In today’s briefing:
- Mongolia Mining (975 HK): Q4 2024 Operational Updates and Commencement of Buybacks
- Copper Tracker 20th Jan 2025: Encouraging China TSF Numbers To Boost Future Demand?
- Iron Ore Tracker (20-Jan-2025): Temporary Closure of Hedland and Dampier to Boost Prices
- Titan America (TTAM): Peeking at the Prospectus of Potential February IPO for Titan Cement’s US Unit
Mongolia Mining (975 HK): Q4 2024 Operational Updates and Commencement of Buybacks
- Mongolian Mining (975 HK) reported its production update, which is in line with our estimates for 7.9 million tons of washed coal sold for FY24.
- The company commenced buybacks, purchasing 0.26% of its outstanding shares at 6.65 HKD/share. We believe the company will also announce a dividend in its upcoming results.
- After the massive correction in share price owing to a weaker coking coal price, the stock trades at 4.2x PE, 1.9x EV-EBITDA, and a 7-10% dividend yield (30-50% payout ratio).
Copper Tracker 20th Jan 2025: Encouraging China TSF Numbers To Boost Future Demand?
- Copper prices finished up over 9000 USD/ton again this week after hovering around 3-5% of that level for close to a month.
- The COMEX spread has reached a 10-week high, while the Yangshan premium shows signs of investor bullishness as it closes in on the 80 USD/ton.
- With better TSF numbers from China and a slightly more optimistic picture of demand, we head into 2025 feeling better about copper pricing.
Iron Ore Tracker (20-Jan-2025): Temporary Closure of Hedland and Dampier to Boost Prices
- Iron ore bounced back 7.7% last week to finish at 104 USD/ton. The short-term bullishness was due to temporary port closures for Hedland and Dampier due to cyclone warnings.
- China TSF exceeded expectations for December, coming in at 2.85 trillion RMB, up 47% year over year (compared to street expectations of 2.15 trillion RMB).
- We like the small-cap Fenix Resources (FEX AU). Read our research Fenix Resources (FEX AU): Deep Value, >35% of Mkt Cap in Cash, 2.5x PE/0.3 EV-EBITDA on Ramp Up.
Titan America (TTAM): Peeking at the Prospectus of Potential February IPO for Titan Cement’s US Unit
- Company is a manufacturer and supplier of heavy building materials and services operating primarily on the Eastern Seaboard of the United States
- They have experienced 50% revenue growth, 150% net income growth and 65% Adjusted EBITDA growth from fiscal 2019 to fiscal 2023.
- New York Stock Exchange to list the US unit of Brussels-based Titan Cement International SA
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