Analyst Note
| Jon Mills |Commodity prices generally rose over the fourth quarter of 2022 as widespread protests forced China to abandon its zero-COVID-19 policy and reopen. Expectations of increased demand for commodities arising from further stimulus and government financial support for China’s property sector more than offset headwinds as central banks kept raising interest rates to dampen inflation. After updating our commodity price assumptions, we think gold miner Newcrest remains the equal cheapest on our coverage list, trading at a 27% discount to our unchanged AUD 31 per share fair value estimate.