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

Commodities

<ul>
<li>The short term is suddenly looking bullish for iron ore, as rumors abound that tier-1 cities in China may remove home-buying restrictions in May, and <a href="https://www.barrons.com/news/china-offers-nearly-1-400-for-car-trade-ins-2da76711?mod=news_archive" target="_blank" rel="noopener">auto stimulus</a> measures were announced. </li>
<li>Cities like <a href="https://www.businesstimes.com.sg/property/chinese-city-chengdu-relaxes-home-buying-rule-revive-sales" target="_blank" rel="noopener">Chengdu</a> and Nanjing have already announced measures to make home-buying more attractive, such as removing purchase qualifications and pilot programs for old-for-new home housing. </li>
<li>We like 62% Fe and see it trade up to its upper limit of 130 USD/ton (vs. current 117 USD/ton). On equities, we like <a href="https://www.smartkarma.com/entities/vale-sa" target="_blank" data-smartkarma-citation="entities:23731:1" rel="noopener">Vale (VALE US)</a> .</li>
</ul>


The short term is suddenly looking bullish for iron ore, as rumors abound that tier-1 cities in China may remove home-buying restrictions in May, and auto stimulus measures were announced. 
Cities like Chengdu and Nanjing have already announced measures to make home-buying more attractive, such as removing purchase qualifications and pilot programs for old-for-new home housing. 
We like 62% Fe and see it trade up to its upper limit of 130 USD/ton (vs. current 117 USD/ton). On equities, we like Vale (VALE US) .


Iron Ore and The China Property/Auto Stimulus Angle

<ul>
<li>We provide a comprehensive introduction to the iron ore sector, covering the drivers and a view of the commodity in the short run. </li>
<li>We look at eleven listed names in the space ( from large-cap miners to the juniors deriving a vast majority of their revenues from ore) and list our favorite miners.</li>
<li>We like <a href="https://www.smartkarma.com/entities/vale-sa" target="_blank" data-smartkarma-citation="entities:23731:1" rel="noopener">Vale (VALE US)</a> for its capital return in large caps, <a href="https://www.smartkarma.com/entities/kumba-iron-ore-ltd" target="_blank" data-smartkarma-citation="entities:25094:1" rel="noopener">Kumba Iron Ore (KIO SJ)</a>  in midcaps, and <a href="https://www.smartkarma.com/entities/mount-gibson-iron-ltd" target="_blank" data-smartkarma-citation="entities:19043:1" rel="noopener">Mount Gibson Iron (MGX AU)</a>  in junior miners<a href="https://www.smartkarma.com/entities/mount-gibson-iron-ltd" target="_blank" data-smartkarma-citation="entities:19043:1" rel="noopener">.</a> </li>
</ul>


We provide a comprehensive introduction to the iron ore sector, covering the drivers and a view of the commodity in the short run. 
We look at eleven listed names in the space ( from large-cap miners to the juniors deriving a vast majority of their revenues from ore) and list our favorite miners.
We like Vale (VALE US) for its capital return in large caps, Kumba Iron Ore (KIO SJ)  in midcaps, and Mount Gibson Iron (MGX AU)  in junior miners. 


Iron Ore Primer: Understanding The Drivers Of the Market, Ways To Play The Sector

<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

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<ul>
<li>According to Graph 1, during the period October 2, 2023 – January 5, 2023, an overall bullish trend was reflected in the prices of Iron Ore, despite some minor fluctuations.</li>
<li>During the period under consideration, there was a notable increase in the price of iron ore from October 30th until the beginning of November.</li>
<li>Since then, iron prices followed a slight upward trend. The MA-10 was recorded to perform higher than MA-10 from October 30th onwards, whereas on January 5th the two indices ended up very close to one another.</li>
</ul>


According to Graph 1, during the period October 2, 2023 – January 5, 2023, an overall bullish trend was reflected in the prices of Iron Ore, despite some minor fluctuations.
During the period under consideration, there was a notable increase in the price of iron ore from October 30th until the beginning of November.
Since then, iron prices followed a slight upward trend. The MA-10 was recorded to perform higher than MA-10 from October 30th onwards, whereas on January 5th the two indices ended up very close to one another.


Commodity Analysis - Iron Ore TIOc1 Futures

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>Welcome to our weekly Portfolio Watch! We have had a strong week in our portfolio with a USD-reflationary lean, but we are starting to contemplate how to deal with contagion from a continued rise in USD versus Asian FX pairs, especially if the increasing latent risk of a major devaluation of the CNY comes into fruition.</li><li>There is currently no respite for the Asian FX pairs as all major forward looking models point to a reacceleration of US inflation trends from the current plateau around 3.5% YoY.</li><li>We will look at the devaluation risks in detail tomorrow in our weekly “Steno Signals”, but will pinpoint value pockets in markets already today in our Portfolio Watch.</li></ul>

Welcome to our weekly Portfolio Watch! We have had a strong week in our portfolio with a USD-reflationary lean, but we are starting to contemplate how to deal with contagion from a continued rise in USD versus Asian FX pairs, especially if the increasing latent risk of a major devaluation of the CNY comes into fruition.There is currently no respite for the Asian FX pairs as all major forward looking models point to a reacceleration of US inflation trends from the current plateau around 3.5% YoY.We will look at the devaluation risks in detail tomorrow in our weekly “Steno Signals”, but will pinpoint value pockets in markets already today in our Portfolio Watch.

Portfolio Watch: No respite for Asian FX.. How to deal with it?

Australia

Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in color from dark grey, bright yellow, deep purple, to rusty red. The iron itself is usually found in the form of magnetite (Fe3O4, 72.4% Fe), hematite (Fe2O3, 69.9% Fe), goethite (FeO(OH), 62.9% Fe), limonite (FeO(OH).n(H2O)) or siderite (FeCO3, 48.2% Fe).

Iron Ore (IRON ORE COMDTY)

Iron Ore and The China Property/Auto Stimulus Angle

We outline the latest measures taken by China to boost property and auto consumption. Collectively accounting for 35% of steel demand in China....

Sameer Taneja

Iron Ore Primer: Understanding The Drivers Of the Market, Ways To Play The Sector

We initiate on the iron ore space with a primer and provide our top picks among the eleven listed names we look at. Look out for detailed...

Sameer Taneja

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

Commodity Analysis - Iron Ore TIOc1 Futures

According to Graph 1, during the period October 2, 2023 – January 5, 2023, an overall bullish trend was reflected in the prices of Iron Ore,...

VRS (Valuation & Research Specialists)

Portfolio Watch: No respite for Asian FX.. How to deal with it?

Welcome to our weekly Portfolio Watch!We have had a strong week in our portfolio with a USD-reflationary lean, but we are starting to contemplate...

Steno Research