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.

Rio Tinto (RIO AU) Vs BHP (BHP AU): Pair Trade Opens Between Mining Leaders

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (13 Jul 2026)

Kotak Mahindra Bank (KMB IN) Vs Bajaj Finance (BAF IN): Pair Trade with a Valuation Edge

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>Production growth in Q2/26 showed some weakness yoy compared to a strong Q1/26, with the aluminum segments mixed, iron ore edging down and copper declining significantly </li>
<li>However, the decline was largely expected by management, and mostly came from temporary technical issues, with output for all divisions roughly inline with guidance</li>
<li>We see less risk from production shortfalls than further declines in iron ore and copper prices, and our valuation is well under consensus and -22% below the market price </li>
</ul>


Production growth in Q2/26 showed some weakness yoy compared to a strong Q1/26, with the aluminum segments mixed, iron ore edging down and copper declining significantly 
However, the decline was largely expected by management, and mostly came from temporary technical issues, with output for all divisions roughly inline with guidance
We see less risk from production shortfalls than further declines in iron ore and copper prices, and our valuation is well under consensus and -22% below the market price 


Rio Tinto: Q2/26 Production Drop As Expected; Looming Metal Price Risks

Rio Tinto Ltd

Rio Tinto: Q2/26 Production Drop As Expected; Looming Metal Price Risks