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

Fenix Resources (FEX AU): Still A Double At Least Despite >100% Rally

Champion Iron (CIA CN): Another Expansion Iron Ore Pure Play on High-Grade Ore

Champion Iron (CIA AU) Q2 2025: Too Many Execution Glitches

Fenix Resources (FEX AU) Q1 FY26 Report: Multibagger In The Making

Iron Ore At 106 USD/Ton: Simandou Uncertainties To Risk Supply, Fenix, The Beneficiary

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>We analyse <a href="https://www.smartkarma.com/entities/champion-iron-ltd" target="_blank" data-smartkarma-citation="entities:19734:1" rel="noopener">Champion Iron (CIA AU)</a> after improvements in its operations in Q2FY26. The company destocked 477k tons and is down to 1.7 million tons to further reduce the stockpile.</li>
<li>The company also saw an improvement in its realized iron ore price (to 128 CAD/ton or 19% YoY) as it reduced its contractual arrangements for material. </li>
<li>Despite the improvement in operational performance, which will drive profitability up 52% YoY, the stock trades at 11.7x FY26 PE and is fairly valued. We prefer <a href="https://www.smartkarma.com/entities/fenix-resources-ltd" target="_blank" data-smartkarma-citation="entities:7405:1" rel="noopener">Fenix Resources (FEX AU)</a> </li>
</ul>


We analyse Champion Iron (CIA AU) after improvements in its operations in Q2FY26. The company destocked 477k tons and is down to 1.7 million tons to further reduce the stockpile.
The company also saw an improvement in its realized iron ore price (to 128 CAD/ton or 19% YoY) as it reduced its contractual arrangements for material. 
Despite the improvement in operational performance, which will drive profitability up 52% YoY, the stock trades at 11.7x FY26 PE and is fairly valued. We prefer Fenix Resources (FEX AU) 


Champion Iron Ore (CIA AU): Fairly Valued Despite Operational Improvements