Bayon Financial

Graeme Cunningham

Mr. Cunningham is a CFA Charterholder with over 15 years of experience as an equity research analyst, mostly on the sell side at investment banks, including Goldman and Jefferies, and with some time on the buy side. He has covered the consumer, telecoms, financials, energy and mining sectors, with a focus mainly on Southeast Asia, including Thailand and Vietnam.

Independent Insight Provider

Bayon Financial provides industry and company analysis focusing on mid and small cap equity research coverage across a range of sectors including mining, financials and telecoms.

Equity Bottom-Up

<ul>
<li>BHP's H2/25 results were strong but inline, boosted mainly by the copper segment, including precious metals byproducts, with light iron ore growth and a coal contraction </li>
<li>However, we are not convinced the copper rally can continue, with the price range bound and volatile for two months, while the iron price has already started to turn over  </li>
<li>We are skeptical of major earnings and target upgrades for many megacap miners recently, while our BHP valuation, -26% below the price, remains roughly unchanged</li>
</ul>


BHP's H2/25 results were strong but inline, boosted mainly by the copper segment, including precious metals byproducts, with light iron ore growth and a coal contraction 
However, we are not convinced the copper rally can continue, with the price range bound and volatile for two months, while the iron price has already started to turn over  
We are skeptical of major earnings and target upgrades for many megacap miners recently, while our BHP valuation, -26% below the price, remains roughly unchanged


BHP: Copper Rules Results But Still Risks To Rally

BHP Group Ltd

BHP: Copper Rules Results But Still Risks To Rally