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

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$3.1B Q1FY26 all-time record quarterly FCF; Annualized implies a 10% FCF yield, with a realized gold price of 4,900 USD/oz. </li>
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Tanami Exp 2, Cadia PC2-3/PC1-2, Lihir Nearshore Barrier, and Red Chris Block Cave underpin a multi-year production ramp to ~6 Moz (vs. current 5.3 Moz).</li>
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$6B new buyback authorization; $2.7B returned since Feb-26; $1.1B/yr dividend growing per-share as share count declines.</li>
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$3.1B Q1FY26 all-time record quarterly FCF; Annualized implies a 10% FCF yield, with a realized gold price of 4,900 USD/oz. 

Tanami Exp 2, Cadia PC2-3/PC1-2, Lihir Nearshore Barrier, and Red Chris Block Cave underpin a multi-year production ramp to ~6 Moz (vs. current 5.3 Moz).

$6B new buyback authorization; $2.7B returned since Feb-26; $1.1B/yr dividend growing per-share as share count declines.


Newmont Mining (NEM US): The World's Premier Gold Miner At ~10% FCF Yield

<ul>
<li>At gold prices of 4,500 USD/oz (vs. current price &gt;4,700 USD/oz), the stock trades at 9x PE and 4.2x EV-EBITDA, with a 3.5% dividend yield (50% payout on FCF). </li>
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The North America IPO could be a catalyst for a structural re-rating, comprising holdings in NGM (61.5%), Pueblo Viejo (60%), and 100%-owned Fourmile, targeting completion by late 2026.</li>
<li>
This is a diversified 14-asset miner, with 85 million ounces of reserves (more than 17-year mine life) that provides a good, large-cap/liquid option geared to the gold price. </li>
</ul>


At gold prices of 4,500 USD/oz (vs. current price &gt;4,700 USD/oz), the stock trades at 9x PE and 4.2x EV-EBITDA, with a 3.5% dividend yield (50% payout on FCF). 

The North America IPO could be a catalyst for a structural re-rating, comprising holdings in NGM (61.5%), Pueblo Viejo (60%), and 100%-owned Fourmile, targeting completion by late 2026.

This is a diversified 14-asset miner, with 85 million ounces of reserves (more than 17-year mine life) that provides a good, large-cap/liquid option geared to the gold price. 


Barrick Gold (B US): An Option For Investors Looking At Diversified Asset, Large-Cap Gold Exposure

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<a href="https://www.smartkarma.com/entities/apex-mining-co-inc" target="_blank" data-smartkarma-citation="entities:22952:1" rel="noopener">Apex Mining Co (APX PM)</a> is the Philippines' largest listed gold producer, operating two underground mines (Maco and Sangilo). It's in the early stages of developing another large tenement. </li>
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<a href="https://www.smartkarma.com/entities/apex-mining-co-inc" target="_blank" data-smartkarma-citation="entities:22952:1" rel="noopener">Apex Mining Co (APX PM)</a> offers a high-quality, Philippine-domiciled vehicle for gold price exposure with growth prospects. </li>
<li>At a spot gold price of 4,500 USD/oz, the stock trades at 7.5x PE and 5.1x EV/EBITDA, with a 6.6% dividend yield. </li>
</ul>



Apex Mining Co (APX PM) is the Philippines' largest listed gold producer, operating two underground mines (Maco and Sangilo). It's in the early stages of developing another large tenement. 

Apex Mining Co (APX PM) offers a high-quality, Philippine-domiciled vehicle for gold price exposure with growth prospects. 
At a spot gold price of 4,500 USD/oz, the stock trades at 7.5x PE and 5.1x EV/EBITDA, with a 6.6% dividend yield. 


Apex Mining (APX PM): Cheap Play On Gold, With Massive Growth Angle

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,300+ insights published on Smartkarma.</li>
<li>In this cut, we review the outlook for energy markets amid the Persian Gulf conflict, highlight coverage of gold miners large and small, and identify opportunities in Japanese financials.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,300+ insights published on Smartkarma.
In this cut, we review the outlook for energy markets amid the Persian Gulf conflict, highlight coverage of gold miners large and small, and identify opportunities in Japanese financials.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Crude Reality, Reshuffling Gold Miners & Banking on Japanese Fintech

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.

Equity Capital Markets

HD Hyundai Marine Solution  / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, the focus remained on <a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a>, even as <a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial</a> is gearing up to launch its IPO. </li>
<li>On the placement front, there were deals across India, South Korea and Australia.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, the focus remained on HD Hyundai Marine Solution (443060 KS), even as Sichuan Baicha Baidao Industrial is gearing up to launch its IPO. 
On the placement front, there were deals across India, South Korea and Australia.


ECM Weekly (15th Apr 2024) - Hyundai Marine, Bharti, Kayou, Zeekr, ChaPanda, Samsung, WT Micr, Sompo

Philippines

OceanaGold Philippines, Inc. is a leading producer of gold and copper in the Philippines, engaged in the exploration, development, and utilization of mineral resources. The company operates the Didipio gold and copper mine in the northern Luzon region, producing gold dore bars (containing gold and silver) and copper concentrate. It was founded in 1996 and is headquartered in Kasibu, Nueva Vizcaya, Philippines.

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OceanaGold Philippines (OGP PM)

Newmont Mining (NEM US): The World's Premier Gold Miner At ~10% FCF Yield

NEM US: World's largest gold miner. Record $3.1B quarterly FCF. $6B buyback. 2026 trough; production ramps to 6Moz+ by 2028. 10.8x PE/6.0 EV-EBITDA...

Sameer Taneja

Barrick Gold (B US): An Option For Investors Looking At Diversified Asset, Large-Cap Gold Exposure

Barrick: net cash $2B, 9x P/E,4.2x EV-EBITDA at $4,500 gold. IPO of North American assets the re-rating catalyst. Fourmile — 13Moz at 17g/t — is...

Sameer Taneja

Apex Mining (APX PM): Cheap Play On Gold, With Massive Growth Angle

APX PM is the Philippines 2nd-largest gold producer, with 77% NI growth in FY25 and high growth in future years. High gold price leverage, 6.6%...

Sameer Taneja

Curator's Cut: Crude Reality, Reshuffling Gold Miners & Banking on Japanese Fintech

This Curator's Cut highlights energy market outlook, gold miners coverage, and opportunities in Japanese financials from Smartkarma insights....

Pranav Rao

ECM Weekly (15th Apr 2024) - Hyundai Marine, Bharti, Kayou, Zeekr, ChaPanda, Samsung, WT Micr, Sompo

Yesterday it was Sompo's turn to provide an update on its cross-shareholding plans. It plans to sell atleast JPY600bn (US$4bn) worth of shares over...

Sumeet Singh

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Newmont Mining (NEM US): The World's Premier Gold Miner At ~10% FCF Yield

NEM US: World's largest gold miner. Record $3.1B quarterly FCF. $6B buyback. 2026 trough; production ramps to 6Moz+ by 2028. 10.8x PE/6.0 EV-EBITDA...

Sameer Taneja

Barrick Gold (B US): An Option For Investors Looking At Diversified Asset, Large-Cap Gold Exposure

Barrick: net cash $2B, 9x P/E,4.2x EV-EBITDA at $4,500 gold. IPO of North American assets the re-rating catalyst. Fourmile — 13Moz at 17g/t — is...

Sameer Taneja

Apex Mining (APX PM): Cheap Play On Gold, With Massive Growth Angle

APX PM is the Philippines 2nd-largest gold producer, with 77% NI growth in FY25 and high growth in future years. High gold price leverage, 6.6%...

Sameer Taneja

Curator's Cut: Crude Reality, Reshuffling Gold Miners & Banking on Japanese Fintech

​This Curator's Cut highlights energy market outlook, gold miners coverage, and opportunities in Japanese financials from Smartkarma insights....

Pranav Rao

ECM Weekly (15th Apr 2024) - Hyundai Marine, Bharti, Kayou, Zeekr, ChaPanda, Samsung, WT Micr, Sompo

Yesterday it was Sompo's turn to provide an update on its cross-shareholding plans. It plans to sell atleast JPY600bn (US$4bn) worth of shares over...

Sumeet Singh

This Curator's Cut highlights energy market outlook, gold miners coverage, and opportunities in Japanese financials from Smartkarma insights....