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>
<a href="https://www.smartkarma.com/entities/southern-copper-corp" target="_blank" data-smartkarma-citation="entities:16279:1" rel="noopener">Southern Copper (SCCO US)</a> reported stellar earnings and execution in Q3 2025, with revenues/operating income up 15% and 21% YoY, respectively, beating street estimates by ~4-5%.</li>
<li>The company included slides in its presentation deck highlighting that the copper deficit could rise to 3 million tons by 2030e and 12.1 million tons by 2040e. </li>
<li>This would be led by a transition to EVs (electric vehicles), greater use of renewable energy with higher capex intensity, and other nascent areas of demand, such as AI infrastructure.</li>
</ul>



Southern Copper (SCCO US) reported stellar earnings and execution in Q3 2025, with revenues/operating income up 15% and 21% YoY, respectively, beating street estimates by ~4-5%.
The company included slides in its presentation deck highlighting that the copper deficit could rise to 3 million tons by 2030e and 12.1 million tons by 2040e. 
This would be led by a transition to EVs (electric vehicles), greater use of renewable energy with higher capex intensity, and other nascent areas of demand, such as AI infrastructure.


Southern Copper (SCCO US): Summary of The Copper To 12,000 USD/Ton and Beyond Thesis In Two Slides

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

CNGR Advanced Material / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cngr-advanced-material-co-ltd-47ff2856-4dc1-492a-8394-03d69de02ce4" target="_blank" data-smartkarma-citation="entities:45994:1" rel="noopener">CNGR Advanced Material (2579 HK)</a>'s IPO price was fixed at the low end at HK$34.00. However, valuation is inexpensive, and initial price weakness is a long-term opportunity.</li>
<li>Three groups of close peers, including nickel-related companies, mining companies, and lithium/battery companies, trade on average FY26F PER of 21x, vs. CNGR's 12.5x.</li>
<li>By parking it with the steepest HA discount of its peers (26.2%), CNGR will be valued at HK$40.07, as its IPO price implies a massive 37.4% discount.</li>
</ul>



CNGR Advanced Material (2579 HK)'s IPO price was fixed at the low end at HK$34.00. However, valuation is inexpensive, and initial price weakness is a long-term opportunity.
Three groups of close peers, including nickel-related companies, mining companies, and lithium/battery companies, trade on average FY26F PER of 21x, vs. CNGR's 12.5x.
By parking it with the steepest HA discount of its peers (26.2%), CNGR will be valued at HK$40.07, as its IPO price implies a massive 37.4% discount.


CNGR Advanced Material (2579 HK): Opportunity Is Out There

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Oct 3rd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Meituan, Tencent, HSBC, CCB, Gcl Technology, TraHK HSI ETF.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 3rd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Meituan, Tencent, HSBC, CCB, Gcl Technology, TraHK HSI ETF.


HK Short Interest Weekly: Meituan, Tencent, HSBC, CCB, Gcl Technology

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Chinese miner MMG Ltd. saw a dramatic surge in output at its Las Bambas copper mine in Peru in the first half of this year, helped by its efforts to improve its rocky relationship with locals.</li><li>In the six months through June, the mine produced about 210,000 tons of copper, up 67% year-on-year, with revenue from the project jumping 60% to $2 billion, according to the company’s latest earnings report.</li><li>Las Bambas accounted for nearly three-fourths of MMG’s total first-half revenue, which rose 47% to $2.8 billion.</li></ul>

Chinese miner MMG Ltd. saw a dramatic surge in output at its Las Bambas copper mine in Peru in the first half of this year, helped by its efforts to improve its rocky relationship with locals.In the six months through June, the mine produced about 210,000 tons of copper, up 67% year-on-year, with revenue from the project jumping 60% to $2 billion, according to the company’s latest earnings report.Las Bambas accounted for nearly three-fourths of MMG’s total first-half revenue, which rose 47% to $2.8 billion.

MMG Reports Soaring Output From Peru Copper Mine 

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Jiaxin International Resources Investment / Equity Capital Markets

Jiaxin International Resources Investment (3858 HK)

Jiaxin International Resources Investment

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiaxin-international-resources-investment-limited" target="_blank" data-smartkarma-citation="entities:45065:1" rel="noopener">Jiaxin International Resources Investment Limited</a>(JIRI) raised around US$153m in its Hong Kong IPO.</li>
<li>Jiaxin International owns exclusive rights to a globally significant tungsten asset, supported by Jiangxi Copper. Commercial production began in April 2025, with full ramp-up expected by 2027</li>
<li>We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.</li>
</ul>



Jiaxin International Resources Investment Limited(JIRI) raised around US$153m in its Hong Kong IPO.
Jiaxin International owns exclusive rights to a globally significant tungsten asset, supported by Jiangxi Copper. Commercial production began in April 2025, with full ramp-up expected by 2027
We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.


Jiaxin International Resources Investment IPO Trading - Decent Demand, Despite Lack of Track Record

Australia

MMG is a mid-tier global resources company that explores, develops, and mines base metal deposits, including copper, zinc, gold, silver, lead, molybdenum, and cobalt. It operates projects across Australia, Botswana, the Democratic Republic of Congo, and Peru. The company is headquartered in Melbourne, Australia, and was founded in June 2009.

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MMG (1208 HK)

Southern Copper (SCCO US): Summary of The Copper To 12,000 USD/Ton and Beyond Thesis In Two Slides

Southern Coppers Q3 FY25 presentation summarizes the bullish copper-to-12,000 USD/ton thesis and beyond very well. They see the copper deficit at...

Sameer Taneja

CNGR Advanced Material (2579 HK): Opportunity Is Out There

CNGR Advanced Material's IPO price fixed at low end due to lukewarm response, but valuation seen as inexpensive compared to close peers in nickel,...

Osbert Tang, CFA

HK Short Interest Weekly: Meituan, Tencent, HSBC, CCB, Gcl Technology

We analyzed the latest HK SFC report for aggregate short position as of Oct 3rd and highlight short interest changes in Meituan, Tencent, HSBC,...

Ke Yan, CFA, FRM

MMG Reports Soaring Output From Peru Copper Mine

Chinese miner MMG Ltd. saw a dramatic surge in output at its Las Bambas copper mine in Peru in the first half of this year, helped by its efforts...

Caixin Global

Jiaxin International Resources Investment IPO Trading - Decent Demand, Despite Lack of Track Record

Jiaxin International Resources Investment Limited(JIRI) raised around US$153m in its Hong Kong IPO. In this note, we talk about the deal dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Southern Copper (SCCO US): Summary of The Copper To 12,000 USD/Ton and Beyond Thesis In Two Slides

Southern Coppers Q3 FY25 presentation summarizes the bullish copper-to-12,000 USD/ton thesis and beyond very well. They see the copper deficit at...

Sameer Taneja

CNGR Advanced Material (2579 HK): Opportunity Is Out There

​CNGR Advanced Material's IPO price fixed at low end due to lukewarm response, but valuation seen as inexpensive compared to close peers in nickel,...

Osbert Tang, CFA

HK Short Interest Weekly: Meituan, Tencent, HSBC, CCB, Gcl Technology

We analyzed the latest HK SFC report for aggregate short position as of Oct 3rd and highlight short interest changes in Meituan, Tencent, HSBC,...

Ke Yan, CFA, FRM

MMG Reports Soaring Output From Peru Copper Mine

Chinese miner MMG Ltd. saw a dramatic surge in output at its Las Bambas copper mine in Peru in the first half of this year, helped by its efforts...

Caixin Global

Jiaxin International Resources Investment IPO Trading - Decent Demand, Despite Lack of Track Record

Jiaxin International Resources Investment Limited(JIRI) raised around US$153m in its Hong Kong IPO. In this note, we talk about the deal dynamics.

Sumeet Singh

CNGR Advanced Material's IPO price fixed at low end due to lukewarm response, but valuation seen as inexpensive compared to close peers in nickel,...