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.

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

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<li>Nickel Asia is market leader for Philippines nickel ore and will remain a top player with decades of reserves leaving it well-positioned for the country’s move up the value chain  </li>
<li>However, short-term its share price has slumped on continued weakness in nickel, from a global oversupply and weakening demand, but also its removal from the PSEi </li>
<li>While the 2025E P/B at 0.85x on a 6.4% ROE is likely near cyclical lows and the valuation is inexpensive for such a major player, there are few immediate catalysts </li>
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Nickel Asia is market leader for Philippines nickel ore and will remain a top player with decades of reserves leaving it well-positioned for the country’s move up the value chain  
However, short-term its share price has slumped on continued weakness in nickel, from a global oversupply and weakening demand, but also its removal from the PSEi 
While the 2025E P/B at 0.85x on a 6.4% ROE is likely near cyclical lows and the valuation is inexpensive for such a major player, there are few immediate catalysts 


Nickel Asia: Valuation Low On Cyclical Slump But Limited Catalysts