Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>Eaton captures AI-driven energy demand at the point of consumption, benefiting directly from rising data-centre power intensity, strong order momentum, and diversified electrification exposure.</li>
<li>Quanta Services monetises the grid expansion required to deliver AI-related power demand, with a record multi-year backlog, and predictable cash flows providing structural downside protection and earnings visibility.</li>
<li>Together, Eaton and Quanta cover the full AI-energy stack, from grid delivery to data-centre power use, combining upside exposure with resilience and reduced concentration risk in 2026.</li>
</ul>


Eaton captures AI-driven energy demand at the point of consumption, benefiting directly from rising data-centre power intensity, strong order momentum, and diversified electrification exposure.
Quanta Services monetises the grid expansion required to deliver AI-related power demand, with a record multi-year backlog, and predictable cash flows providing structural downside protection and earnings visibility.
Together, Eaton and Quanta cover the full AI-energy stack, from grid delivery to data-centre power use, combining upside exposure with resilience and reduced concentration risk in 2026.


2026 High Conviction Idea - Capturing AI’s Energy Backbone: Eaton for Upside, Quanta for Defence

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Structural copper tightness, strong gold cash flows, and rising silver prices position Zijin for multi-year earnings growth and a valuation re-rating in 2026.</li>
<li>Leadership transition reduces founder dependence, strengthens governance credibility, and enables multiple expansion as Zijin aligns with global copper-scarcity peers.</li>
<li>Base valuation is HK$40–41; spot and peer convergence support HK$48–50, implying 35–40% upside with clear catalysts across copper expansions and gold stability.</li>
</ul>


Structural copper tightness, strong gold cash flows, and rising silver prices position Zijin for multi-year earnings growth and a valuation re-rating in 2026.
Leadership transition reduces founder dependence, strengthens governance credibility, and enables multiple expansion as Zijin aligns with global copper-scarcity peers.
Base valuation is HK$40–41; spot and peer convergence support HK$48–50, implying 35–40% upside with clear catalysts across copper expansions and gold stability.


2026 High Conviction Idea: Zijin Mining – Copper Scarcity Rerating to HK$48

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

<ul>
<li>The trend of stockpiling in the US has continued, and copper inventories in warehouses surged to over 436,000 tons. Inventories at the seven COMEX warehouses have more than tripled YTD. </li>
<li>
<a href="https://www.smartkarma.com/insights/copper-production-disappointments-mount-with-antofagasta-anto-ln-guidedown-bullish-to-12k-usd-ton" target="_blank" data-smartkarma-citation="insights:207347" rel="noopener">Copper Production Disappointments Mount With Antofagasta (ANTO LN) Guidedown, Bullish To 12k USD/Ton</a> supply issues detailed provide the perfect confluence for copper to breach 13,000 USD/ton by early 2026. </li>
<li>As copper has recently surpassed 11,500 USD/ton, we pick <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> and <a href="https://www.smartkarma.com/entities/antofagasta-plc" target="_blank" data-smartkarma-citation="entities:21814:1" rel="noopener">Antofagasta PLC (ANTO LN)</a> as our top equities to play the copper run.</li>
</ul>


The trend of stockpiling in the US has continued, and copper inventories in warehouses surged to over 436,000 tons. Inventories at the seven COMEX warehouses have more than tripled YTD. 

Copper Production Disappointments Mount With Antofagasta (ANTO LN) Guidedown, Bullish To 12k USD/Ton supply issues detailed provide the perfect confluence for copper to breach 13,000 USD/ton by early 2026. 
As copper has recently surpassed 11,500 USD/ton, we pick Southern Copper (SCCO US) and Antofagasta PLC (ANTO LN) as our top equities to play the copper run.


Copper: Fly Me To The Moon, Onwards To 13,000 USD/Ton

<ul>
<li>Copper &amp; Gold Torque: Zijin has crossed US$100bn market cap as copper tops US$10,300/t and gold nears US$3,770/oz, with shares up ~60% in 3M and ~83% in 12M.</li>
<li>Spin-Off Catalyst: Zijin Gold International IPO raised US$3.2bn at HK$71.6/sh; on our quality-weighted view, fair value is ~US$38.5bn EV vs ~US$24bn at IPO.</li>
<li>Valuation Upside: 2027E SOTP points to HK$34.8/sh base (+12%), HK$38–39/sh spot (+25%), and HK$39–41/sh bull (+30%); detailed Zijin Gold valuation in our companion report.</li>
</ul>


Copper &amp; Gold Torque: Zijin has crossed US$100bn market cap as copper tops US$10,300/t and gold nears US$3,770/oz, with shares up ~60% in 3M and ~83% in 12M.
Spin-Off Catalyst: Zijin Gold International IPO raised US$3.2bn at HK$71.6/sh; on our quality-weighted view, fair value is ~US$38.5bn EV vs ~US$24bn at IPO.
Valuation Upside: 2027E SOTP points to HK$34.8/sh base (+12%), HK$38–39/sh spot (+25%), and HK$39–41/sh bull (+30%); detailed Zijin Gold valuation in our companion report.


Zijin Mining: US$100bn Breakout on Copper Surge, Valuation Still Offers Upside

<ul>
<li>A significant production impact from the suspension of its Grasberg Block Cave mine in Indonesia, following a deadly mud rush incident, could lead to a spike in copper prices.</li>
<li>The force majeure in the <a href="https://www.smartkarma.com/entities/freeport-mcmoran-inc" target="_blank" data-smartkarma-citation="entities:12491:1" rel="noopener">Freeport Mcmoran (FCX US)</a> mine will take out <a href="https://www.smartkarma.com/insights/post-results-fy24-mine-by-mine-plan-production-commentary-on-copper-from-global-listed-companies" target="_blank" rel="noopener">700,000 tons</a> of annualized production in the foreseeable future (&gt;2.5% of global copper production).</li>
<li>Copper players like <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>, <a href="https://www.smartkarma.com/entities/antofagasta-plc" target="_blank" data-smartkarma-citation="entities:21814:1" rel="noopener">Antofagasta PLC (ANTO LN)</a>, and <a href="https://www.smartkarma.com/entities/teck-resources-ltd-36dbdad5-1430-4d7a-8578-31bc50086f72" target="_blank" data-smartkarma-citation="entities:33343:1" rel="noopener">Teck Resources (TECK US)</a> would be beneficiaries, while <a target="_blank" rel="noopener">Freeport Mcmoran (FCX US)</a> could be significantly affected.</li>
</ul>


A significant production impact from the suspension of its Grasberg Block Cave mine in Indonesia, following a deadly mud rush incident, could lead to a spike in copper prices.
The force majeure in the Freeport Mcmoran (FCX US) mine will take out 700,000 tons of annualized production in the foreseeable future (&gt;2.5% of global copper production).
Copper players like Southern Copper (SCCO US), Antofagasta PLC (ANTO LN), and Teck Resources (TECK US) would be beneficiaries, while Freeport Mcmoran (FCX US) could be significantly affected.


Copper Prices to Rally To 11k USD/Ton Due To Grasberg Force Majeure

United States

Southern Copper Corporation conducts mining operations in Peru and Mexico.  The Company owns and operates open pit mines and metallurgical complexes that produce copper, molybdenum, zinc, and precious metals.

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Southern Copper (SCCO US)

2026 High Conviction Idea - Capturing AI’s Energy Backbone: Eaton for Upside, Quanta for Defence

Eaton and Quanta Services capitalize on AI-driven energy demand, covering grid expansion and data-center power use for diversified exposure and...

Mint Finance

2026 High Conviction Idea: Zijin Mining – Copper Scarcity Rerating to HK$48

Zijin poised for multi-year earnings growth and valuation re-rating in 2026 with strong copper, gold, and silver positioning, leadership...

Rahul Jain

Copper: Fly Me To The Moon, Onwards To 13,000 USD/Ton

COMEX copper stockpiling persists; coupled with documented supply disruptions, the setup could push prices above $13,000/ton in early 2026.

Sameer Taneja

Zijin Mining: US$100bn Breakout on Copper Surge, Valuation Still Offers Upside

Zijin's market cap surpasses US$100bn as copper and gold prices rise, with potential valuation upside and spin-off catalyst from Zijin Gold...

Rahul Jain

Copper Prices to Rally To 11k USD/Ton Due To Grasberg Force Majeure

We expect the Force Majeure at the Grasberg mine in Indonesia of FCX to result in copper prices breaching the $ 5/lb mark and rallying further. We...

Sameer Taneja

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2026 High Conviction Idea - Capturing AI’s Energy Backbone: Eaton for Upside, Quanta for Defence

​Eaton and Quanta Services capitalize on AI-driven energy demand, covering grid expansion and data-center power use for diversified exposure and...

Mint Finance

2026 High Conviction Idea: Zijin Mining – Copper Scarcity Rerating to HK$48

​Zijin poised for multi-year earnings growth and valuation re-rating in 2026 with strong copper, gold, and silver positioning, leadership...

Rahul Jain

Copper: Fly Me To The Moon, Onwards To 13,000 USD/Ton

COMEX copper stockpiling persists; coupled with documented supply disruptions, the setup could push prices above $13,000/ton in early 2026.

Sameer Taneja

Zijin Mining: US$100bn Breakout on Copper Surge, Valuation Still Offers Upside

​Zijin's market cap surpasses US$100bn as copper and gold prices rise, with potential valuation upside and spin-off catalyst from Zijin Gold...

Rahul Jain

Copper Prices to Rally To 11k USD/Ton Due To Grasberg Force Majeure

We expect the Force Majeure at the Grasberg mine in Indonesia of FCX to result in copper prices breaching the $ 5/lb mark and rallying further. We...

Sameer Taneja

Eaton and Quanta Services capitalize on AI-driven energy demand, covering grid expansion and data-center power use for diversified exposure and...

Zijin poised for multi-year earnings growth and valuation re-rating in 2026 with strong copper, gold, and silver positioning, leadership...

Zijin's market cap surpasses US$100bn as copper and gold prices rise, with potential valuation upside and spin-off catalyst from Zijin Gold...