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

OceanaGold Philippines / Equity Bottom-Up

<ul>
<li>
Valuation: At $4,500/oz, the nine-name median is 8.3x P/E and 5.9x EV/EBITDA; excluding Capricorn (18.6x), the sector prices in little of current gold.</li>
<li>
 Performance:<a href="https://www.smartkarma.com/entities/centerra-gold-inc" target="_blank" data-smartkarma-citation="entities:25634:1" rel="noopener">Centerra Gold (CG CN)</a>  (+56.5%) and Wesdome (+51.8%) lead YTD, while <a href="https://www.smartkarma.com/entities/barrick-mining-corporation" target="_blank" data-smartkarma-citation="entities:21023:1" rel="noopener">Barrick Mining (B US)</a>  (‑6.2%) and <a href="https://www.smartkarma.com/entities/kinross-gold-corp" target="_blank" data-smartkarma-citation="entities:25396:1" rel="noopener">Kinross Gold (K CN)</a> (‑16.4%) lag on the lowest EV/EBITDA (3.9x, 4.2x).</li>
<li>
Picks: We like <a target="_blank" rel="noopener">Barrick Mining (B US)</a> for upcoming catalysts, <a target="_blank" rel="noopener">OceanaGold Philippines (OGP PM)</a> for its yield of 10-12%, and <a target="_blank" rel="noopener">Apex Mining (APX PM)</a> for future growth. </li>
</ul>



Valuation: At $4,500/oz, the nine-name median is 8.3x P/E and 5.9x EV/EBITDA; excluding Capricorn (18.6x), the sector prices in little of current gold.

 Performance:Centerra Gold (CG CN)  (+56.5%) and Wesdome (+51.8%) lead YTD, while Barrick Mining (B US)  (‑6.2%) and Kinross Gold (K CN) (‑16.4%) lag on the lowest EV/EBITDA (3.9x, 4.2x).

Picks: We like Barrick Mining (B US) for upcoming catalysts, OceanaGold Philippines (OGP PM) for its yield of 10-12%, and Apex Mining (APX PM) for future growth. 


GOLD MINING SECTOR: Comparative Valuation, Share Price Performance & Gold Price Sensitivity

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

VanEck Vectors Junior Gold Miners ETF / Index Rebalance

VanEck Vectors Junior Gold Miners ETF (GDXJ US)

<ul>
<li>The MV J-Gold Miners index represents the performance small-cap gold and silver mining companies listed around the world.</li>
<li>This index is reviewed semi-annually in March and September. During these reviews, names can be added or deleted from the index.</li>
<li>In this insight, we take a look at the latest lists of potential ADDs and DELs for the index rebal event in September 2024.</li>
</ul>


The MV J-Gold Miners index represents the performance small-cap gold and silver mining companies listed around the world.
This index is reviewed semi-annually in March and September. During these reviews, names can be added or deleted from the index.
In this insight, we take a look at the latest lists of potential ADDs and DELs for the index rebal event in September 2024.


Quiddity Leaderboard MV Jr Gold Miners Sep 24:  Mergers Mean Possible Up-And-Out DELETEs

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

OmniVision Integrated Circuits Group / Technical Analysis

OmniVision Integrated Circuits Group (603501 CH)

<ul>
<li>Our outlook remains bullish on MSCI ACWI. Discussed in Jan9,2025 report how we viewed the pullback as a buying opportunity and were watching for $116-$117 support to hold on ACWI-US. </li>
<li>$116 support held perfectly, and now both ACWI-US and the S&amp;P 500 are coiling just below all-time highs, likely setting up for major breakouts. ACWI is now breaking out.</li>
<li>DXY and 10-Year Treasury yield are both topping, a crucial risk-on signal for global equities. More and more countries breaking out. Actionable Themes: Technology, Services, Communications, Industrials, Gold Miners, Financials</li>
</ul>


Our outlook remains bullish on MSCI ACWI. Discussed in Jan9,2025 report how we viewed the pullback as a buying opportunity and were watching for $116-$117 support to hold on ACWI-US. 
$116 support held perfectly, and now both ACWI-US and the S&amp;P 500 are coiling just below all-time highs, likely setting up for major breakouts. ACWI is now breaking out.
DXY and 10-Year Treasury yield are both topping, a crucial risk-on signal for global equities. More and more countries breaking out. Actionable Themes: Technology, Services, Communications, Industrials, Gold Miners, Financials


More Countries Breaking Out; Bullish Outlook Intact; Buys in China, Europe, More; DXY & Yields Top

<ul>
<li>Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.</li>
<li>As long as these base supports hold, we would use any election-related pullback as an opportunity to add exposure.</li>
<li>Following the election, we see a high probability of significant upside going into year-end.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.
As long as these base supports hold, we would use any election-related pullback as an opportunity to add exposure.
Following the election, we see a high probability of significant upside going into year-end.


Bullish Outlook Intact on MSCI ACWI & SPX; Buys in Services, Technology, Discretionary, Gold Miners

<ul>
<li>Our outlook remains neutral on global equities (MSCI ACWI) as of our August 8, 2024 Int’l Compass, after being bullish since early-November 2023</li>
<li>As discussed since late-July, we believe we're still within a 4- to 6-month pullback/consolidation from our selected July 17 starting point, until the market decides which was this consolidation resolves </li>
<li>TOPIX is below 2740-2820 resistance. Europe is testing resistance, though near potential breakouts on the EURO STOXX 50, STOXX Europe 600, and STOXX Europe 50. Watch for false breakouts</li>
</ul>


Our outlook remains neutral on global equities (MSCI ACWI) as of our August 8, 2024 Int’l Compass, after being bullish since early-November 2023
As discussed since late-July, we believe we're still within a 4- to 6-month pullback/consolidation from our selected July 17 starting point, until the market decides which was this consolidation resolves 
TOPIX is below 2740-2820 resistance. Europe is testing resistance, though near potential breakouts on the EURO STOXX 50, STOXX Europe 600, and STOXX Europe 50. Watch for false breakouts


Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI Ex-US, EAFE (Local Curr) Below Resistance

Canada

Kinross Gold Corporation is involved in the exploration, development, and production of gold in countries located around the world.  The Company currently has operations in the United States, Brazil, Chile, Ecuador and Russia.

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Kinross Gold (K CN)

Quiddity Leaderboard MV Jr Gold Miners Sep 24: Mergers Mean Possible Up-And-Out DELETEs

The MV Junior Gold Miners Index is up for rebalance in September. There are no LARGE changes expected. There are two obvious smallcap deletes. Some...

Travis Lundy

More Countries Breaking Out; Bullish Outlook Intact; Buys in China, Europe, More; DXY & Yields Top

More Countries Breaking Out; Bullish Outlook Intact $ACWI $EAFE $EEM. More buys in China; Germany continues to lead Europe higher. Will...

Vermilion Research

Bullish Outlook Intact on MSCI ACWI & SPX; Buys in Services, Technology, Discretionary, Gold Miners

Bullish Outlook Intact on MSCI $ACWI and $SPX as they hold above their respective bases at $117 and 5650-5670; Buys in Services, Technology,...

Vermilion Research

Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI Ex-US, EAFE (Local Curr) Below Resistance

Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI ex-US, and EAFE (local currency) Also Below Resistance Though Testing Now; $EEM breakout...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GOLD MINING SECTOR: Comparative Valuation, Share Price Performance & Gold Price Sensitivity

Gold miners trade at 8.3x P/E and 5.9x EV/EBITDA at $4,500/oz; YTD laggard Barrick is the cheapest on EV/EBITDA, and Oceanagold Gold offers a 12%...

Sameer Taneja

Quiddity Leaderboard MV Jr Gold Miners Sep 24: Mergers Mean Possible Up-And-Out DELETEs

The MV Junior Gold Miners Index is up for rebalance in September. There are no LARGE changes expected. There are two obvious smallcap deletes. Some...

Travis Lundy

More Countries Breaking Out; Bullish Outlook Intact; Buys in China, Europe, More; DXY & Yields Top

More Countries Breaking Out; Bullish Outlook Intact $ACWI $EAFE $EEM. More buys in China; Germany continues to lead Europe higher. Will...

Vermilion Research

Bullish Outlook Intact on MSCI ACWI & SPX; Buys in Services, Technology, Discretionary, Gold Miners

Bullish Outlook Intact on MSCI $ACWI and $SPX as they hold above their respective bases at $117 and 5650-5670; Buys in Services, Technology,...

Vermilion Research

Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI Ex-US, EAFE (Local Curr) Below Resistance

Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI ex-US, and EAFE (local currency) Also Below Resistance Though Testing Now; $EEM breakout...

Vermilion Research