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

$4,500 Gold: Three Small-Mid Caps The Market Has Not Repriced

Centerra Gold Inc. (CG CN): Two Funded Mines Pay for a Four-Project North American Pipeline

Kinross Gold Corporation (TSX: K; NYSE: KGC): Record Margins Fund Buybacks and a Grade-Led Pipeline

OceanaGold Philippines, Inc. (OGP PM): Another Cheap Play On Gold Price

OceanaGold Philippines (OGP PM) Q1FY26: Net Cash And Trading At A ~11% Yield On 4,500 USD/Oz Gold

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

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

OceanaGold Philippines / Equity Bottom-Up

<ul>
<li>Earnings still carried by price. Q2 FY26 revenue of $126.9M rose 32% YoY, and net income rose 124% to $32.7M, on realized gold of $4,319/oz.</li>
<li>Costs broke higher. AISC of $1,589/oz is a two-year peak; free cash flow turned negative at $17.8M on working capital deterioration, and cash fell to $62.3M.</li>
<li>Valuation is still cheap. At PHP 34.80, OGP trades on 9.9x FY26e P/E, 4.9x EV/EBITDA, and a 10.1% yield, assuming $4,000/oz gold.</li>
</ul>


Earnings still carried by price. Q2 FY26 revenue of $126.9M rose 32% YoY, and net income rose 124% to $32.7M, on realized gold of $4,319/oz.
Costs broke higher. AISC of $1,589/oz is a two-year peak; free cash flow turned negative at $17.8M on working capital deterioration, and cash fell to $62.3M.
Valuation is still cheap. At PHP 34.80, OGP trades on 9.9x FY26e P/E, 4.9x EV/EBITDA, and a 10.1% yield, assuming $4,000/oz gold.


OceanaGold (OGP PM), Inc. Q2 FY2026 : Strong Results and Weak Dividend Declaration