Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 18 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. 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 Analyst

Copper: China Copper Concentrate Imports Show No Signs Of Letting Up

Grasberg Slips, Copper Rips: Sulfuric Acid Shortages and Diesel Costs Add Fuel

Ero Copper (ERO US): A 4.5x EV-EBITDA Pure Copper Play With Growth Is Rare

Copper Mine By Mine Supply Challenges For Everyone: Update As Copper Is Set to Break 12k USD/Ton

Antofagasta (ANTO LN) H1 2025: Outperforming The Pack

Copper: Fly Me To The Moon, Onwards To 13,000 USD/Ton

Stockpiling of Copper in the Comex: A One-Year Trade, Inventories Now at 25% of US Demand

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>Although Q1FY26 copper output fell 8% YoY, management maintained a 650–700kt FY26 guidance (flat to up 7.2% YoY), indicating H2FY26 weighted production.</li>
<li>The company is one of the fastest-growing, with production guidance of 30% to 900,000 tons by FY28, making it one of the better pure copper plays.</li>
<li>With an average copper price of 12,500 USD/ton, the company trades at 8.4x/7.7x EV-to-EBITDA for FY26/27e. Although we see short-term declines in copper, we are long-term constructive on the metal.</li>
</ul>


Although Q1FY26 copper output fell 8% YoY, management maintained a 650–700kt FY26 guidance (flat to up 7.2% YoY), indicating H2FY26 weighted production.
The company is one of the fastest-growing, with production guidance of 30% to 900,000 tons by FY28, making it one of the better pure copper plays.
With an average copper price of 12,500 USD/ton, the company trades at 8.4x/7.7x EV-to-EBITDA for FY26/27e. Although we see short-term declines in copper, we are long-term constructive on the metal.


Antofagasta (ANTO LN): Set Up For a Record H2 FY26