Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> ’s US$3.2 billion IPO closes tomorrow, Wednesday, September 29.</li>
<li>The pure-play gold miner, backed by Zijin Mining, is priced at an EV/Reserves multiple in the top quartile of global peers.</li>
<li>With high sensitivity to gold price movements, Zijin Gold offers amplified upside potential — and downside risk — versus bullion itself.</li>
</ul>



Zijin Gold (2259 HK) ’s US$3.2 billion IPO closes tomorrow, Wednesday, September 29.
The pure-play gold miner, backed by Zijin Mining, is priced at an EV/Reserves multiple in the top quartile of global peers.
With high sensitivity to gold price movements, Zijin Gold offers amplified upside potential — and downside risk — versus bullion itself.


Zijin Gold IPO: Gold Price Sensitivity Analysis. A High Beta Proxy for Gold

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> is a global leading gold mining company and the overseas gold segment of <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24628:1" rel="noopener">Zijin Mining Group (601899 CH)</a>. It has launched an HKEx IPO to raise US$3.2bn.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/zijin-gold-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:201176" rel="noopener">Zijin Gold IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/zijin-gold-ipo-phip-updates-support-the-investment-thesis" target="_blank" data-smartkarma-citation="insights:201970" rel="noopener">Zijin Gold IPO: PHIP Updates Support the Investment Thesis</a>.</li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is attractive.</li>
</ul>



Zijin Gold (2259 HK) is a global leading gold mining company and the overseas gold segment of Zijin Mining Group (601899 CH). It has launched an HKEx IPO to raise US$3.2bn.
I previously discussed the IPO in Zijin Gold IPO: The Investment Case and Zijin Gold IPO: PHIP Updates Support the Investment Thesis.
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is attractive.


Zijin Gold IPO (2259 HK): Valuation Insights

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Bumi Resources Minerals Tbk / Equity Bottom-Up

<ul>
<li>Business Performance – BRMS has delivered explosive revenue and earnings growth, with Citra Palu now producing ~100k oz gold annually at strong margins.</li>
<li>Plans – The company is expanding with a third plant at Citra Palu in 2025 and developing the Gorontalo copper-gold project for 2027.</li>
<li>Growth &amp; Valuation – With ~8 Moz in reserves and NAV leverage, BRMS is positioned to double revenues post-2027, though current valuations already embed high expectations.</li>
</ul>


Business Performance – BRMS has delivered explosive revenue and earnings growth, with Citra Palu now producing ~100k oz gold annually at strong margins.
Plans – The company is expanding with a third plant at Citra Palu in 2025 and developing the Gorontalo copper-gold project for 2027.
Growth &amp; Valuation – With ~8 Moz in reserves and NAV leverage, BRMS is positioned to double revenues post-2027, though current valuations already embed high expectations.


BRMS (IDX: BRMS) – Transitioning to a Mid-Tier Gold Producer

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.

Thematic (Sector/Industry)

<ul><li>Gold stocks have seen significant upside movement amid rising long-term rates and inflation concerns in global markets.</li><li>There is growing interest in gold as a real asset amidst uncertainties in inflation expectations and potential rate cuts by central banks.</li><li>Australian gold companies like Ramelius, Northern Star, and Genesis have shown varying degrees of success in line with the changing perception of consensus gold forecasts.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Gold stocks have seen significant upside movement amid rising long-term rates and inflation concerns in global markets.There is growing interest in gold as a real asset amidst uncertainties in inflation expectations and potential rate cuts by central banks.Australian gold companies like Ramelius, Northern Star, and Genesis have shown varying degrees of success in line with the changing perception of consensus gold forecasts.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Macroeconomics

<ul>
<li>Gold's advance is accelerating in the face of increased global uncertainty and inflation expectations. </li>
<li>The price is now asymmetric based on various economic outcomes, including a renewed safe-haven status during the global trade war.</li>
<li>The ratio of gold to the S&amp;P remains at depressed levels but is starting to reverse as the S&amp;P continues its bear market.</li>
</ul>


Gold's advance is accelerating in the face of increased global uncertainty and inflation expectations. 
The price is now asymmetric based on various economic outcomes, including a renewed safe-haven status during the global trade war.
The ratio of gold to the S&amp;P remains at depressed levels but is starting to reverse as the S&amp;P continues its bear market.


Australia

Northern Star Resources Ltd manufactures precious metals. The Company provides mining and production of gold. Northern Star Resources serves customers in Australia and North America.

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Northern Star Resources (NST AU)

Zijin Gold IPO: Gold Price Sensitivity Analysis. A High Beta Proxy for Gold

Zijin Gold's IPO is priced at premium valuations. It's high gold price sensitivity offer investors amplified upside if the gold rally continues —...

Devi Subhakesan

Zijin Gold IPO (2259 HK): Valuation Insights

Zijin Gold has launched an HKEx IPO to raise US$3.2bn. In this note, I present my forecasts and valuation. My analysis suggests that the IPO price...

Arun George

BRMS (IDX: BRMS) – Transitioning to a Mid-Tier Gold Producer

BRMS sees explosive growth with strong margins, plans for expansion in 2025 and 2027, but current valuations already reflect high expectations.

Rahul Jain

Gold Takes Off, Rates Bite, Miners Rip

Gold stocks are on the rise due to increasing global long-term rates and inflation, leading to positive market interpretations of bad news and a...

Money of Mine

Gold: YOU AIN'T SEEN NOTHIN' YET!

In April 2024 we published "Gold's Next Leg Up and Why It Matters". Gold was at $2k/oz at the writing. We followed that with "GOLD: Rocks or...

David Mudd

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Zijin Gold IPO: Gold Price Sensitivity Analysis. A High Beta Proxy for Gold

Zijin Gold's IPO is priced at premium valuations. It's high gold price sensitivity offer investors amplified upside if the gold rally continues —...

Devi Subhakesan

Zijin Gold IPO (2259 HK): Valuation Insights

Zijin Gold has launched an HKEx IPO to raise US$3.2bn. In this note, I present my forecasts and valuation. My analysis suggests that the IPO price...

Arun George

BRMS (IDX: BRMS) – Transitioning to a Mid-Tier Gold Producer

​BRMS sees explosive growth with strong margins, plans for expansion in 2025 and 2027, but current valuations already reflect high expectations.

Rahul Jain

Gold Takes Off, Rates Bite, Miners Rip

Gold stocks are on the rise due to increasing global long-term rates and inflation, leading to positive market interpretations of bad news and a...

Money of Mine

Gold: YOU AIN'T SEEN NOTHIN' YET!

In April 2024 we published "Gold's Next Leg Up and Why It Matters". Gold was at $2k/oz at the writing. We followed that with "GOLD: Rocks or...

David Mudd

BRMS sees explosive growth with strong margins, plans for expansion in 2025 and 2027, but current valuations already reflect high expectations.