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

Gold At 4,000 USD/Oz: Valuation Update Of Our Six Top Picks

Newmont Mining (NEM US): Q2 FY26 Results, Record Second Quarter FCF Despite Softer Gold Price

APEX MINING CO., INC. (APX PM) Q2FY26: 50% Earnings Growth 7.8x PE With A 6.4% Yield

Apex Mining (APX PM): Cheap Play On Gold, With Massive Growth Angle

Comparative Valuation & Gold Price Sensitivity Analysis of Four Gold Stocks

OceanaGold Philippines, Inc. (OGP PM): Another Cheap Play On Gold Price

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>
Revenue and Profit Growth: Consolidated net income rose 94% YoY to PHP2.82bn in 1Q26 on a 41% revenue surge to PHP6.32bn, driven by gold realized price up 66% to USD4,909/oz.</li>
<li>
Grade Decline and Mitigation:  Maco gold grade fell 23% YoY to 2.43 gpt through lean zones; The construction of Tagbaros Drain and Ventilation Tunnel will unlock deeper, higher-grade ore blocks.</li>
<li>At the current price of PHP16.9/share, FY26e P/E is 8.7x, and EV/EBITDA is 6.2x at USD4,500/oz gold, implying undemanding multiples.</li>
</ul>



Revenue and Profit Growth: Consolidated net income rose 94% YoY to PHP2.82bn in 1Q26 on a 41% revenue surge to PHP6.32bn, driven by gold realized price up 66% to USD4,909/oz.

Grade Decline and Mitigation:  Maco gold grade fell 23% YoY to 2.43 gpt through lean zones; The construction of Tagbaros Drain and Ventilation Tunnel will unlock deeper, higher-grade ore blocks.
At the current price of PHP16.9/share, FY26e P/E is 8.7x, and EV/EBITDA is 6.2x at USD4,500/oz gold, implying undemanding multiples.


Apex Mining (APX PM): Solid Q1FY26 On Gold Price, Despite Grade Declines