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.

South32: Value Beyond the Middle East Conflict Aluminum Premium

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>South32's Q1/26 operational results declined overall yoy, inline with guidance, with output down for all metals except for manganese</li>
<li>A turn around continues, with segments that were non-core or facing major operating issues sold off, while the prices of its major metals have rebounded this year</li>
<li>The P/B has hovered just above 1.0x for years on low returns from the restructuring and global health crisis, leaving room for expansion on an expected rebound in ROE </li>
</ul>


South32's Q1/26 operational results declined overall yoy, inline with guidance, with output down for all metals except for manganese
A turn around continues, with segments that were non-core or facing major operating issues sold off, while the prices of its major metals have rebounded this year
The P/B has hovered just above 1.0x for years on low returns from the restructuring and global health crisis, leaving room for expansion on an expected rebound in ROE 


South32: Q1/26 Output Down But Range of Pressures Priced In

South32 Ltd

South32: Q1/26 Output Down But Range of Pressures Priced In