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

Equity Bottom-Up

<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

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 reported strong operational and financial performance in the second quarter of 2026, supported by favorable commodity prices, particularly record average copper prices.</li><li>The company generated $1.7 billion in cash flow from operations and tripled its adjusted EBITDA to $2.2 billion compared to the same quarter in 2025.</li><li>Adjusted EBITDA margins reached 61%, an increase from 36% a year earlier.</li></ul>

Teck Resources Limited reported strong operational and financial performance in the second quarter of 2026, supported by favorable commodity prices, particularly record average copper prices.The company generated $1.7 billion in cash flow from operations and tripled its adjusted EBITDA to $2.2 billion compared to the same quarter in 2025.Adjusted EBITDA margins reached 61%, an increase from 36% a year earlier.

Teck Resources Limited’s Anglo American Merger: Can Copper Scale Transform Growth?

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

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>Declining Chinese inventory and rising premiums bode well for the copper price.</li>
<li>Speculative interest, as per the COT reports, is low, providing room for new buyers.</li>
<li>Infrastructure and defence spending are on the rise in most regions of the world</li>
</ul>


Declining Chinese inventory and rising premiums bode well for the copper price.
Speculative interest, as per the COT reports, is low, providing room for new buyers.
Infrastructure and defence spending are on the rise in most regions of the world


From Rust to Riches: The Next Copper Boom

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Zinc market tone for 2025 is cautious, with most producers guiding flat to lower volumes as concentrate supply remains tight and benchmark TCs hit 50-year lows.</li>
<li>Glencore, Teck, and South32 are dialing back output, while Korea Zinc is facing margin compression. Boliden is raising output via acquisitions and restarts, but still faces integration and cost risks.</li>
<li>Hindustan Zinc stands apart—delivering growth, industry-best 53% EBITDA margins, and sub-$1,000/t cost targets, making it a margin fortress in a soft market. </li>
</ul>


Zinc market tone for 2025 is cautious, with most producers guiding flat to lower volumes as concentrate supply remains tight and benchmark TCs hit 50-year lows.
Glencore, Teck, and South32 are dialing back output, while Korea Zinc is facing margin compression. Boliden is raising output via acquisitions and restarts, but still faces integration and cost risks.
Hindustan Zinc stands apart—delivering growth, industry-best 53% EBITDA margins, and sub-$1,000/t cost targets, making it a margin fortress in a soft market. 


Zinc’s Cycle Turns: Will Supply Outpace Demand?

<ul>
<li>Our insight <a href="https://www.smartkarma.com/insights/2024-high-conviction-junior-copper-miners" target="_blank" data-smartkarma-citation="insights:122425" rel="noopener">2024 High Conviction: Junior Copper Miners</a> garnered significant interest in late 2023, we hereby provide an update on our favorite junior copper names.</li>
<li>Copper prices have started to to tick up (+5% YTD) on the back of gold making new all-time highs late in 1Q24, and more importantly squeezed global supply.</li>
<li>
<a href="https://www.smartkarma.com/entities/entree-resources-ltd-3aeeb68c-80d0-4ada-822e-898883fbb28e" target="_blank" data-smartkarma-citation="entities:26727:1" rel="noopener">Entree Resources (ETG CN) </a>has performed strongest +22% while <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)</a> has been a laggard at -18% YTD.</li>
</ul>


Our insight 2024 High Conviction: Junior Copper Miners garnered significant interest in late 2023, we hereby provide an update on our favorite junior copper names.
Copper prices have started to to tick up (+5% YTD) on the back of gold making new all-time highs late in 1Q24, and more importantly squeezed global supply.

Entree Resources (ETG CN) has performed strongest +22% while Arras Minerals (ARK V EQUITY) has been a laggard at -18% YTD.


Junior Copper Miners: An Update After 1Q24

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)

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

Teck Resources Limited’s Anglo American Merger: Can Copper Scale Transform Growth?

Teck Resources Limited reported strong operational and financial performance in the second quarter of 2026, supported by favorable commodity...

Baptista Research

From Rust to Riches: The Next Copper Boom

Copper has now broken decisively through $5/lb on new cycle lows for the USD last night. $1208 MMG Ltd is nearing $4 resistance, and we would take...

Rikki Malik

Zinc’s Cycle Turns: Will Supply Outpace Demand?

2025 zinc market cautious as producers cut output due to tight supply and low benchmark TCs, Hindustan Zinc stands out with strong growth and...

Rahul Jain

Junior Copper Miners: An Update After 1Q24

Update on favorite junior copper miners as copper prices rise, Entree Resources (+22%) outperforms while Arras Minerals (-18%) lags.

Nicolas Van Broekhoven

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52-week Range

Market Cap (USDm)

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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

Teck Resources Limited’s Anglo American Merger: Can Copper Scale Transform Growth?

Teck Resources Limited reported strong operational and financial performance in the second quarter of 2026, supported by favorable commodity...

Baptista Research

From Rust to Riches: The Next Copper Boom

Copper has now broken decisively through $5/lb on new cycle lows for the USD last night. $1208 MMG Ltd is nearing $4 resistance, and we would take...

Rikki Malik

Zinc’s Cycle Turns: Will Supply Outpace Demand?

​2025 zinc market cautious as producers cut output due to tight supply and low benchmark TCs, Hindustan Zinc stands out with strong growth and...

Rahul Jain

Junior Copper Miners: An Update After 1Q24

​Update on favorite junior copper miners as copper prices rise, Entree Resources (+22%) outperforms while Arras Minerals (-18%) lags.

Nicolas Van Broekhoven

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

2025 zinc market cautious as producers cut output due to tight supply and low benchmark TCs, Hindustan Zinc stands out with strong growth and...

Update on favorite junior copper miners as copper prices rise, Entree Resources (+22%) outperforms while Arras Minerals (-18%) lags.