Bayon Financial

Graeme Cunningham

Independent Insight Provider

Bayon Financial provides industry and company analysis focusing on mid and small cap equity research coverage across a range of sectors including mining, financials and telecoms.

Equity Bottom-Up

<ul>
<li>U.S. political moves last month backing nuclear power are part of a long-term secular trend of increasing global support for the industry which could drive a uranium rebound </li>
<li>A nearly 40% uranium slump from early 2024 to March 2025 has priced in a significant degree of the industry’s challenges, and a price recovery has started </li>
<li>As the world’s largest producer, Kazatomprom is well positioned for a rise in uranium, it has lagged the recent sector rebound, and trades at a moderate 1.4x P/B ratio  </li>
</ul>


U.S. political moves last month backing nuclear power are part of a long-term secular trend of increasing global support for the industry which could drive a uranium rebound 
A nearly 40% uranium slump from early 2024 to March 2025 has priced in a significant degree of the industry’s challenges, and a price recovery has started 
As the world’s largest producer, Kazatomprom is well positioned for a rise in uranium, it has lagged the recent sector rebound, and trades at a moderate 1.4x P/B ratio  


Kazatomprom: Largest Global Producer Well Positioned for Uranium Rebound

Breaking Down the Mining News of the Day, Money of Mine

Money of Mine

Breaking Down the Mining News of the Day

An ex-underground miner, an ex-investment banker, and an ex-equity research guy breaking down the mining news of the day. It's a bit of entertainment, information, and occasionally some alpha.

<ul><li>Kazatomprom announced their first half 2024 results and updated 2024 guidance, with production numbers and inventory levels dropping significantly year on year.</li><li>Kazatomprom's inventory levels are at nine-year lows, with only about four months of production in inventory.</li><li>If Kazatomprom does not hit their production targets, they may need to purchase pounds of uranium in the spot market to maintain inventory levels.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Kazatomprom announced their first half 2024 results and updated 2024 guidance, with production numbers and inventory levels dropping significantly year on year.Kazatomprom's inventory levels are at nine-year lows, with only about four months of production in inventory.If Kazatomprom does not hit their production targets, they may need to purchase pounds of uranium in the spot market to maintain inventory levels.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>Over the past week we visited parts of Kazakhstan, the 9th largest country in the world.</li>
<li>Long a favorite of the oil and uranium industry the country is now attracting more metals and mining exploration activity.</li>
<li><a href="https://www.smartkarma.com/entities/arras-minerals-corp" target="_blank" data-smartkarma-citation="entities:40384:1" rel="noopener">Arras Minerals (ARK V EQUITY) has assembled the 4th largest exploration package and is looking for elephant sized gold/copper deposits. Success at any of its projects could catapult shares higher.</a></li>
</ul>


Over the past week we visited parts of Kazakhstan, the 9th largest country in the world.
Long a favorite of the oil and uranium industry the country is now attracting more metals and mining exploration activity.
Arras Minerals (ARK V EQUITY) has assembled the 4th largest exploration package and is looking for elephant sized gold/copper deposits. Success at any of its projects could catapult shares higher.


Arras Minerals: Looking for Elephant Sized Gold/Copper Deposits in Kazakhstan

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

Rikki Malik

Commodities

<ul>
<li>We look at certain investor positioning in the commodity sector</li>
<li>A bear market rally in the USD is the biggest risk and opportunity.</li>
<li>We add some soft commodities to the inflation beneficiaries' basket</li>
</ul>


We look at certain investor positioning in the commodity sector
A bear market rally in the USD is the biggest risk and opportunity.
We add some soft commodities to the inflation beneficiaries' basket


Overview# 29- The Hard-Asset Reset: Buying the Pullback in Commodities

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There is 1 add/delete for each of the MVIS Global Uranium &amp; Nuclear Energy Index and the MarketVector Global Uranium and Nuclear Energy Infrastructure Index.</li>
<li>
<a href="https://www.smartkarma.com/entities/cgn-mining-co-ltd" target="_blank" data-smartkarma-citation="entities:6426:1" rel="noopener">Cgn Mining (1164 HK)</a> is an add to both indices. <a href="https://www.smartkarma.com/entities/endesa-sa" target="_blank" data-smartkarma-citation="entities:21264:1" rel="noopener">Endesa SA</a> is a delete from the Uranium&amp;Nuclear Energy Index, <a href="https://www.smartkarma.com/entities/encore-energy-corp" target="_blank" data-smartkarma-citation="entities:39218:1" rel="noopener">Encore Energy</a> is a delete from the Uranium&amp;Nuclear Energy Infrastructure Index.</li>
<li>The net round-trip trade across both indices is US$560m with capping changes resulting in much bigger flow for the MVIS Global Uranium &amp; Nuclear Energy Index.</li>
</ul>


There is 1 add/delete for each of the MVIS Global Uranium &amp; Nuclear Energy Index and the MarketVector Global Uranium and Nuclear Energy Infrastructure Index.

Cgn Mining (1164 HK) is an add to both indices. Endesa SA is a delete from the Uranium&amp;Nuclear Energy Index, Encore Energy is a delete from the Uranium&amp;Nuclear Energy Infrastructure Index.
The net round-trip trade across both indices is US$560m with capping changes resulting in much bigger flow for the MVIS Global Uranium &amp; Nuclear Energy Index.


MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Double Inclusion for CGN Mining

Kazakhstan

NAC Kazatomprom JSC produces and markets minerals. The Company specializes in natural uranium production. NAC Kazatomprom also imports and exports uranium compounds, nuclear power plant fuel, and uranium components. NAC Kazatomprom serves customers worldwide.

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NAC Kazatomprom JSC (KAP LI)

Kazatomprom: Largest Global Producer Well Positioned for Uranium Rebound

Kazatomprom is well positioned to benefit from a uranium rebound, with a year-long price slump pricing in the industry's short-term challenges and...

Graeme Cunningham

Kazatomprom Sends Uranium Stock Flying

Kazatomprom announced their first half 2024 results and updated their 2024 guidance, with worries of low inventory levels leading to potential spot...

Money of Mine

Arras Minerals: Looking for Elephant Sized Gold/Copper Deposits in Kazakhstan

Kazakhstan, a top destination for oil and uranium, now seeing increased interest in metals and mining exploration, with Arras Minerals holding...

Nicolas Van Broekhoven

Overview# 29- The Hard-Asset Reset: Buying the Pullback in Commodities

A review of recent events/data impacting our investment themes and outlook. We look at the longer term commodity move in the context of the current...

Rikki Malik

MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Double Inclusion for CGN Mining

CGN Mining is a double add, while Endesa and enCore Energy are deletes. Estimated net round-trip trade across both indices is US$560m.

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kazatomprom: Largest Global Producer Well Positioned for Uranium Rebound

Kazatomprom is well positioned to benefit from a uranium rebound, with a year-long price slump pricing in the industry's short-term challenges and...

Graeme Cunningham

Kazatomprom Sends Uranium Stock Flying

Kazatomprom announced their first half 2024 results and updated their 2024 guidance, with worries of low inventory levels leading to potential spot...

Money of Mine

Arras Minerals: Looking for Elephant Sized Gold/Copper Deposits in Kazakhstan

​Kazakhstan, a top destination for oil and uranium, now seeing increased interest in metals and mining exploration, with Arras Minerals holding...

Nicolas Van Broekhoven

Overview# 29- The Hard-Asset Reset: Buying the Pullback in Commodities

A review of recent events/data impacting our investment themes and outlook. We look at the longer term commodity move in the context of the current...

Rikki Malik

MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Double Inclusion for CGN Mining

CGN Mining is a double add, while Endesa and enCore Energy are deletes. Estimated net round-trip trade across both indices is US$560m.

Brian Freitas

Kazakhstan, a top destination for oil and uranium, now seeing increased interest in metals and mining exploration, with Arras Minerals holding...