Henry Copley

Henry Copley joined Jefferies in February of 2023, following the completion of a Bachelor of Commerce degree majoring in Finance from the University of Queensland. While at University, Henry was often recognized on the Dean’s commendation list for Academic Excellence. At Jefferies, Henry has gained experience as an associate across the Paper & Packaging, Chemicals, Contractors, Building Materials, Steel and Gaming teams.

What We Are/I Am Known For: 

  • Henry Copley provides in-depth knowledge of the various segments from market-leading tenure of continuous coverage and in industry experience. He is known for carefully monitoring the Industrials market and tracking any moving parts globally that might have an effect on his coverage.

How We Are/I Am Different: 

  • Insightful market updates, which aids clients in decision making.
  • A strong industrials dataset and deep network of relationship providing unparalled insights.

Key Research Highlights: 

Chris LaFemina

What I Am Known For: 

  • Nearly three decades of unique global coverage of the mining and steel sectors, top II rankings in the US (#1) and Europe (#3), in depth analysis of supply and demand for key commodities (with a focus on copper, iron ore, and met coal), strong relationships with management teams, traders, investors and various other industry participants in all major regions, and sector-leading research on Freeport, Teck, Glencore, Anglo American, First Quantum, and Alcoa, among others.

How I Am Different: 

  • We do our own commodity supply and demand analysis, and our team covers major mining stocks in all regions rather than having coverage siloed by region.  Our global team is fully integrated, and our coverage is broad and deep. We publish a high volume of differentiated research, and we have a larger client base than almost all other analysts in the sector. 

3-5 Key Research Highlights: 

Kai Erman

Kai Erman joined Jefferies as an Associate in April 2022 in the Industrials team, supporting coverage of Building Materials, Steel and Gaming. Previously, Kai worked at EY for two years as a Management Consultant working on corporate strategy and operations. Kai completed a Bachelor of Commerce at the University of Sydney majoring in Finance and Economics.

 

What We Are/I Am Known For: 

  • Kai Erman provides in-depth knowledge of the various segments from market-leading tenure of continuous coverage and in industry experience. He is known for carefully monitoring the Gaming market and tracking any moving parts globally that might have an effect on his coverage.

How We Are/I Am Different: 

  • Star Entertainment Group (SGR AU, UNPF) https://jefferies-portal.bluematrix.com/report/1319766e-74fc-47ee-9141-932901671a86
    Short thesis on SGR given balance sheet analysis and expectations for capital shortfall.
  • PoinstBet Holdings (PBH AU, BUY) https://jefferies-portal.bluematrix.com/report/831f881b-0b67-4d31-b38b-906b6f9d8004
    Attractive growth opportunity turning free cash flow positive. 

3-5 Key Research Highlights: 

  • Star Entertainment Group: Balance Sheet Needs Relief (https://javatar.bluematrix.com/docs/html/1319766e-74fc-47ee-9141-932901671a86.html) 26 Sept 2024

Corporate & Strategic Access

  • Jefferies Hosts: Meetings & Both Tours at the Global Gaming Expo (G2E) in Las Vegas
  • Expert Calls (such as Jef U Expert Call: The Legal Side of Trade Secrets in Slots)

Wei Sim

Jennifer Xu

Wei Sim (Wei) joined Jefferies in May of 2023, following two years as a senior analyst covering technology at Macquarie. He began his equity research career in 2006, and has covered transport, infrastructure, materials, utilities, autos and technology sectors. His experience includes fifteen years in Hong Kong and covering HK/China auto stocks, where he was the regional team leader for HSBC’s auto research effort. Wei has been ranked in Asia Money and Peter Lee for his work on materials, autos, and tech coverage. Wei holds is a SASB FSA credential holder and received a BA in Finance and Actuarial Studies from the University of New South Wales.

Jennifer Xu joined Jefferies in March 2024. Jennifer previously worked at CSLA as an Accountant and prior to that at Maoneng Australia. Jennifer has a Bachelor of Business Administration (Accounting) from Macau University of Science and Technology and a Master of Professional Accounting (MPA) from The University of Sydney.

Small & Midcap

What We Are Known For

  • Generating Alpha
  • Discovering uncovered or misunderstood companies

How We Are Different

Key Research Highlights

TMT

How We Are Different

Key Research Highlights

Corporate & Strategic Access

Tour: US RSNA (Healhtcare)/Tech tour (Dec 2024)

Stephen Blagg

Stephen Blagg has been publishing a unique brand of data driven ESG research for over 9 years. He ranked No.1 ESG Equity Strategist in Australia in the recent Asiamoney poll and has consistently recently ranked top 3 ESG Equity Research Analyst in the Peter Lee polls.

What I am Known For

  • Identifying key global ESG themes
  • Developing new alternative ESG datasets
  • Developing systems and methodologies for the analysis of company-specific ESG factors

How I am Different

  • We deliver sector-best key picks with a scaled-back ESG scoring mechanism
  • We discard the less-meaningful information and data and focus on the big-ticket ESG issues.
  • We collaborate: ESG data intertwined with fundamental sector analysts’ perspectives,
  • We are unique in delivering this data driven ESG Research product as well as completing bespoke client requests.

Key Research Highlights

Simon Fitzgerald

Simon Fitzgerald has over 26 years of experience in Australian equities, with more than 13 years experience as a sell side analyst. Having worked in buy side roles as well, Simon’s approach is in context of portfolio construction regarding recommendations.

What I am Known For

  • Deep understanding of Diversified Financials and the Insurance sector, both domestically and internationally.
  • Strong industry contacts.
  • Focus on robust modelling and valuation techniques with a focus on longer-term drivers and industry trends.
  • A focus on upcoming catalysts, estimating upside/downside of an event

How I am Different

  • We are the only major broker to initiate coverage on Generation Development Group (GDG.AU). Buy rating at initiation.
  • In depth analysis of Australian insurers that is bolstered by Jefferies’ global research Insurance offering, providing insights into offshore reinsurance and primary markets. This is particularly important for QBE.AU coverage.
  • Platforms: Coverage of AMP, NWL and HUB allows for strong analysis of the wealth platform industry. This is aided by expert calls and engagement with the company.

Key Research Highlights

Corporate & Strategic Access

  • Expert Call: Call with Recep Peker, the CEO of SuitabilityHub. SuitabilityHub compares wealth platforms on over 500 metrics to assist advisers. (June 2024).
  • Expert Call: Call with James Callan of James Callan Associates to address topical areas surrounding agriculture, crop protection, federal crop insurance, the environment, and interactions with the U.S. Department of Agriculture (USDA). May 2024.

Roger Samuel

Lucy Krimmer

Roger Samuel joined Jefferies in July 2019 covering telecom, media, technology as well as small/mid-cap industrials. Prior to this, Roger was at CLSA, Nomura and Goldman Sachs covering TMT, small caps and healthcare sectors for 12 years. Roger is highly ranked by institutional investors and he was awarded the best stock picker by StarMine in 2017 and 2018 in telecom & IT services, and online media services. Roger is a CFA charterholder and previously a committee member of CFA Society of Sydney where he was responsible for candidate services and technology. Roger received a scholarship and graduated from the University of Melbourne.

What We Are/I Am Known For: 

  • Industry contacts and sector knowledge
  • A focus on data tracking, earnings drivers, and momentum
  • Corporate access, Management insights

How We Are/I Am Different: 

3-5 Key Research Highlights: 

Corporate & Strategic Access

  • Jefferies Global Software Conference Newport Beach (May 2024)
  • Sydney Digital Infrastructure Tour (June 2024)
  • Brisbane Geek Tour (November 2024)
  • Melbourne Telco and Online Marketplace Tour (November 2024)

Michael Simotas

Naveed Fazal Bawa

Michael leads Consumer Equity Research with coverage of Retail, Food & Beverage and Petroleum Refiner/ Marketer stocks. Prior to this, he spent >12 years as an Equity Analyst at a bulge bracket investment bank, initially covering Healthcare and later covering Consumer where he was highly rated by institutional clients.

Consumer Discretionary

What I am Known For

  • More than 12 years experience covering discretionary retail and practical experience in the retail industry.
  • Consistent top 3 ratings across key institutional surveys
  • A solid track record of identifying turning points in the overall industry and individual companies.
  • Deep and broad network of industry contacts across the value chain.
  • A track record of successful counter-consensus stock recommendations based on detailed analysis and channel checks.

How I am Different

  • DMP: Counter-consensus underperform rating premised on 1) needing to cycle the COVID benefit; 2) investment required in Australia ; and 3) inflationary impost.
  • FLT: Identified the balance sheet issue early – c. 2 months before an emergency, highly dilutive equity issuance when much of the market was comfortable and the share price was high. Had a strong negative view that despite the demand recovery, profitability would remain poor due to commission pressure, cost growth and adverse mix.
  • Household savings analysis: Our analysis of national accounts data highlighted large household savings balances, supporting continued consumption.

Key Research Highlights

Corporate & Strategic Access

  • Miami Consumer Conference (Nov 2023)
  • Asia Forum – Hong Kong (March 2024)
  • Numerous expert calls, meetings & site visits (retailers, suppliers, landlords)

Consumer Staples

What I am Known For

  • >12 years experience covering Australian Consumer Staples
  • Consistent top 3 ratings across key institutional surveys.
  • Solid track record of identifying turning points in the overall industry and individual companies.
  • Deep and broad network of industry contacts and proprietary data across the value chain.

How I am Different

  • Supermarkets: Proprietary 12 year time series of supermarket pricing which has a consistent track record of identifying turning points in inflation and pricing relativities.
  • EDV: Only major broker to initiate coverage on the date of demerger and we maintained a non-consensus Buy rating at the time.
  • TWE: Our discussions with a network of industry contacts, analysis of export data and peer comparable analysis highlighted the business’ early success in reallocating wine from China, as well as the improving execution in the US.

Key Research Highlights

Corporate & Strategic Access

  • Miami Consumer Conference (November 2023)
  • Asia Forum – Hong Kong (March 2024)
  • Numerous expert calls, meetings & site visits (wine distributors, wine competitors, supermarket operators, pub & gaming operators)

Oil & Gas

What I am Known For

  • Deep understanding of the Refining/Marketing industry and have covered Viva Energy since the IPO.
  • A decade of experience covering retail, including the refiner/marketers’ retail partners which has facilitated stress testing of their retail strategies.
  • Deep network of industry contacts.
  • Regular, detailed analysis of publicly-available refining and retail margin drivers.

How I am Different

  • Refiner Marketer Weekly – Real-time analysis of high frequency refining and retail margins (including for New Zealand) as well as industry volumes data.
  • Minimum stockholding obligation (MSO) analysis – The first team to recognize and quantify the benefit from the competitive advantage provided
  • ALD & VEA: Despite recent weakness in regional refining margins, we like ALD & VEA given strong performance in the higher multiple marketing business with the industry remaining highly rational and benefiting from strong retail margins. In refining, we remain positive on the long-term outlook, given the global supply shortfall.

Key Research Highlights

Corporate & Strategic Access

  • Asia Forum (March 2024)
  • Numerous expert calls

Mitch Ryan

Daniel Roden

Mitch Ryan joined Jefferies in October 2020, following six years as a buy-side senior analyst covering the ex-100 ASX universe. Prior to this Mitch was a Metals & Mining analyst at Macquarie from 2009-2014 with a primary focus on precious metals stocks. His experience includes four years as an ECM analyst at Bell Potter. Mitch is currently studying a Masters of Mining Engineering at UNSW. He has qualified as a Chartered Accountant and received a dual Bachelor of Science (Biomedical) & Commerce from the University of Queensland.

Dan Roden joined Jefferies in March 2021 as a Mining and Metals Equity Research Associate. Previously, Dan worked at BHP Iron Ore in the Pilbara for four years in the Short-Term Scheduling and Drill and Blast space, and also has experience in metallurgical coal and underground copper. Dan has a duel degree in Mining Engineering and Commerce.

What We Are Known For

  • Deep understanding of the ASX listed Metals & Mining Sector
  • Sector knowledge on relative outloooks
  • A focus on upcoming catalysts, estimating upside/downside of an event

How Are We Different

  • MIN (Underperform) https://jefferies-portal.bluematrix.com/report/3e940bad-3304-4606-b66e-8f788d9ad46e
  • Paladin Energy (Buy): FY24 – Fission Impossible? (https://jefferies-portal.bluematrix.com/report/32dcc06a-cf2f-4a25-900a-d031b84ca71a)

Key Research Highlights

  • Evolution: Detailed Site Visit Wrap (https://jefferies-portal.bluematrix.com/report/572da035-9ed2-4a81-800b-9b650ff0064b) 23 June 2024
  • Sandfire: Detailed Site Visit Wrap (https://jefferies-portal.bluematrix.com/report/c6e5959f-dc5f-4634-8d1f-a97ce1e71919) 26 May 2024
  • Northern Star: Gold price upside (https://javatar.bluematrix.com/docs/html/714e335e-bcc1-4fcf-9f11-84928ee70c21.html) 22 Aug 2024

Corporate & Strategic Access

  • Tour – Japan, South Korea & China – EV Supply Chain
  • Corporate Access – Capstone Copper Australian NDR

John Campbell

Thomas Mortlock-Chapman

John Campbell joined Jefferies in July of 2020, following 10 years as Managing Director and Portfolio Manager, Avoca Investment Management, an Australian small / mid-cap investment manager. Prior to that, he was a Managing Director and Portfolio Manager at UBS Global Asset Management for 8 years covering Australian small caps. He began his equity research career in 1988 at Maple-Brown Abbott, and has covered basic industries, transport, healthcare, utilities and small caps. John received a BComm (Finance) and LLB from University of Queensland and an MBA from University of Melbourne.

Tom Chapman joined Jefferies as an Associate in December 2022 in the Small Caps team. Prior to joining Jefferies, he worked part-time at CCZ Equities as an associate and covering analyst where he began his equity research career in February 2021. Alongside his position at CCZ Equities, Tom completed his Bachelor of Commerce degree at The University of Sydney, majoring in Finance and International Business.

Consumer Discretionary

What I am Known For

  • Broad coverage of Australian Small Cap Industrials across multiple GICS sectors
  • Long term focus on Porter’s 5 forces
  • Deep industry knowledge and non-consensus sources

How I am Different

  • Having spent the last ~35 years looking at Australian small-cap equities from both the buy-side and sell-side perspective, he has an entrenched understanding of the space, what different style investors are looking for, and what drives each stock. With global rates seemingly peaking, the setting — though still challenging domestically — looks better for equities and better for Aust SMIDs in particular which have underperformed for multi-years.

Key Research Highlights

Industrials

What I am Known For

  • Broad coverage of Australian Small Cap Industrials across multiple GICS sectors
  • Long term focus on Porter’s 5 forces
  • Deep industry knowledge and non-consensus sources

How I am Different

  • Having spent the last ~35 years looking at Australian small-cap equities from both the buy-side and sell-side perspective, he has an entrenched understanding of the space, what different style investors are looking for, and what drives each stock. With global rates seemingly peaking, the setting — though still challenging domestically — looks better for equities and better for Aust SMIDs in particular which have underperformed for multi-years.

Key Research Highlights

Small & Midcap

What I am Known For

  • Broad coverage of Australian Small Cap Industrials across multiple GICS sectors
  • Long term focus on Porter’s 5 forces
  • Deep industry knowledge and non-consensus sources

How I am Different

  • Having spent the last ~35 years looking at Australian small-cap equities from both the buy-side and sell-side perspective, he has an entrenched understanding of the space, what different style investors are looking for, and what drives each stock. With global rates seemingly peaking, the setting — though still challenging domestically — looks better for equities and better for Aust SMIDs in particular which have underperformed for multi-years.

Key Research Highlights

Corporate & Strategic Access

  • Chrysos Corp (C79 AU) Group Call; Major Drilling Group International Inc (MDI) Group Call

TMT

・Catapult Group: Valuation U/G – Maintain BUY 24 Jul 2024

・oOh media: Outdoor Resilience — Upgrade to BUY 1 Aug 2024
・Johns Lyng: Have You Ever Seen The Rain? D/g PT; U/g to BUY 27 Aug 2024