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.

Kazatomprom: Largest Global Producer Well Positioned for Uranium Rebound

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

<ul>
<li>Operations remain strong with volume rising and revenue up on the continued rise in uranium prices in Q3/25, although the metal has cooled in Q4/25 </li>
<li>Domestic macro remains a drag on the valuation, with the NBK hiking its base rate 1.5% in October 2025 to combat rising inflation, boosting our discount rate significantly   </li>
<li>After over a 40% rise since June 2025 our valuation is now about -20% below the current price, although the P/B still looks low, especially versus Cameco's surging multiple</li>
</ul>


Operations remain strong with volume rising and revenue up on the continued rise in uranium prices in Q3/25, although the metal has cooled in Q4/25 
Domestic macro remains a drag on the valuation, with the NBK hiking its base rate 1.5% in October 2025 to combat rising inflation, boosting our discount rate significantly   
After over a 40% rise since June 2025 our valuation is now about -20% below the current price, although the P/B still looks low, especially versus Cameco's surging multiple


Kazatomprom: Major Rate Hike Hits Valuation of Uranium Market Leader

NAC Kazatomprom JSC

Kazatomprom: Major Rate Hike Hits Valuation of Uranium Market Leader