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

Rikki Malik

Cross Asset Strategy

<ul>
<li>How did our major investment themes do so far in 2025?</li>
<li>Review of the performance of the major markets and asset classes we focus on </li>
<li>We revisit our outlook for each of those asset classes for H2 25</li>
</ul>


How did our major investment themes do so far in 2025?
Review of the performance of the major markets and asset classes we focus on 
We revisit our outlook for each of those asset classes for H2 25


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>This follows our insight, <a href="https://www.smartkarma.com/insights/copper-breaches-10k-usd-easy-journey-to-11k-usd-ton-on-lower-inventories-in-the-short-term" target="_blank" data-smartkarma-citation="insights:191702" rel="noopener">Copper Breaches 10k USD: Easy Journey to 11k USD/Ton On Lower Inventories In The Short Term</a>. </li>
<li>Informal miners are disrupting Peruvian copper transport at the Las Bambas (320 kt annual production) and Constancia (110 kt) mines owned by <a href="https://www.smartkarma.com/entities/mmg-ltd" target="_blank" data-smartkarma-citation="entities:13961:1" rel="noopener">MMG (1208 HK)</a> and <a href="https://www.smartkarma.com/entities/hudbay-minerals-inc" target="_blank" data-smartkarma-citation="entities:25354:1" rel="noopener">Hudbay Minerals (HBM CN).</a> </li>
<li>Peru is the third largest copper producing country in the world (2.6 million tons or 10% of global production), and so following these disruptions is critical. </li>
</ul>


This follows our insight, Copper Breaches 10k USD: Easy Journey to 11k USD/Ton On Lower Inventories In The Short Term. 
Informal miners are disrupting Peruvian copper transport at the Las Bambas (320 kt annual production) and Constancia (110 kt) mines owned by MMG (1208 HK) and Hudbay Minerals (HBM CN). 
Peru is the third largest copper producing country in the world (2.6 million tons or 10% of global production), and so following these disruptions is critical. 


Peruvian Copper Supply Disruptions Gaining Momentum: Bullish Copper, Back To Over 10k USD This Week?

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Fast and furious moves up in silver, PGM and related metals</li>
<li>Sectors we have highlighted as inflation beneficiaries starting to attract capital</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Fast and furious moves up in silver, PGM and related metals
Sectors we have highlighted as inflation beneficiaries starting to attract capital


Overview # 28 – Capital Flows into Hard Assets Continue

<ul>
<li>A review of recent events/data  impacting our investment themes or outlook</li>
<li>Expectations for future US interest rate cuts get dialed back - JPY impact</li>
<li>CFTC data shows speculative froth has come out of some markets</li>
</ul>


A review of recent events/data  impacting our investment themes or outlook
Expectations for future US interest rate cuts get dialed back - JPY impact
CFTC data shows speculative froth has come out of some markets


Overview #7 Speculative Positioning Review

<ul>
<li>In H1 2024 Profits and cash flow grew year over year</li>
<li>Overall, operations tracking in line with previous guidance with some cost savings</li>
<li>The key is the copper price which is closer to bottoming</li>
</ul>


In H1 2024 Profits and cash flow grew year over year
Overall, operations tracking in line with previous guidance with some cost savings
The key is the copper price which is closer to bottoming


Australia

MMG Limited is a mid-tier global resources company which explores, develops and mines base metal projects around the world.  The Company currently owns and operates the Century, Golden Grove and Rosebery mines in Australia, the Kinsevere mine in the Democratic Republic of Congo (DRC) and the LXML Sepon mine in Laos.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

MMG Ltd (MMG AU)

Mid-Year Themes Review - Part II

Investor focus on hard assets ramps up. Overnight news that the Pentagon will take a US$400M stake in MP Materials is another boost for the rare...

Rikki Malik

Peruvian Copper Supply Disruptions Gaining Momentum: Bullish Copper, Back To Over 10k USD This Week?

Peru's informal miner strikes may disrupt Las Bambas and Constancia, risking short-term tightness in global copper supply, given Peru's nearly 10%...

Sameer Taneja

Overview # 28 – Capital Flows into Hard Assets Continue

A review of recent events/data impacting our investment themes and outlook. We look at the continued move up in inflation beneficiaries

Rikki Malik

Overview #7 Speculative Positioning Review

Recent events/data have led to a dialing back of expectations for US interest rate cuts, while CFTC data indicates a decrease in speculative...

Rikki Malik

MMG Limited Releases Interim Results

Profits and cash flow increased in H1 2024, operations on track with cost savings, key focus on copper price nearing bottom.

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mid-Year Themes Review - Part II

Investor focus on hard assets ramps up. Overnight news that the Pentagon will take a US$400M stake in MP Materials is another boost for the rare...

Rikki Malik

Peruvian Copper Supply Disruptions Gaining Momentum: Bullish Copper, Back To Over 10k USD This Week?

Peru's informal miner strikes may disrupt Las Bambas and Constancia, risking short-term tightness in global copper supply, given Peru's nearly 10%...

Sameer Taneja

Overview # 28 – Capital Flows into Hard Assets Continue

A review of recent events/data impacting our investment themes and outlook. We look at the continued move up in inflation beneficiaries

Rikki Malik

Overview #7 Speculative Positioning Review

​Recent events/data have led to a dialing back of expectations for US interest rate cuts, while CFTC data indicates a decrease in speculative...

Rikki Malik

MMG Limited Releases Interim Results

​Profits and cash flow increased in H1 2024, operations on track with cost savings, key focus on copper price nearing bottom.

Rikki Malik

Recent events/data have led to a dialing back of expectations for US interest rate cuts, while CFTC data indicates a decrease in speculative...

Profits and cash flow increased in H1 2024, operations on track with cost savings, key focus on copper price nearing bottom.