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

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

Barrick Gold (B US): An Option For Investors Looking At Diversified Asset, Large-Cap Gold Exposure

Newmont Mining (NEM US): The World's Premier Gold Miner At ~10% FCF Yield

CNMC Goldmine (SGX:5TP): A Perfect Storm of Rising Gold Prices, Expanding Capacity & Surging Profits

Beyond the Beat: CNMC FY2025 Results Signal a Structurally Higher Earnings Base Heading into FY26

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

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 Four names across ASX, PSE, and SGX initiate our gold mining coverage. The universe will expand as models/management meetings are completed across additional ASEAN and Australian producers.</li>
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 Earnings leverage is non-linear: fixed-cost names gain the most between $4,000 and $5,000/oz. Above $4,500/oz, three modelled companies achieve EBITDA margins above 60%. </li>
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Cheapest Stock: Apex Mining (PSE: APX). 6.2x P/E and 3.8x EV/EBITDA at $5,000/oz/Highest Growth Potential: Capricorn Metals (ASX: CMM): Funded pathway to 300,000 oz/pa via the KGP expansion (underway)</li>
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 Four names across ASX, PSE, and SGX initiate our gold mining coverage. The universe will expand as models/management meetings are completed across additional ASEAN and Australian producers.

 Earnings leverage is non-linear: fixed-cost names gain the most between $4,000 and $5,000/oz. Above $4,500/oz, three modelled companies achieve EBITDA margins above 60%. 

Cheapest Stock: Apex Mining (PSE: APX). 6.2x P/E and 3.8x EV/EBITDA at $5,000/oz/Highest Growth Potential: Capricorn Metals (ASX: CMM): Funded pathway to 300,000 oz/pa via the KGP expansion (underway)


Comparative Valuation & Gold Price Sensitivity Analysis of Four Gold Stocks