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

Iron Ore Monthly Derivatives Chartbook (July 2026)

Vale: Deepening Its China Advantage, Preparing for the Copper Boom

Iron Ore: China Steel Demand Stabilizes, Port Stocking Continues Unabated

Fortescue Metals (FMG AU): Strong H1, Pre-2030 Earnings Bump From Decarbonization + Iron Bridge

Iron Ore: Temporary Relief With The Correction in Diesel And Shipping Costs

Iron Ore Q3FY26 Operational Reports: Are The Miners Going To Find Diesel Supply/Price Challenging?

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>FY26 shipments of 201.3 Mt of iron ore set a record, breaking 200 Mt for the first time, with mining, processing, and rail all at full-year highs.</li>
<li>Growth is now port-gated at roughly 205 Mtpa, and FY27 C1 guidance of US$20.50 to US$21.75/wmt lifts the cost base by 13 percent.</li>
<li>At A$18.51, it implies a 9.5x FY26e P/E, 4.5x EV/EBITDA, and a 6.9 percent yield. With costs likely to increase, we see earnings lower for FY27.</li>
</ul>


FY26 shipments of 201.3 Mt of iron ore set a record, breaking 200 Mt for the first time, with mining, processing, and rail all at full-year highs.
Growth is now port-gated at roughly 205 Mtpa, and FY27 C1 guidance of US$20.50 to US$21.75/wmt lifts the cost base by 13 percent.
At A$18.51, it implies a 9.5x FY26e P/E, 4.5x EV/EBITDA, and a 6.9 percent yield. With costs likely to increase, we see earnings lower for FY27.


Fortescue Ltd (FMG AU): FY26 Record Shipments, Iron Bridge Impairment, and a Higher FY27 Cost Base