investment banking fees continued to lag; heading into a looser monetary environment in 2024, Goldman stands to outperform.


Goldman Sachs Positioned to Outperform in 2024 with Strong Tailwinds (Part 1)

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>US banks show flat lining loan growth, and continued very high growth in Jumbo time deposits, borrowings. Total deposits though, remain in contraction. </li>
<li>With the liability shift away from checking accounts, loan growth at near zero YoY will not help net interest income growth. Most recent two weeks' data, loans declined USD58bn.</li>
<li>Our sample of 36 US banks shows net interest income has just turned negative in 4Q23, and its pace of decline should worsen considerably, in coming quarters. </li>
</ul>


US banks show flat lining loan growth, and continued very high growth in Jumbo time deposits, borrowings. Total deposits though, remain in contraction. 
With the liability shift away from checking accounts, loan growth at near zero YoY will not help net interest income growth. Most recent two weeks' data, loans declined USD58bn.
Our sample of 36 US banks shows net interest income has just turned negative in 4Q23, and its pace of decline should worsen considerably, in coming quarters. 


US Banks - Flat Line Loans, High Growth Higher Cost Funding, Net Interest Income Growth Is Negative

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>In this note, we will take a look at broker performance for Japanese IPOs and placements in 2023. </li>
<li>The following dataset includes all Japanese IPOs and placements above US$100m, <strong>which amounted to a total of 32 deals. </strong>
</li>
<li>The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.</li>
</ul>


In this note, we will take a look at broker performance for Japanese IPOs and placements in 2023. 
The following dataset includes all Japanese IPOs and placements above US$100m, which amounted to a total of 32 deals. 

The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.


Aequitas Japan IPOs + Placements Broker Performance 2023

<ul>
<li>In this note, we will take a look at broker performance for HK IPOs and placements in 2023. </li>
<li>The following dataset includes all HK IPOs and placements above US$100m, <strong>which amounted to a total of 27 deals.</strong>
</li>
<li>The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.</li>
</ul>


In this note, we will take a look at broker performance for HK IPOs and placements in 2023. 
The following dataset includes all HK IPOs and placements above US$100m, which amounted to a total of 27 deals.

The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.


Aequitas HK IPOs + Placements Broker Performance 2023

<ul>
<li>New data for US PMI shows a continued weak economy, which is not positive for bank lending prospects or for loan pricing. It is also not positive for credit metrics. </li>
<li>New weekly data for large US banks show risk aversion remains, with rising cash, but also dismal growth in loans at only 0.5% YoY in the most recent week. </li>
<li>Large time deposits continue to rise substantially at +110% YoY in most recent week, with cash rising too - the outlook for core net interest income is worsening.</li>
</ul>


New data for US PMI shows a continued weak economy, which is not positive for bank lending prospects or for loan pricing. It is also not positive for credit metrics. 
New weekly data for large US banks show risk aversion remains, with rising cash, but also dismal growth in loans at only 0.5% YoY in the most recent week. 
Large time deposits continue to rise substantially at +110% YoY in most recent week, with cash rising too - the outlook for core net interest income is worsening.


US Banks - Weekly Balance Sheets Show Risk Aversion Remains, New PMI Data Continues to Be Weak

United States

The Goldman Sachs Group, Inc., a bank holding company, is a global investment banking and securities firm specializing in investment banking, trading and principal investments, asset management and securities services.  The Company provides services to corporations, financial institutions, governments, and high-net worth individuals.

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Goldman Sachs Group (GS US)

Goldman Sachs Positioned to Outperform in 2024 with Strong Tailwinds (Part 1)

Goldman Sachs surpasses analysts' estimates with strong FY and Q4 2023 earnings, benefiting from increased deal-making and reduced operating...

Mint Finance

US Banks - Flat Line Loans, High Growth Higher Cost Funding, Net Interest Income Growth Is Negative

Weekly balance sheet data for large US banks shows liabilities shift toward higher cost funding continues, with loan growth remaining week, losing...

Daniel Tabbush

Aequitas Japan IPOs + Placements Broker Performance 2023

In this note, we will take a look at broker performance for Japanese IPOs and placements in 2023, which includes all Japanese IPOs and placements...

Ethan Aw

Aequitas HK IPOs + Placements Broker Performance 2023

In this note, we will take a look at broker performance for HK IPOs and placements in 2023, which includes all HK IPOs and placements above...

Ethan Aw

US Banks - Weekly Balance Sheets Show Risk Aversion Remains, New PMI Data Continues to Be Weak

New high frequency data on US large banks show weekly loan growth remains weak, large time deposit growth is high, and cash is rising. New PMI data...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Goldman Sachs Positioned to Outperform in 2024 with Strong Tailwinds (Part 1)

​Goldman Sachs surpasses analysts' estimates with strong FY and Q4 2023 earnings, benefiting from increased deal-making and reduced operating...

Mint Finance

US Banks - Flat Line Loans, High Growth Higher Cost Funding, Net Interest Income Growth Is Negative

Weekly balance sheet data for large US banks shows liabilities shift toward higher cost funding continues, with loan growth remaining week, losing...

Daniel Tabbush

Aequitas Japan IPOs + Placements Broker Performance 2023

In this note, we will take a look at broker performance for Japanese IPOs and placements in 2023, which includes all Japanese IPOs and placements...

Ethan Aw

Aequitas HK IPOs + Placements Broker Performance 2023

In this note, we will take a look at broker performance for HK IPOs and placements in 2023, which includes all HK IPOs and placements above...

Ethan Aw

US Banks - Weekly Balance Sheets Show Risk Aversion Remains, New PMI Data Continues to Be Weak

New high frequency data on US large banks show weekly loan growth remains weak, large time deposit growth is high, and cash is rising. New PMI data...

Daniel Tabbush

Goldman Sachs surpasses analysts' estimates with strong FY and Q4 2023 earnings, benefiting from increased deal-making and reduced operating...