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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Copper Price Correction: Four Stocks To Look At

Copper: Commodities Ex-Energy Taking A Hammering,1.2 Million Ton Inventory Unwind In The Short-Term

Copper: Comex Spread Unwind On Trump Tariff Implosion

Copper Great Long-Term, But Short-Term Retrace To 12k USD/Ton Or Lower

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

<ul>
<li>FY25 delivered record revenue of US$13.4B (+17% YoY), EBITDA of US$7.87B at a 58% margin, and net income of US$4.34B (+28% YoY), driven by average LME copper of US$4.51/lb (+9%).</li>
<li>SCCO holds 51.1mmt in copper reserves — the largest of any listed company and a US$20.5B organic growth program targeting 1.6mt of copper output by 2035 (+68% vs 2025A).</li>
<li>In our base case, the stock trades at 13.8x EV-EBITDA, and any further correction presents an opportunity to explore as an investment. </li>
</ul>


FY25 delivered record revenue of US$13.4B (+17% YoY), EBITDA of US$7.87B at a 58% margin, and net income of US$4.34B (+28% YoY), driven by average LME copper of US$4.51/lb (+9%).
SCCO holds 51.1mmt in copper reserves — the largest of any listed company and a US$20.5B organic growth program targeting 1.6mt of copper output by 2035 (+68% vs 2025A).
In our base case, the stock trades at 13.8x EV-EBITDA, and any further correction presents an opportunity to explore as an investment. 


Southern Copper Correction Provides An Opportunity