《GrantSporreAnnaMulhollandPaulYoungRodrigoBarrosJorgeBeristainBRICSMININGCONFERENCE：CONFERENCEWRAP1115.ppt》由会员分享，可在线阅读，更多相关《GrantSporreAnnaMulhollandPaulYoungRodrigoBarrosJorgeBeristainBRICSMININGCONFERENCE：CONFERENCEWRAP1115.ppt（43页珍藏版）》请在三一文库上搜索。
1、Buy,Buy,Hold,Hold,Buy,Hold,Buy,Buy,Deutsche Bank Markets Research,Europe United Kingdom Metals volatility in the near term followed by more certainty as China resumes its role as a commodity sink (albeit at a lower consumption growth rate than it had previously sustained). There were nuanced differe
2、nces in the outcomes for each of the commodities. The miners are being much more selective in their choices for commodities than they were last year (where growth in any and every commodity was being examined). A number of the companies are either selling or ceasing to grow in certain commodities (e
3、g Rio - Energy and aluminium, BHP - aluminium, ARM Chrome, Cliffs thermal coal, Vale nickel) Squeezing the assets maximise margin not production The key theme from the conference was the increased focus of the companies on squeezing more margins from the existing asset base. This is planned to be ac
4、hieved through 1) Cost cutting re-looking at contractor use, maintenance schedules, equipment utilisation 2) Managing production moving from producing tonnes at any cost to trying to eke additional tonnes out at no additional cost. Revisiting capex There were no companies announcing cuts to existing
5、 projects, but all have trimmed the range of future projects significantly. On existing projects, the companies are looking at areas where capex can be cut or lowered where not already committed (re-tender now price pressures are lower progress projects at a slower rate). Most of the companies prese
6、nting explicitly stated their intention to maintain existing dividend policies.,Research Analyst (+44) 20 754-58339 Grant Sporre Research Analyst (+44) 20 754-58170 Anna Mulholland, CFA Research Analyst (+27) 11 775-7270 Paul Young Research Analyst (+61) 2 8258-2587 paul- Rodrigo Barros Research Ana
7、lyst (+55) 11 2113-5964 Jorge Beristain, CFA Research Analyst (+1) 203 863-2381 Companies Featured ARM (ARIJ.J),ZAR180.16 BHP Billiton Plc (BLT.L),GBP1,953.50 Boliden AB (BOL.ST),SEK113.30 Cliffs (CLF.N),USD35.90 Kazakhmys PLC (KAZ.L),GBP683.00 Aurubis (NAFG.DE),EUR49.26 Randgold (RRS.L),GBP6,930.00
8、 Rio Tinto (RIO.L),GBP3,089.50,Vale (VALE.N),USD17.70,Buy,_ Deutsche Bank AG/London All prices are those current at the end of the previous trading session unless otherwise indicated. Prices are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank
9、 and subject companies. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single f
10、actor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MICA(P) 072/04/2012.,14 November 2012 Metals as a result, the recommendations may differ and the price targets and estimates of each may vary widely. In August 2009, Deutsche Bank instituted
11、a new policy whereby analysts may choose not to set or maintain a target price of certain issuers under coverage with a Hold rating. In particular, this will typically occur for Hold rated stocks having a market cap smaller than most other companies in its sector or region. We believe that such poli
12、cy will allow us to make best use of our resources. Please visit our website at http:/ to determine the target price of any stock. The financial instruments discussed in this report may not be suitable for all investors and investors must make their own informed investment decisions. Stock transacti
13、ons can lead to losses as a result of price fluctuations and other factors. If a financial instrument is denominated in a currency other than an investors currency, a change in exchange rates may adversely affect the investment. Past performance is not necessarily indicative of future results. Deuts
14、che Bank may with respect to securities covered by this report, sell to or buy from customers on a principal basis, and consider this report in deciding to trade on a proprietary basis. Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in t
15、he investors home jurisdiction. In the U.S. this report is approved and/or distributed by Deutsche Bank Securities Inc., a member of the NYSE, the NASD, NFA and SIPC. In Germany this report is approved and/or communicated by Deutsche Bank AG Frankfurt authorized by the BaFin. In the United Kingdom t
16、his report is approved and/or communicated by Deutsche Bank AG London, a member of the London Stock Exchange and regulated by the Financial Services Authority for the conduct of investment business in the UK and authorized by the BaFin. This report is distributed in Hong Kong by Deutsche Bank AG, Ho
17、ng Kong Branch, in Korea by Deutsche Securities Korea Co. This report is distributed in Singapore by Deutsche Bank AG, Singapore Branch, and recipients in Singapore of this report are to contact Deutsche Bank AG, Singapore Branch in respect of any matters arising from, or in connection with, this re
18、port. Where this report is issued or promulgated in Singapore to a person who is not an accredited investor, expert investor or institutional investor (as defined in the applicable Singapore laws and regulations), Deutsche Bank AG, Singapore Branch accepts legal responsibility to such person for the
19、 contents of this report. In Japan this report is approved and/or distributed by Deutsche Securities Inc. The information contained in this report does not constitute the provision of investment advice. In Australia, retail clients should obtain a copy of a Product Disclosure Statement (PDS) relatin
20、g to any financial product referred to in this report and consider the PDS before making any decision about whether to acquire the product. Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch Register Number in South Africa: 1998/003298/10). Additional informatio
21、n relative to securities, other financial products or issuers discussed in this report is available upon request. This report may not be reproduced, distributed or published by any person for any purpose without Deutsche Banks prior written consent. Please cite source when quoting. Copyright 2012 Deutsche Bank AG,