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

$4,500 Gold: Three Small-Mid Caps The Market Has Not Repriced

Centerra Gold Inc. (CG CN): Two Funded Mines Pay for a Four-Project North American Pipeline

Kinross Gold Corporation (TSX: K; NYSE: KGC): Record Margins Fund Buybacks and a Grade-Led Pipeline

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

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

Comparative Valuation & Gold Price Sensitivity Analysis of Four Gold Stocks

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

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 Earnings momentum intact: Consolidated net income rose 50% YoY to PHP2.57bn in 2Q26 on revenue of PHP6.52bn, up 30%, as realized gold at USD4,424/oz offset a 12% volume decline.</li>
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Grade headwind, throughput offset: Maco gold grade fell 26% YoY to 2.49 gpt in lean zones, while tonnes milled rose 20% to 277,284t; Tagbaros drain tunnel targets flooded higher-grade blocks.</li>
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Valuation at PHP14.96; FY26e P/E of 7.8x and EV/EBITDA of 5.5x on estimated EPS of PHP1.85; 1H26 net income of PHP5.39bn is 51% of the full-year estimate.</li>
</ul>



 Earnings momentum intact: Consolidated net income rose 50% YoY to PHP2.57bn in 2Q26 on revenue of PHP6.52bn, up 30%, as realized gold at USD4,424/oz offset a 12% volume decline.

Grade headwind, throughput offset: Maco gold grade fell 26% YoY to 2.49 gpt in lean zones, while tonnes milled rose 20% to 277,284t; Tagbaros drain tunnel targets flooded higher-grade blocks.

Valuation at PHP14.96; FY26e P/E of 7.8x and EV/EBITDA of 5.5x on estimated EPS of PHP1.85; 1H26 net income of PHP5.39bn is 51% of the full-year estimate.


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