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>We update the expansion plans of all listed companies under our coverage one by one to capture the extent of the copper supply shortages the world will experience. </li>
<li>These listed companies account for ~40% of the global supply, providing a robust sample for analyzing current supply issues, as copper is set to exceed USD 12,000/ton. </li>
<li>We like copper names with a solid supply story and low on the cost curve, 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> 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> </li>
</ul>


We update the expansion plans of all listed companies under our coverage one by one to capture the extent of the copper supply shortages the world will experience. 
These listed companies account for ~40% of the global supply, providing a robust sample for analyzing current supply issues, as copper is set to exceed USD 12,000/ton. 
We like copper names with a solid supply story and low on the cost curve, like Southern Copper (SCCO US) and Antofagasta PLC (ANTO LN) 


Copper Mine By Mine Supply Challenges For Everyone: Update As Copper Is Set to Break 12k USD/Ton

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Teck Resources Limited, a diversified mining and minerals company, reported its second quarter 2025 financial results, emphasizing its continued strategic goals of growth, operational excellence, and shareholder returns.</li><li>The company's performance exhibited both strengths and challenges across various segments.</li><li>Teck's financial results showed a moderate improvement in profitability, with adjusted EBITDA increasing by 3% year-over-year to $722 million.</li></ul>

Teck Resources Limited, a diversified mining and minerals company, reported its second quarter 2025 financial results, emphasizing its continued strategic goals of growth, operational excellence, and shareholder returns.The company's performance exhibited both strengths and challenges across various segments.Teck's financial results showed a moderate improvement in profitability, with adjusted EBITDA increasing by 3% year-over-year to $722 million.

Teck Resources: Is The Robustness In The Zinc Business Here To Stay?

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>Since the start of 2025, Arras has released two batches of drill results from its exploration activities in Kazakhstan. Early results look very promising and the stock has reacted accordingly.</li>
<li>2025 is going to be a very busy year of newsflow for Arras with a lot of optionality to drive a further re-rating.</li>
<li>Arras remains a high risk/reward junior exploration company with a market cap of only 33M USD. Arras is targeting both copper and gold.</li>
</ul>


Since the start of 2025, Arras has released two batches of drill results from its exploration activities in Kazakhstan. Early results look very promising and the stock has reacted accordingly.
2025 is going to be a very busy year of newsflow for Arras with a lot of optionality to drive a further re-rating.
Arras remains a high risk/reward junior exploration company with a market cap of only 33M USD. Arras is targeting both copper and gold.


Arras Minerals: Promising Exploration Results Drive Stock up +96% YTD

<ul>
<li>After selling its coking coal business to <a href="https://www.smartkarma.com/entities/glencore-plc" target="_blank" data-smartkarma-citation="entities:764:1" rel="noopener">Glencore Plc (GLEN LN)</a>, <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> has pivoted to copper as its primary growth driver. </li>
<li>The 7.3 bn CAD cash (20% of Mkt cap) received from the sale of the coal business stake is being used for buybacks, debt repayment, and growth opportunities.  </li>
<li>The stock is cheap on an EV-EBITDA basis at 7.5x, but we are not too fond of the business's low ROCE. </li>
</ul>


After selling its coking coal business to Glencore Plc (GLEN LN), Teck Resources (TECK US) has pivoted to copper as its primary growth driver. 
The 7.3 bn CAD cash (20% of Mkt cap) received from the sale of the coal business stake is being used for buybacks, debt repayment, and growth opportunities.  
The stock is cheap on an EV-EBITDA basis at 7.5x, but we are not too fond of the business's low ROCE. 


Teck Resources (TECK US): The New Purish Copper Play In Town

<ul><li>Teck Resources Limited, a major Canadian mining and minerals company, presented its financial results for the first quarter of 2025, highlighting both achievements and ongoing challenges.</li><li>The past few months have seen a challenging macroeconomic environment marked by geopolitical tensions, inflation, and supply chain disruptions.</li><li>Despite this, Teck remains focused on copper and zinc production, crucial for long-term industrial demand driven by global electrification, manufacturing, and infrastructure needs.</li></ul>

Teck Resources Limited, a major Canadian mining and minerals company, presented its financial results for the first quarter of 2025, highlighting both achievements and ongoing challenges.The past few months have seen a challenging macroeconomic environment marked by geopolitical tensions, inflation, and supply chain disruptions.Despite this, Teck remains focused on copper and zinc production, crucial for long-term industrial demand driven by global electrification, manufacturing, and infrastructure needs.

Teck Resources Limited: Expansion of Copper Production Capacity Is A Critical Driver For Stock Performance!

Canada

Teck Resources Ltd. is an integrated natural resource group with activities in mining, smelting, and refining.  The Company mines zinc, copper, molybdenum, gold, and metallurgical coal in the United States, Canada, Peru, and Chile. Teck also produces refined metals, specialized metal products, and other products.

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Teck Resources (TECK US)

Copper Mine By Mine Supply Challenges For Everyone: Update As Copper Is Set to Break 12k USD/Ton

We highlight mine-by-mine issues plaguing each of the listed copper companies, resulting in supply being compromised by >3.5% setting the stage for...

Sameer Taneja

Teck Resources: Is The Robustness In The Zinc Business Here To Stay?

Teck Resources Limited, a diversified mining and minerals company, reported its second quarter 2025 financial results, emphasizing its continued...

Baptista Research

Arras Minerals: Promising Exploration Results Drive Stock up +96% YTD

Arras sees promising early results in Kazakhstan exploration, with potential for further re-rating in 2025. High risk/reward with focus on copper...

Nicolas Van Broekhoven