Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

Wheaton Precious Metals  / Equity Bottom-Up

Wheaton Precious Metals’ (WPM’s) Q323 results are scheduled for 9 November. This note adjusts our forecasts – principally for Q3 – for metals prices ( 0.3% simple average for the quarter since our last note), Penasquito (returning to production from mid October, rather than end August), a new life of mine production profile at Constancia (in the aftermath of a site visit in late September) and production at Salobo, Sudbury and Voisey’s Bay (in the aftermath of Vale’s production and sales report on 17 October). We have also re-phased capital payments for Salobo III from FY23 to FY24 and FY25.

Wheaton Precious Metals’ (WPM’s) Q323 results are scheduled for 9 November. This note adjusts our forecasts – principally for Q3 – for metals prices ( 0.3% simple average for the quarter since our last note), Penasquito (returning to production from mid October, rather than end August), a new life of mine production profile at Constancia (in the aftermath of a site visit in late September) and production at Salobo, Sudbury and Voisey’s Bay (in the aftermath of Vale’s production and sales report on 17 October). We have also re-phased capital payments for Salobo III from FY23 to FY24 and FY25.

Wheaton Precious Metals - Honing Q323 numbers

Wheaton Precious Metals / Equity Bottom-Up

Wheaton’s Q223 results exceeded our expectations. Production of gold equivalent ounces (GEOs) was 4.6% higher than our prior forecasts, while sales of GEOs were 6.9% higher, driving a positive variance in revenue of 6.6%, or US$16.4m. This was partially offset by costs but nevertheless resulted in a US$7.8m (or 5.4%) positive variance in earnings from operations that, to all intents and purposes, dropped through to the bottom line.

Wheaton’s Q223 results exceeded our expectations. Production of gold equivalent ounces (GEOs) was 4.6% higher than our prior forecasts, while sales of GEOs were 6.9% higher, driving a positive variance in revenue of 6.6%, or US$16.4m. This was partially offset by costs but nevertheless resulted in a US$7.8m (or 5.4%) positive variance in earnings from operations that, to all intents and purposes, dropped through to the bottom line.

Ahead of Wheaton Precious Metals’ (WPM’s) Q223 results, scheduled for 10 August, we have honed our forecasts to reflect, principally (1) Newmont’s suspension of mining at Penasquito since 8 June, (2) updated metals prices, (3) estimated production from Salobo in the light of Vale’s Q223 production and sales report (released on 18 July) and (4) the closure of the Minto mine on 13 May. As a result, we have reduced our Q223 basic EPS forecast by 5 US cents per share to 28 cents per share and our FY23 adjusted basic EPS by 8 cents per share (or 6.1%) to 124 cents per share.

Ahead of Wheaton Precious Metals’ (WPM’s) Q223 results, scheduled for 10 August, we have honed our forecasts to reflect, principally (1) Newmont’s suspension of mining at Penasquito since 8 June, (2) updated metals prices, (3) estimated production from Salobo in the light of Vale’s Q223 production and sales report (released on 18 July) and (4) the closure of the Minto mine on 13 May. As a result, we have reduced our Q223 basic EPS forecast by 5 US cents per share to 28 cents per share and our FY23 adjusted basic EPS by 8 cents per share (or 6.1%) to 124 cents per share.

Wheaton Precious Metals - Honing Q223 forecasts

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Muyuan Foodstuff Co Ltd A / Technical Analysis

<ul>
<li>A pullback in global equities is underway following steep uptrend violations on MSCI ACWI (ACWI-US) and EURO STOXX 50. Both are 4-5% off their highs; further downside may be limited.</li>
<li>Several 5%-10% pullbacks are to be expected in any given year, particularly after the historic 5-month rallies, so we view this as healthy and normal within the ongoing bull market.</li>
<li>ACWI-US is currently testing important support at $105; if this area were to break, next major supports are $102 and $99; this is where we would be buying.</li>
</ul>


A pullback in global equities is underway following steep uptrend violations on MSCI ACWI (ACWI-US) and EURO STOXX 50. Both are 4-5% off their highs; further downside may be limited.
Several 5%-10% pullbacks are to be expected in any given year, particularly after the historic 5-month rallies, so we view this as healthy and normal within the ongoing bull market.
ACWI-US is currently testing important support at $105; if this area were to break, next major supports are $102 and $99; this is where we would be buying.


Pullback Underway; Further Downside Limited?; Buys in Defensives and Commodity-Related Sectors

iShares MSCI Emerging Markets / Technical Analysis

<ul>
<li>The bullish outlook we initiated in early November 2023 remains intact. The SPX and QQQ still refuse to close below their 20-day MAs/21-day EMAs for more than 2-3 consecutive days.</li>
<li>Even if/when they do, important supports are close by, including 4983-5050 on the S&amp;P 500 and $425-$433 on QQQ (gap supports from 2/22/24). Anything above 4800 SPX is a buy.</li>
<li>We continue to get an ever-increasing number of global indexes/Sectors with long-term breakouts, the latest being the MSCI Emerging Market and Frontier indexes. Clearly risk-on behavior.</li>
</ul>


The bullish outlook we initiated in early November 2023 remains intact. The SPX and QQQ still refuse to close below their 20-day MAs/21-day EMAs for more than 2-3 consecutive days.
Even if/when they do, important supports are close by, including 4983-5050 on the S&amp;P 500 and $425-$433 on QQQ (gap supports from 2/22/24). Anything above 4800 SPX is a buy.
We continue to get an ever-increasing number of global indexes/Sectors with long-term breakouts, the latest being the MSCI Emerging Market and Frontier indexes. Clearly risk-on behavior.


Long-Term Breakouts for Emerging and Frontier Markets; Treasury Yields and Commodities Rising YTD

United States

Wheaton Precious Metals Corp. operates as a precious metals streaming company. The Company purchases silver and gold production from mines that it does not owns and operates. Wheaton Precious Metals serves customers worldwide.

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Wheaton Precious Metals (WPM US)

Wheaton Precious Metals - Honing Q323 numbers

Wheaton Precious Metals’ (WPM’s) Q323 results are scheduled for 9 November. This note adjusts our forecasts – principally for Q3 – for metals...

Edison Investment Research

Wheaton Precious Metals - Peerless

Wheaton’s Q223 results exceeded our expectations. Production of gold equivalent ounces (GEOs) was 4.6% higher than our prior forecasts, while sales...

Edison Investment Research

Wheaton Precious Metals - Honing Q223 forecasts

Ahead of Wheaton Precious Metals’ (WPM’s) Q223 results, scheduled for 10 August, we have honed our forecasts to reflect, principally (1) Newmont’s...

Edison Investment Research

Long-Term Breakouts for Emerging and Frontier Markets; Treasury Yields and Commodities Rising YTD

Long-Term Breakouts for Emerging and Frontier Markets $EEM $FM; Bullish Outlook Intact on $SPX $QQQ; Treasury Yields and Commodities Rising YTD has...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Wheaton Precious Metals - Honing Q323 numbers

Wheaton Precious Metals’ (WPM’s) Q323 results are scheduled for 9 November. This note adjusts our forecasts – principally for Q3 – for metals...

Edison Investment Research

Wheaton Precious Metals - Peerless

Wheaton’s Q223 results exceeded our expectations. Production of gold equivalent ounces (GEOs) was 4.6% higher than our prior forecasts, while sales...

Edison Investment Research

Wheaton Precious Metals - Honing Q223 forecasts

Ahead of Wheaton Precious Metals’ (WPM’s) Q223 results, scheduled for 10 August, we have honed our forecasts to reflect, principally (1) Newmont’s...

Edison Investment Research

Pullback Underway; Further Downside Limited?; Buys in Defensives and Commodity-Related Sectors

Pullback Underway; Further Downside Limited?; Commodities Testing Resistance; Buys in Global Defensives (Staples, Utilities, Telecomm), Commodity...

Vermilion Research

Long-Term Breakouts for Emerging and Frontier Markets; Treasury Yields and Commodities Rising YTD

Long-Term Breakouts for Emerging and Frontier Markets $EEM $FM; Bullish Outlook Intact on $SPX $QQQ; Treasury Yields and Commodities Rising YTD has...

Vermilion Research