Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP (BHP AU)</a></strong>'s all-scrip <a href="https://announcements.asx.com.au/asxpdf/20240426/pdf/062w455d52h3cv.pdf" target="_blank" rel="noopener">unsolicited Offer</a> for <strong><a href="https://www.smartkarma.com/entities/anglo-american-plc" target="_blank" data-smartkarma-citation="entities:21798:1" rel="noopener">Anglo American (AAL LN)</a></strong>, zeroes in on AAL's copper assets as demand for the metal increases for use in EVs and renewable power.</li>
<li>The proposal has been labelled highly opportunistic by some shareholders and South African politicians. And that the value of AAL's Chilian/Peruvian copper mines are obscured by its sprawling business interests.</li>
<li>The Offer remains conditional and non-binding. A transaction hinges off AAL spinning off its South African iron ore and platinum businesses. Expect AAL to reject terms, but remain engaged. </li>
</ul>



BHP (BHP AU)'s all-scrip unsolicited Offer for Anglo American (AAL LN), zeroes in on AAL's copper assets as demand for the metal increases for use in EVs and renewable power.
The proposal has been labelled highly opportunistic by some shareholders and South African politicians. And that the value of AAL's Chilian/Peruvian copper mines are obscured by its sprawling business interests.
The Offer remains conditional and non-binding. A transaction hinges off AAL spinning off its South African iron ore and platinum businesses. Expect AAL to reject terms, but remain engaged. 


BHP/Anglo American: A Decarbonising Solution

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>Iron ore continued to lounge around the 117 USD/ton levels, but there is increased optimism for <a href="https://www.smartkarma.com/insights/iron-ore-and-the-china-property-auto-stimulus-angle" target="_blank" data-smartkarma-citation="insights:139280" rel="noopener">Iron Ore and The China Property/Auto Stimulus Angle</a> </li>
<li>Spreads between 65 and 62 widened to 13.8 USD/ton from 12.6 USD/ton last week, and we expect this spread to build further. </li>
<li>The street now widely anticipates the China TSF number between 9-15th of May, which is expected to grow in April at 14.5% YoY on consensus estimates to 1.4 trillion Yuan.</li>
</ul>


Iron ore continued to lounge around the 117 USD/ton levels, but there is increased optimism for Iron Ore and The China Property/Auto Stimulus Angle 
Spreads between 65 and 62 widened to 13.8 USD/ton from 12.6 USD/ton last week, and we expect this spread to build further. 
The street now widely anticipates the China TSF number between 9-15th of May, which is expected to grow in April at 14.5% YoY on consensus estimates to 1.4 trillion Yuan.


Iron Ore: 117 USD/Ton and Upwards to 130 Short-Term, Catalysts To Watch and Our Stock Screener

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>Vale S.A. posted solid results for the first quarter of 2024, echoing a promising start with a range of laudable accomplishments amid some challenges.</li><li>The Brazilian multinational showed serious commitment to safety and delivered encouraging results with a 77% reduction in accidents for some critical activities through technological advancements and innovative strategies.</li><li>The de risking strategy furthered with the key Peneirinha dam receiving safety certification.</li></ul>

Vale S.A. posted solid results for the first quarter of 2024, echoing a promising start with a range of laudable accomplishments amid some challenges.The Brazilian multinational showed serious commitment to safety and delivered encouraging results with a 77% reduction in accidents for some critical activities through technological advancements and innovative strategies.The de risking strategy furthered with the key Peneirinha dam receiving safety certification.

Vale S.A.: Why It Lacks A Competitive Edge? - Major Drivers

<ul>
<li>The short term is suddenly looking bullish for iron ore, as rumors abound that tier-1 cities in China may remove home-buying restrictions in May, and <a href="https://www.barrons.com/news/china-offers-nearly-1-400-for-car-trade-ins-2da76711?mod=news_archive" target="_blank" rel="noopener">auto stimulus</a> measures were announced. </li>
<li>Cities like <a href="https://www.businesstimes.com.sg/property/chinese-city-chengdu-relaxes-home-buying-rule-revive-sales" target="_blank" rel="noopener">Chengdu</a> and Nanjing have already announced measures to make home-buying more attractive, such as removing purchase qualifications and pilot programs for old-for-new home housing. </li>
<li>We like 62% Fe and see it trade up to its upper limit of 130 USD/ton (vs. current 117 USD/ton). On equities, we like <a href="https://www.smartkarma.com/entities/vale-sa" target="_blank" data-smartkarma-citation="entities:23731:1" rel="noopener">Vale (VALE US)</a> .</li>
</ul>


The short term is suddenly looking bullish for iron ore, as rumors abound that tier-1 cities in China may remove home-buying restrictions in May, and auto stimulus measures were announced. 
Cities like Chengdu and Nanjing have already announced measures to make home-buying more attractive, such as removing purchase qualifications and pilot programs for old-for-new home housing. 
We like 62% Fe and see it trade up to its upper limit of 130 USD/ton (vs. current 117 USD/ton). On equities, we like Vale (VALE US) .


Iron Ore and The China Property/Auto Stimulus Angle

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>LATAM allocations hit 10-year highs in active Global equity funds.</li>
<li>Notable increases in allocations include Ninety One Global Value (up 7.5%) and Ranmore Global Equity (up 6.7%), with smaller contributions from Lazard, Delaware, and JOHCM</li>
<li>MercadoLibre is the driving force behind the moves higher, and remains the conviction holding in the region.</li>
</ul>


LATAM allocations hit 10-year highs in active Global equity funds.
Notable increases in allocations include Ninety One Global Value (up 7.5%) and Ranmore Global Equity (up 6.7%), with smaller contributions from Lazard, Delaware, and JOHCM
MercadoLibre is the driving force behind the moves higher, and remains the conviction holding in the region.


LATAM Momentum:  Global Funds Raise Exposure

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.

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Vale (VALE US)

BHP/Anglo American: A Decarbonising Solution

When "Final" doesn't necessarily mean final. After BHP increased its (final) offer ratio terms by 24.8% to 0.8860 BHP shares for each Anglo share -...

David Blennerhassett

Iron Ore: 117 USD/Ton and Upwards to 130 Short-Term, Catalysts To Watch and Our Stock Screener

We summarize the catalysts that will take iron ore higher from 117 USD/ton to 130 USD/ton in the short term. We also provide readers with our iron...

Sameer Taneja

Vale S.A.: Why It Lacks A Competitive Edge? - Major Drivers

Vale S.A. posted solid results for the first quarter of 2024, echoing a promising start with a range of laudable accomplishments amid some...

Baptista Research

Iron Ore and The China Property/Auto Stimulus Angle

We outline the latest measures taken by China to boost property and auto consumption. Collectively accounting for 35% of steel demand in China....

Sameer Taneja

LATAM Momentum: Global Funds Raise Exposure

LATAM allocations hit 10-year highs in active Global equity funds. . MercadoLibre the driving force behind the moves higher, and remains the...

Steven Holden

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