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5 July 2017
Global
Equity Research
Strategy
Global Equity Strategy
Research Analysts
STRATEGY
Andrew Garthwaite
44 20 7883 6477
andrew.garthwaite@ Upgrade mining, benchmark oil
Marina Pronina
44 20 7883 6476 Mining upgrade to overweight: We see some upside to the oil price, and
nina@ mining stocks tend to be more correlated with oil than IOCs; mining has
Robert Griffiths abnormally lagged the performance of GEM equities; the best lead indicators
44 20 7883 8885
robert.griffiths@ of industrial commodity prices (China PMI and global IP) now imply modest
Nicolas Wylenzek upside; valuations look attractive on P/B and P/E relatives and Rio Tinto has a
44 20 7883 6480 6.6% FCF yield even on a $40/t iron ore price, a level which would put 25% of
nicolas.wylenzek@ production below cash cost; we don’t see a slowdown in Chinese infrastructure
Alex Hymers
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