In today’s briefing:
- Zijin Gold IPO (2259 HK): Valuation Insights
- Last Week In Event SPACE: Zijin Mining/Gold, Kokusai Electric, Santos, Krungthai Card
- Overview #35 – You Can’t Always Get What You Want…
Zijin Gold IPO (2259 HK): Valuation Insights
- Zijin Gold (2259 HK) is a global leading gold mining company and the overseas gold segment of Zijin Mining Group (601899 CH). It has launched an HKEx IPO to raise US$3.2bn.
- I previously discussed the IPO in Zijin Gold IPO: The Investment Case and Zijin Gold IPO: PHIP Updates Support the Investment Thesis.
- In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is attractive.
Last Week In Event SPACE: Zijin Mining/Gold, Kokusai Electric, Santos, Krungthai Card
- Zijin Gold (2259 HK)‘s IPO is, arguably, priced reasonably. Yet, no matter how you slice it, Zijin Mining Group Co Ltd H (2899 HK) has overshot the mark.
- KKR’s lock up in Kokusai Electric (6525 JP) expires in less than three weeks. It’s not ideal stepping in front of fast-moving trains, so challenging to recommend a full-throated short.
- Abu Dhabis’ ADNOC walks away from Santos Ltd (STO AU). That was, realistically, the most likely outcome.
Overview #35 – You Can’t Always Get What You Want…
- A review of recent events/data impacting our investment themes and outlook
- The Precious metals and miners are potentially having blow-off moves
- Strategic Metals and Minerals get another boost from the Trump administration
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
