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): Base-Case NPV 1.1 Bn AUD Vs Current Mkt Cap 300 Mn AUD, Bull at 3 Bn AUD

Iron Ore Price Below 100 USD/Ton: Subdued By High Port Inventories And Tepid China Data

Iron Ore: Stockpiling In Chinese Ports Continues, Over 45 Days Of Inventory Just At The Ports

Fenix Resources (FEX AU): Scoping Study Findings/Record December Quarterly/34% OCF Yield

Fenix Resources (FEX AU) Q2FY26 Concall: Record Production Quarterly, 49% OCF Yield Annualized

Iron Ore Hanging In 105 USD/Ton: Decent Cash Flows For Miners, China Steel Production a Worry

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>Iron ore prices decline 4.6% WoW, led by a weak outlook in steel, as lower-than-expected steel production continues to plague China (Dec production averaging 816 mnt annualized Vs 950 mnt). </li>
<li>Massive restock at ports continues, with over 160 million tons (45 days of consumption vs. historic average of 30 days). Inventory with mills is above average at over 25 days. </li>
<li>We only like <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> in the iron ore space (read: <a href="https://www.smartkarma.com/insights/fenix-resources-fex-au-q2fy26-concall-record-production-quarterly-49-ocf-yield-annualized" target="_blank" data-smartkarma-citation="insights:218256" rel="noopener">Fenix Resources (FEX AU) Q2FY26 Concall: Record Production Quarterly, 49% OCF Yield Annualized</a> ).</li>
</ul>


Iron ore prices decline 4.6% WoW, led by a weak outlook in steel, as lower-than-expected steel production continues to plague China (Dec production averaging 816 mnt annualized Vs 950 mnt). 
Massive restock at ports continues, with over 160 million tons (45 days of consumption vs. historic average of 30 days). Inventory with mills is above average at over 25 days. 
We only like Fenix Resources (FEX AU) in the iron ore space (read: Fenix Resources (FEX AU) Q2FY26 Concall: Record Production Quarterly, 49% OCF Yield Annualized ).


Iron Ore: Hanging By A Thread At 100 USD/Ton, When Will Massive Restock At Ports Reverse?