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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a> shareholders will vote on Palliser’s AGM resolution to conduct an independent review on whether the potential unification is in the best interests of shareholders. </li>
<li>Palliser and the Board’s arguments for and against unification focus on five factors: tax costs, post-unification share price, lack of scrip M&amp;A, wastage of franking credits, and shareholder support.</li>
<li>A Grant Thornton report supports unification. The board's case is strong primarily on tax costs, while Palliser's case is strong on post-unification share price, M&amp;A, and franking credits.</li>
</ul>



Rio Tinto Ltd (RIO AU) shareholders will vote on Palliser’s AGM resolution to conduct an independent review on whether the potential unification is in the best interests of shareholders. 
Palliser and the Board’s arguments for and against unification focus on five factors: tax costs, post-unification share price, lack of scrip M&amp;A, wastage of franking credits, and shareholder support.
A Grant Thornton report supports unification. The board's case is strong primarily on tax costs, while Palliser's case is strong on post-unification share price, M&amp;A, and franking credits.


Rio Tinto (RIO LN/RIO AU): Thinking About Unification

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.

Equity Bottom-Up

<ul><li>Teck Resources Limited's fourth quarter and full-year results for 2024 highlight significant operational and financial shifts following strategic changes within the company.</li><li>The sale of their steelmaking coal business marked a pivotal transformation, repositioning Teck as a focused player in energy transition metals, primarily copper and zinc.</li><li>This strategic divestment yielded USD 8.6 billion, enabling unprecedented cash returns to shareholders, totaling $1.8 billion in 2024.</li></ul>

Teck Resources Limited's fourth quarter and full-year results for 2024 highlight significant operational and financial shifts following strategic changes within the company.The sale of their steelmaking coal business marked a pivotal transformation, repositioning Teck as a focused player in energy transition metals, primarily copper and zinc.This strategic divestment yielded USD 8.6 billion, enabling unprecedented cash returns to shareholders, totaling $1.8 billion in 2024.

Teck Resources Ltd: A Closer Look At Its Economic & Geopolitical Landscape & Major Growth Drivers!

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>Copper prices remained tepid last week, owing to a weak global market sentiment with Trump's tariffs. Funds cut their bullish Comex positions as premiums crashed by 40% from the peak.  </li>
<li>China's Manufacturing PMI rose to 50.2 in February, surpassing the expected 49.9, while the record Total Social Financing in January also contributed significantly to this positive outlook.</li>
<li>The NPC 2025, taking place on March 5, will be closely watched for China's fiscal policy roadmap, which is expected to influence commodity consumption.</li>
</ul>


Copper prices remained tepid last week, owing to a weak global market sentiment with Trump's tariffs. Funds cut their bullish Comex positions as premiums crashed by 40% from the peak.  
China's Manufacturing PMI rose to 50.2 in February, surpassing the expected 49.9, while the record Total Social Financing in January also contributed significantly to this positive outlook.
The NPC 2025, taking place on March 5, will be closely watched for China's fiscal policy roadmap, which is expected to influence commodity consumption.


Copper Tracker 3rd March 2025: China TSF And PMI Rebound A Major Boost, All Eyes On the NPC

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

JX Advanced Metals / Equity Capital Markets

<ul>
<li>JX Advanced Metals (5016 JP) is seeking to raise about ¥460 billion in the upcoming IPO on the Tokyo Stock Exchange. The indicative IPO price is ¥862 per share.</li>
<li>The final IPO pricing will be on 10 March. JX Advanced Metals will be listed on 19 March. Eneos is selling as many as 534.9 million shares in the IPO.</li>
<li>The company has a strong customer base. It is a key supplier to TSMC, Samsung, Intel, SK Hynix, and Micron for sputtering targets and high-purity metals.</li>
</ul>


JX Advanced Metals (5016 JP) is seeking to raise about ¥460 billion in the upcoming IPO on the Tokyo Stock Exchange. The indicative IPO price is ¥862 per share.
The final IPO pricing will be on 10 March. JX Advanced Metals will be listed on 19 March. Eneos is selling as many as 534.9 million shares in the IPO.
The company has a strong customer base. It is a key supplier to TSMC, Samsung, Intel, SK Hynix, and Micron for sputtering targets and high-purity metals.


<ul>
<li>Copper prices closed above $9,000 per ton once more and are poised for short-term gains as the outlook on China's economic recovery becomes more favorable.</li>
<li>The COMEX spread has hit a 12-week high, nearly reaching $1,000 per ton, as traders expressed concerns about copper potentially being included in the Trump administration's blanket levies.</li>
<li>We favor <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>  due to their greater copper exposure, higher ROCEs, and robust long-term expansion strategies.</li>
</ul>


Copper prices closed above $9,000 per ton once more and are poised for short-term gains as the outlook on China's economic recovery becomes more favorable.
The COMEX spread has hit a 12-week high, nearly reaching $1,000 per ton, as traders expressed concerns about copper potentially being included in the Trump administration's blanket levies.
We favor Southern Copper (SCCO US)  and Antofagasta PLC (ANTO LN)  due to their greater copper exposure, higher ROCEs, and robust long-term expansion strategies.


Copper Tracker 10th Feb 2025: Comex Spreads Bullish, Commentary on China Improving

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)

Rio Tinto (RIO LN/RIO AU): Thinking About Unification

A Grant Thornton report supports unification. The board's case is strong primarily on tax costs, while Palliser's case is strong on post...

Arun George

Teck Resources Ltd: A Closer Look At Its Economic & Geopolitical Landscape & Major Growth Drivers!

Teck Resources Limited's fourth quarter and full-year results for 2024 highlight significant operational and financial shifts following strategic...

Baptista Research

Copper Tracker 3rd March 2025: China TSF And PMI Rebound A Major Boost, All Eyes On the NPC

We summarize all the major drivers of the copper price over the last two weeks. With the China NPC approaching, all eyes will be on the fiscal...

Sameer Taneja

JX Advanced Metals IPO Preview

JX Advanced Metals (5016 JP) is seeking to raise about ¥460 billion in the upcoming IPO on the Tokyo Stock Exchange. The indicative IPO price is...

Douglas Kim

Copper Tracker 10th Feb 2025: Comex Spreads Bullish, Commentary on China Improving

The COMEX spread has risen to a 12-week high, approaching $1,000 per ton. With an improved outlook for China, short-term gains in copper prices are...

Sameer Taneja

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