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>Disappointing September/October China lending data with TSF down 9%/24% YoY to 3.7/1.4 trillion RMB Vs. (analysts expectations of 4/1.5 trillion RMB) has led to skepticism about China's recovery story.</li>
<li>Copper prices have dropped below 9000 USD/ton and stayed there despite the fall of exchange inventories. </li>
<li>We like the LT copper story and see long-term benefits for stocks like <a href="https://www.smartkarma.com/entities/southern-copper-corp" target="_blank" rel="noopener">Southern Copper (SCCO US)</a>, <a href="https://www.smartkarma.com/entities/ivanhoe-mines-ltd" target="_blank" rel="noopener">Ivanhoe Mines (IVN CN)</a>, and <a href="https://www.smartkarma.com/entities/teck-resources-ltd-36dbdad5-1430-4d7a-8578-31bc50086f72" target="_blank" rel="noopener">Teck Resources (TECK US)</a>. </li>
</ul>


Disappointing September/October China lending data with TSF down 9%/24% YoY to 3.7/1.4 trillion RMB Vs. (analysts expectations of 4/1.5 trillion RMB) has led to skepticism about China's recovery story.
Copper prices have dropped below 9000 USD/ton and stayed there despite the fall of exchange inventories. 
We like the LT copper story and see long-term benefits for stocks like Southern Copper (SCCO US), Ivanhoe Mines (IVN CN), and Teck Resources (TECK US). 


Copper Tracker 25th November 2024: TSF Disappoints, What Next?

<ul>
<li>The Ministry of Finance has decided to end the 13% export tax rebate on copper effective December 1st, 2024. Copper semi-producers rely on this rebate to remain profitable. </li>
<li>Copper semi-producers might rush to sell their inventory by 1st December when changes take effect, which may affect prices and distort differentials on the SHFE-LME. </li>
<li>As long-term bulls, we like <a href="https://www.smartkarma.com/entities/southern-copper-corp" target="_blank" rel="noopener">Southern Copper (SCCO US)</a>; under 100 USD/share, it is worth exploring. We also believe a long LME short SHFE trade in the short-term could work.  </li>
</ul>


The Ministry of Finance has decided to end the 13% export tax rebate on copper effective December 1st, 2024. Copper semi-producers rely on this rebate to remain profitable. 
Copper semi-producers might rush to sell their inventory by 1st December when changes take effect, which may affect prices and distort differentials on the SHFE-LME. 
As long-term bulls, we like Southern Copper (SCCO US); under 100 USD/share, it is worth exploring. We also believe a long LME short SHFE trade in the short-term could work.  


Copper Tracker Nov 18th, 2024: Export Tax Rebate Cancellation on Copper Throws Market in A Tizzy

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 recently announced its third-quarter financial results, reflecting significant developments and operational achievements.</li><li>The company successfully completed the sale of its Steelmaking Coal business, marking its transition to a pure-play energy transition metals company.</li><li>This provided Teck Resources with substantial liquidity, receiving USD 7.3 billion in cash, which fundamentally strengthened its financial position.</li></ul>

Teck Resources Limited recently announced its third-quarter financial results, reflecting significant developments and operational achievements.The company successfully completed the sale of its Steelmaking Coal business, marking its transition to a pure-play energy transition metals company.This provided Teck Resources with substantial liquidity, receiving USD 7.3 billion in cash, which fundamentally strengthened its financial position.

Teck Resources Limited: Its Recent Strategic Project Development & Capital Management Driving Our Bullishness! - Major Drivers

<ul>
<li>Copper prices were down slightly, WoW, by 0.3% YoY, as the effect of China's stimulus plan announcements waned, with investors viewing them more skeptically.</li>
<li>With 58% of the metal's demand arising from China, we expect the short-term malaise to be felt unless China makes punchier fiscal stimulus announcements soon. </li>
<li>We believe high-quality equities 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/ivanhoe-mines-ltd" target="_blank" data-smartkarma-citation="entities:25338:1" rel="noopener">Ivanhoe Mines (IVN CN)</a> will continue to be resilient and prefer exposure to copper in those names.</li>
</ul>


Copper prices were down slightly, WoW, by 0.3% YoY, as the effect of China's stimulus plan announcements waned, with investors viewing them more skeptically.
With 58% of the metal's demand arising from China, we expect the short-term malaise to be felt unless China makes punchier fiscal stimulus announcements soon. 
We believe high-quality equities like Southern Copper (SCCO US) and Ivanhoe Mines (IVN CN) will continue to be resilient and prefer exposure to copper in those names.


Copper Tracker Oct 21st, 2024: The China Malaise Sets In

<ul><li>Teck Resources Limited, a diversified resource company, has undergone significant transformation, particularly emphasized in its Q2 2024 earnings report.</li><li>The sale of its steelmaking coal business has strategically repositioned Teck as a company with a pure focus on metals vital for global development and the transition to renewable energy.</li><li>This report encapsulates both the financial and operational milestones reached during the quarter, alongside future prospects and challenges.</li></ul>

Teck Resources Limited, a diversified resource company, has undergone significant transformation, particularly emphasized in its Q2 2024 earnings report.The sale of its steelmaking coal business has strategically repositioned Teck as a company with a pure focus on metals vital for global development and the transition to renewable energy.This report encapsulates both the financial and operational milestones reached during the quarter, alongside future prospects and challenges.

Teck Resources Limited: Expanding Copper Production Capacity & An Insight Into Its Business Strategy! - Major Drivers

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 Tracker 25th November 2024: TSF Disappoints, What Next?

We analyze China lending (TSF), a forward indicator for copper demand. There has been no pick up in lending yet in China, which has resulted in the...

Sameer Taneja

Copper Tracker Nov 18th, 2024: Export Tax Rebate Cancellation on Copper Throws Market in A Tizzy

We analyze the impact of China's recent 13% export duty rebate cancellation on copper and the valuations of our favorite copper picks after the...

Sameer Taneja

Teck Resources Limited: Its Recent Strategic Project Development & Capital Management Driving Our Bullishness! - Major Drivers

Teck Resources Limited recently announced its third-quarter financial results, reflecting significant developments and operational...

Baptista Research

Copper Tracker Oct 21st, 2024: The China Malaise Sets In

We highlight our top picks in the copper space and news from the copper world as the investing world starts to get skeptical about China's stimulus...

Sameer Taneja

Teck Resources Limited: Expanding Copper Production Capacity & An Insight Into Its Business Strategy! - Major Drivers

Teck Resources Limited, a diversified resource company, has undergone significant transformation, particularly emphasized in its Q2 2024 earnings...

Baptista Research

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