Market Performance - The Stock Exchange of Thailand (SET) benchmark index increased by 1.2%, reaching a multi-month peak of 1,483.63 points, driven by investor confidence following recent election results indicating prolonged political stability under a new coalition government [2][9] - Major contributors to the market rally included Delta Electronics Thailand (DELTA) and True Corp (TRUE), with a total increase in investor wealth of 1.2 trillion baht over the past week [2][3] Sector Highlights - PTT Oil & Retail Business (OR) saw a rise of 2.9%, while Bumrungrad Hospital (BH) increased by 2.4%, reflecting positive market sentiment [3] - Infrastructure and energy firms such as Gulf Energy Development (GULF) and WHA Corp (WHA) attracted significant interest as the new government emphasized debt-relief and investment-led growth [3] International Developments - In India, the AI Impact Summit in Delhi continued despite Bill Gates canceling his keynote address, with the event featuring global leaders from companies like Alphabet Inc. (GOOGL) and OpenAI [4] - South American markets are closely watching political developments in Peru, where Jose Balcazar has been named interim president following the impeachment of President Jose Jeri, marking the ninth leader in a decade [5][9] Regional Market Trends - Broader Asia-Pacific markets exhibited mixed performance, with the Nikkei 225 facing challenges due to disappointing preliminary GDP data, while the ASX 200 found support from the mining sector, highlighted by a 28% increase in half-year net profit from BHP Group (BHP) [6]

Core Insights - The rapid increase in electricity consumption by global data centers driven by artificial intelligence, along with the transition to cleaner energy, is prompting mining giants to compete for key copper mining assets [1] - BHP, the world's largest copper mining company, reported its financial results for the first half of the fiscal year 2026 on February 17, revealing that copper has become the largest source of profit for the company, surpassing iron ore for the first time [1] - The company's basic profit exceeded expectations, primarily due to the rise in copper prices driven by AI-related demand [1]

麦格理在一份报告中称，必和必拓的上半财年业绩"是该公司发展过程中的一个重要里程碑"。该行称， 这家全球最大的矿商在进行数次收购后，为铜业务的增长规划了路径。这些更详细的计划是在另一次对 英美资源集团的收购要约失败三个月后出炉的。麦格理称："更长期的增长轨迹和融资途径是显而易见 的，同时通过更高的派息率也满足了收益型投资者的需求。"该行将必和必拓的目标价上调2%，至每股 52澳元。该行维持中性评级。该股下跌1.7%，报51.86澳元，此前受该矿商最新业绩更新提振，该股周 二曾上涨4.7%。 来源：滚动播报 ...

麦格理将必和必拓目标价上调2.0%至每股52澳元。 来源：滚动播报 ...

Market Analysis by covering: BHP Group Ltd, Teck Resources Ltd Class B, Wheaton Precious Metals Corp, Freeport-McMoran Copper & Gold Inc. Read 's Market Analysis on Investing.com ...

Market Overview - Stocks showed a mixed performance with the Dow Jones Industrial Average up by about 18 basis points, NASDAQ Composite increasing by approximately 0.33%, and S&P 500 rising by 0.3% [2][4] - The Russell 2000 index also climbed into positive territory, reflecting a broader market recovery [3] - The bond market remained stable, with the 30-year T-bond yield down to 4.69% and the 10-year yield around 4.06% [3] Sector Performance - Financials led the large-cap sectors, with notable gains from JP Morgan (up 1.5%), Goldman Sachs, and American Express [4][8] - The technology sector saw mixed results, with Nvidia up nearly 2% and Apple rebounding by 3.76%, while Tesla and other mega-cap tech stocks faced declines [5][6] - Defensive sectors like staples, energy, and materials experienced losses of over 1% [4] Investment Sentiment - Investor sentiment is characterized as cautious, with a significant sector rotation observed from software to hardware and safer areas like materials and energy [10][11] - Small and mid-cap stocks are expected to show greater earnings growth compared to large caps, driven by AI infrastructure and other growth areas [18] BHP Financial Results - BHP reported a 22% increase in first-half profit, with copper now accounting for over 50% of its core earnings, indicating a strategic pivot towards copper production [33][34] - The company plans to increase copper production guidance for this year and next, capitalizing on strong copper prices [36] - BHP's operational performance remains robust, with record production and shipment in iron ore alongside copper growth [36][45] Copper Market Dynamics - The demand for copper is expected to grow significantly, driven by energy transition and digitization, with projections of a 70% increase over the next 25 years [38] - Supply challenges are anticipated due to lower grades and the complexity of new projects, enhancing the demand-supply dynamics for copper [39] Gold and Byproducts - BHP's copper deposits also yield significant byproducts, including gold, which contributed around $2 billion to earnings in the last half [41] - The company is actively seeking to unlock additional value from its portfolio, including a recent $4.3 billion silver stream agreement [42] Iron Ore Negotiations - BHP is engaged in tough negotiations with China's state-owned iron ore buyer but has managed to maintain strong production and price realization [45]

PresentationOperator Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Wheaton Precious Metals Silver Stream Transaction Conference Call on Antamina. [Operator Instructions]. I would like to remind everyone that this conference call is being recorded on Tuesday, February 17, 2026, at 11:30 a.m. Eastern Time. I will now turn the conference over to Emma Murray, Vice President of Investor Relations. Please go ahead. ...

Core Viewpoint - BHP Group Limited reported mixed financial results, with earnings per share falling short of estimates while revenue exceeded expectations, driven primarily by strong copper performance [2][6]. Financial Performance - BHP's earnings per share (EPS) was $2.24, below the estimated $2.41 [2][6]. - The company generated revenue of $27.9 billion, surpassing the anticipated $27.34 billion [2][6]. - Underlying EBITDA was reported at $15.5 billion, slightly ahead of expectations [3]. - The underlying net profit after tax was $6.2 billion, which fell short of forecasts due to various factors [4]. Copper Focus - Copper contributed 51% of BHP's EBITDA with a 66% margin, highlighting its increasing significance to the company [2][4][6]. - The EBITDA from copper was $8 billion, exceeding that of iron ore, indicating a strategic shift towards copper [4]. Dividend and Cash Flow - BHP announced a dividend per share of 73 cents, exceeding RBC's estimate of 69 cents and the consensus figure of 63 cents [3][6]. - The dividend payout ratio was 60%, which was a positive surprise for investors [3]. Financial Metrics - BHP has a price-to-earnings (P/E) ratio of approximately 20.69 and a price-to-sales ratio of about 3.63 [5]. - The enterprise value to sales ratio is around 3.88, and the enterprise value to operating cash flow ratio is approximately 10.64 [5]. - The company's debt-to-equity ratio stands at approximately 0.51, indicating a moderate level of debt [5].

Summary of Wheaton Precious Metals Conference Call on Antamina Silver Stream Transaction Company and Industry - **Company**: Wheaton Precious Metals (NYSE: WPM) - **Industry**: Precious Metals Streaming and Mining Key Points and Arguments Acquisition Details - Wheaton Precious Metals announced the acquisition of an additional silver stream on the Antamina mine in Peru, partnering with BHP, for an upfront payment of **$4.3 billion** [3][4] - This transaction represents the largest precious metal stream ever executed, granting Wheaton **33.75%** of the silver produced until **100 million ounces** are delivered, after which it will receive **22.5%** for the mine's life [7][8] Production Guidance and Growth - Wheaton's updated production guidance indicates a **50% growth** by **2030**, targeting approximately **1.2 million gold equivalent ounces** annually [4][16] - Antamina is expected to contribute about **18%** of Wheaton's total production by **2030**, solidifying its position as the second-largest asset in Wheaton's portfolio [8][10] Market Context and Demand - The demand for silver is rising due to its critical industrial uses and safe haven qualities in the current economic environment, while sourcing quality silver production is becoming increasingly challenging [3][4] - The silver price has seen significant fluctuations, with the current market conditions influencing Wheaton's conservative pricing strategy for the acquisition [57][58] Financial Position and Funding - The upfront payment will be funded through a combination of existing liquidity, expected free cash flows, and a new **$1.5 billion** term loan, alongside a **$900 million** draw on Wheaton's existing credit facility [17][18] - Wheaton anticipates generating over **$10 billion** in operating cash flow through **2028** at current spot prices, allowing for a return to a net cash position within a year [18] Asset Quality and Longevity - Antamina is recognized as a long-life, low-cost operation, with a mine life extended to **2036** following recent approvals for expansion [11][12] - The mine has consistently outperformed expectations, delivering **17%** more silver than anticipated since Wheaton's first stream agreement in **2015** [14][54] Community and Sustainability Commitment - Wheaton emphasizes its commitment to supporting local communities, particularly through educational initiatives in the Ancash region of Peru, reflecting its values in responsible development [9] Exploration Potential - Antamina has a large exploration program, with ongoing drilling expected to upgrade inferred resources and define potential at depth, indicating a strong potential for extending the mine life beyond **2036** [11][33] Risk Management and Diversification - The acquisition is seen as a strategic move to diversify Wheaton's asset concentration, reducing reliance on its largest asset, Salobo [38] - Wheaton is actively exploring additional opportunities to further diversify its portfolio, including potential acquisitions from other joint venture partners [39][41] Conclusion - The transaction with BHP marks a significant step for Wheaton, enhancing its growth profile and reinforcing its position as a leader in the precious metal streaming sector [20][21]

来源：环球市场播报 必和必拓集团（BHP）周二早盘下跌0.8%，此前该公司公布，上半财年基本税息折旧摊销前利润 （EBITDA）增长25%，达到155亿美元。其中，铜业务贡献了EBITDA的51%。在价格上涨的背景下， 2026财年铜产量指引上调至190万至200万吨。 ...