Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Thematic (Sector/Industry)

<ul><li>The precious metals and mining market significantly outperformed broader indices in the month of March with the GDX rising 15% versus the TSX being down slightly </li><li>Gold rallied heavily following the collapse of several major banks and the U.S. Fed guiding for a pause on rates in the near term</li><li>This month only strengthens our confidence that 2023 will be a standout year for both precious metals and base metals and encourage investors to position themselves accordingly Gold rose 7.2% in the month to $1,969.7/oz, silver rose 14.5% to $24.0/oz, and copper sat flat, down just 1.8% to $4.10/lb.</li></ul>

The precious metals and mining market significantly outperformed broader indices in the month of March with the GDX rising 15% versus the TSX being down slightly Gold rallied heavily following the collapse of several major banks and the U.S. Fed guiding for a pause on rates in the near termThis month only strengthens our confidence that 2023 will be a standout year for both precious metals and base metals and encourage investors to position themselves accordingly Gold rose 7.2% in the month to $1,969.7/oz, silver rose 14.5% to $24.0/oz, and copper sat flat, down just 1.8% to $4.10/lb.

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

Demand
<ol>
<li>China Manufacturing PMI: Manufacturing PMI data from China continues to be healthy after posting a dip in February due to COVID. June data came in at 50.9 and showed sequential improvement over May’s 50.6.</li>
<li>
Fundamental data points from China continue to show strength. Auto demand is likely to be up 4-5% YoY in June, and CRIC (China Real Estate Information Corporation) data shows property sales are up 14% YoY in June for the top 200 developers. Data for Jan-June FY20 has inflected into positive territory at 1% YTD.
</li>
</ol>
Supply
<ol>
<li>
Supply issues from Brazil in June were not as bad as initially feared. Brazil shipped out 30 million tons in June, recording a 1% YoY growth.
</li>
<li>
Inventory at the ports in China rose for the first time in three months.
</li>
</ol>

Demand

China Manufacturing PMI: Manufacturing PMI data from China continues to be healthy after posting a dip in February due to COVID. June data came in at 50.9 and showed sequential improvement over May’s 50.6.

Fundamental data points from China continue to show strength. Auto demand is likely to be up 4-5% YoY in June, and CRIC (China Real Estate Information Corporation) data shows property sales are up 14% YoY in June for the top 200 developers. Data for Jan-June FY20 has inflected into positive territory at 1% YTD.


Supply


Supply issues from Brazil in June were not as bad as initially feared. Brazil shipped out 30 million tons in June, recording a 1% YoY growth.


Inventory at the ports in China rose for the first time in three months.



Core Correlations: Iron Ore Research Weekly - July 6th, 2020

Brazil

Vale S.A. produces and sells iron ore, pellets, manganese, alloys, gold, nickel, copper, kaolin, bauxite, alumina, aluminum, and potash. The Company is based in Brazil, where it owns and operates railroads and maritime terminals.

Vale (VALE3 BZ)

Mining Monthly: March Edition

he precious metals and mining market significantly outperformed broader indices in the month of March with the GDX rising 15% versus the TSX being...

Atrium Research

Core Correlations: Iron Ore Research Weekly - July 6th, 2020

Demand China Manufacturing PMI: Manufacturing PMI data from China continues to be healthy after posting a dip in February due to COVID. June data...

Sameer Taneja