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.

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>Vale Indonesia's Q1/25 net profit beat estimates only on non-core items, with a reversal to a gain from Q1/24 on the fair value recognition of a derivative asset </li>
<li>Core earnings declined yoy on an unexpected maintenance shutdown-driven decline in volume and nickel price drop which offset a decline in costs</li>
<li>Trading at a P/B of 0.5x and with peers also well below 1.0x, much of the industry's current distress has been priced in, but immediate catalysts are few </li>
</ul>


Vale Indonesia's Q1/25 net profit beat estimates only on non-core items, with a reversal to a gain from Q1/24 on the fair value recognition of a derivative asset 
Core earnings declined yoy on an unexpected maintenance shutdown-driven decline in volume and nickel price drop which offset a decline in costs
Trading at a P/B of 0.5x and with peers also well below 1.0x, much of the industry's current distress has been priced in, but immediate catalysts are few 


Vale Indonesia: Still Battling Nickel Price Decline in Q1/25

Vale Indonesia Tbk

Vale Indonesia: Still Battling Nickel Price Decline in Q1/25