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

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<li>Press reports indicated that China could temporarily suspend purchases of BHP’s iron ore from Jimblebar, which could account for a mid-single digit percentage of revenue</li>
<li>The UK press reported Geraldine Slattery will likely be BHP’s new CEO, who currently heads BHP's Australian operations and has over three decades with the company</li>
<li>BHP is 4% above our DCF, its 2.8x P/B is not clearly excessive or attractive, and we see risks to iron ore, copper and coal prices from a broad slowdown</li>
</ul>


Press reports indicated that China could temporarily suspend purchases of BHP’s iron ore from Jimblebar, which could account for a mid-single digit percentage of revenue
The UK press reported Geraldine Slattery will likely be BHP’s new CEO, who currently heads BHP's Australian operations and has over three decades with the company
BHP is 4% above our DCF, its 2.8x P/B is not clearly excessive or attractive, and we see risks to iron ore, copper and coal prices from a broad slowdown


BHP: Press Reports of China Iron Ore Suspension, New CEO

BHP Group Ltd

BHP: Press Reports of China Iron Ore Suspension, New CEO