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

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Comparative Valuation & Gold Price Sensitivity Analysis of Four Gold Stocks

Apex Mining (APX PM): Cheap Play On Gold, With Massive Growth Angle

CNMC Goldmine Holdings Ltd. (CNMC SP): Cash Rich Gold Play In Singapore

CNMC Goldmine (SGX:5TP): A Perfect Storm of Rising Gold Prices, Expanding Capacity & Surging Profits

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>FY2025 revenue of US$438.8m (+27.9% YoY); EBITDA of US$161.9m (+41.3%); net income of US$76.5m (+152%), driven primarily by gold prices averaging US$3,481/oz in 2H25 (vs Current Spot 5,300 USD/oz)</li>
<li>At a gold price of 5000 USD/oz, the stock trades at 7.6x FY26e PE with a 13% dividend yield. Even at 3,400 USD/oz, the stock yields 7.2%. </li>
<li>Key risks lie in local or government disputes that could disrupt operations, or in the Liggayu Vs Gonzales case, which, if resolved adversely, could result in equity dilution. </li>
</ul>


FY2025 revenue of US$438.8m (+27.9% YoY); EBITDA of US$161.9m (+41.3%); net income of US$76.5m (+152%), driven primarily by gold prices averaging US$3,481/oz in 2H25 (vs Current Spot 5,300 USD/oz)
At a gold price of 5000 USD/oz, the stock trades at 7.6x FY26e PE with a 13% dividend yield. Even at 3,400 USD/oz, the stock yields 7.2%. 
Key risks lie in local or government disputes that could disrupt operations, or in the Liggayu Vs Gonzales case, which, if resolved adversely, could result in equity dilution. 


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