Nickel Asia Corporation is one of the world’s top suppliers of lateritic nickel ore. Profitable Growth has been falling with nickel prices since 2014. As nickel prices have recovered in 2016, up 25% YTD, it’s now up to CEO Gerard Brimo to show that he can improve the company’s rank. Learn more at: http://becomeabetterinvestor.net/blog/financial-recovery-is-possible-after-nickel-price-rebound/

1. Presented by: Dr. Andrew Stotz, CFA
Nickel Asia
Corporation

2. 222 September 2016
 NIKL’s business is the mining of lateritic nickel ore, a key component in the manufacture
of stainless steel, which accounts for around two-third’s of the ore’s use. Stainless steel uses
nickel’s heat-resistant and anti-corrosive properties
 The company divides the sold nickel ore into saprolite, which has an iron content of less
than 20%, and limonite which as an iron content of 20% or more. Limonite accounted for
64% of the sold volume in 2015 but only 37% of revenue
 In addition to the company’s four existing mines in the Philippines, it has eight
exploratory sites. These sites include four gold and copper mines, as NIKL seeks to diversify
sources of revenue. In the end of 2015 the company acquired a fifth nickel site which is
under development to improve the mine’s production standards
 The company has also ventured into renewable energy and power generation through its
66%-owned subsidiary Emerging Power Inc. which focuses on solar, wind and geothermal
power generation. This segment had not started to contribute any revenue as of 2015
-
50
100
150
200
250
300
-
5
10
15
20
Sep-13 Jun-14 Mar-15 Dec-15 Sep-16
NIKL PM (LHS)
Price relative to local index
(PHP) (%)
Sources: A. Stotz Investment Research, company data, Thomson Reuters
Revenue breakdown 2015 Revenue breakdown by geography 2015
Nickel Asia Corporation (NIKL PM)
Stock information:
Name: Nickel Asia Corp.
Ticker: NIKL PM
Price (PHP): 6.38
Mcap: US$1,012m
3MADTO: US$1m
Beta: 1.0x
Sector: Materials
Industry: Materials
Major shareholders:
26% Sumitomo Metal
Mining Co., Ltd.
26% Manuel Zamora Jr
22% Free float
Background: Nickel Asia Corporation is one of the world’s top
suppliers of lateritic nickel ore. The company has four mines, Rio
Tuba, Taganito, Cagdianao and Taganaan, and seven exploratory
sites, including for gold and copper, in the Philippines. Besides the
Philippines, ore is shipped to Japan, China and Australia.
Nickel ore and related services 100%
China 56%Japan
21%
Philippines
21%
Australia 2%

3. 322 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Background: Nickel Asia Corporation is one of the world’s
top suppliers of lateritic nickel ore.
The company has four mines, Rio Tuba, Taganito,
Cagdianao and Taganaan, and seven exploratory sites,
including for gold and copper, all in the Philippines.
Besides the Philippines, ore is shipped to Japan, China
and Australia.
Nickel Asia Corporation (NIKL PM)

4. 422 September 2016
-
50
100
150
200
250
300
-
5
10
15
20
Sep-13 Jun-14 Mar-15 Dec-15 Sep-16
NIKL PM (LHS)
Price relative to local index
(PHP) (%)Stock information:
Name: Nickel Asia Corp.
Ticker: NIKL PM
Price (PHP): 6.38
Mcap: US$1,012m
3MADTO: US$1m
Beta: 1.0x
Sector: Materials
Industry: Materials
Major shareholders:
26% Sumitomo Metal Mining
Co., Ltd.
26% Manuel Zamora Jr
22% Free float
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Nickel Asia Corporation (NIKL PM)

5. 522 September 2016
 NIKL’s business is the mining of lateritic nickel ore, a key component in the manufacture
of stainless steel, which accounts for around two-third’s of the ore’s use. Stainless steel uses
nickel’s heat-resistant and anti-corrosive properties
 The company divides the sold nickel ore into saprolite, which has an iron content of less
than 20%, and limonite which as an iron content of 20% or more. Limonite accounted for
64% of the sold volume in 2015 but only 37% of revenue
 In addition to the company’s four existing mines in the Philippines, it has eight
exploratory sites. These sites include four gold and copper mines, as NIKL seeks to diversify
sources of revenue. In the end of 2015 the company acquired a fifth nickel site which is
under development to improve the mine’s production standards
 The company has also ventured into renewable energy and power generation through its
66%-owned subsidiary Emerging Power Inc. which focuses on solar, wind and geothermal
power generation. This segment had not started to contribute any revenue as of 2015
-
50
100
150
200
250
300
-
5
10
15
20
Sep-13 Jun-14 Mar-15 Dec-15 Sep-16
NIKL PM (LHS)
Price relative to local index
(PHP) (%)
Sources: A. Stotz Investment Research, company data, Thomson Reuters
Revenue breakdown 2015 Revenue breakdown by geography 2015
Nickel Asia Corporation (NIKL PM)
Stock information:
Name: Nickel Asia Corp.
Ticker: NIKL PM
Price (PHP): 6.38
Mcap: US$1,012m
3MADTO: US$1m
Beta: 1.0x
Sector: Materials
Industry: Materials
Major shareholders:
26% Sumitomo Metal
Mining Co., Ltd.
26% Manuel Zamora Jr
22% Free float
Background: Nickel Asia Corporation is one of the world’s top
suppliers of lateritic nickel ore. The company has four mines, Rio
Tuba, Taganito, Cagdianao and Taganaan, and seven exploratory
sites, including for gold and copper, in the Philippines. Besides the
Philippines, ore is shipped to Japan, China and Australia.
Nickel ore and related services 100%
China 56%Japan
21%
Philippines
21%
Australia 2%

6. 622 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 NIKL’s business is the mining of lateritic nickel
ore, a key component in the manufacture of
stainless steel, which accounts for around two-
third’s of the ore’s use
 Stainless steel uses nickel’s heat-resistant and
anti-corrosive properties
Nickel Asia Corporation (NIKL PM)

7. 722 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 The company divides the sold nickel ore into
saprolite, which has an iron content of less than
20%,
 and limonite which has an iron content of 20% or
more
 Limonite accounted for 64% of the sold volume
in 2015 but only 37% of revenue
Nickel Asia Corporation (NIKL PM)

8. 822 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 In addition to the company’s four existing mines
in the Philippines, it has eight exploratory sites
 These sites include four gold and copper mines,
as NIKL seeks to diversify sources of revenue
 At the end of 2015 the company acquired a fifth
nickel site which is under development to
improve the mine’s production standards
Nickel Asia Corporation (NIKL PM)

9. 922 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 The company has also ventured into renewable
energy and power generation through its 66%-
owned subsidiary Emerging Power Inc.
 which focuses on solar, wind and geothermal
power generation
 This segment had not started to contribute any
revenue as of 2015
Nickel Asia Corporation (NIKL PM)

10. 1022 September 2016
 NIKL’s business is the mining of lateritic nickel ore, a key component in the manufacture
of stainless steel, which accounts for around two-third’s of the ore’s use. Stainless steel uses
nickel’s heat-resistant and anti-corrosive properties
 The company divides the sold nickel ore into saprolite, which has an iron content of less
than 20%, and limonite which as an iron content of 20% or more. Limonite accounted for
64% of the sold volume in 2015 but only 37% of revenue
 In addition to the company’s four existing mines in the Philippines, it has eight
exploratory sites. These sites include four gold and copper mines, as NIKL seeks to diversify
sources of revenue. In the end of 2015 the company acquired a fifth nickel site which is
under development to improve the mine’s production standards
 The company has also ventured into renewable energy and power generation through its
66%-owned subsidiary Emerging Power Inc. which focuses on solar, wind and geothermal
power generation. This segment had not started to contribute any revenue as of 2015
-
50
100
150
200
250
300
-
5
10
15
20
Sep-13 Jun-14 Mar-15 Dec-15 Sep-16
NIKL PM (LHS)
Price relative to local index
(PHP) (%)
Sources: A. Stotz Investment Research, company data, Thomson Reuters
Revenue breakdown 2015 Revenue breakdown by geography 2015
Nickel Asia Corporation (NIKL PM)
Stock information:
Name: Nickel Asia Corp.
Ticker: NIKL PM
Price (PHP): 6.38
Mcap: US$1,012m
3MADTO: US$1m
Beta: 1.0x
Sector: Materials
Industry: Materials
Major shareholders:
26% Sumitomo Metal
Mining Co., Ltd.
26% Manuel Zamora Jr
22% Free float
Background: Nickel Asia Corporation is one of the world’s top
suppliers of lateritic nickel ore. The company has four mines, Rio
Tuba, Taganito, Cagdianao and Taganaan, and seven exploratory
sites, including for gold and copper, in the Philippines. Besides the
Philippines, ore is shipped to Japan, China and Australia.
Nickel ore and related services 100%
China 56%Japan
21%
Philippines
21%
Australia 2%

11. 1122 September 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Revenue breakdown 2015
Nickel ore and related services 100% Revenue breakdown
by geography 2015
China 56%Japan
21%
Philippines
21%
Australia 2%

13. 1322 September 2016
NIKL: Leadership
Sources: A. Stotz Investment Research, company data, FactSet, Thomson Reuters
ChairmanPresident&CEO
2012 2013 2014 2015 Past 12 months
Manuel Zamora, Jr.
Jun 2010 – Present
Gerard Brimo
Jun 2010 – Present

14. 1422 September 2016
'12 '13 '14 '15 PTM
3 3 1 5 7
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
3 3 1 4 7 7 6 1 9 9
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
9 9 5 9 9 2 1 1 2 5 9 8 1 10 10 9 6 1 10 10
Benchmarked against 930 medium Materials companies worldwide.
Profitable Growth
Asset utilization Profit margin Sales growth Margin change
Profitability Growth
CEO, 2010 – Present
Gerard Brimo
Source: A. Stotz Investment Research. Notes: 1 = top ranking and 10 = worst. Most recent year’s data is based on the past 12 months (PTM) of published data.
Profitable Growth has
been falling since 2014
NIKL only ranks better
than companies 279 of 930
medium Materials comps.
NIKL: A. Stotz Profitable Growth

15. 1522 September 2016
'12 '13 '14 '15 PTM
3 3 1 5 7
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
3 3 1 4 7 7 6 1 9 9
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
9 9 5 9 9 2 1 1 2 5 9 8 1 10 10 9 6 1 10 10
Benchmarked against 930 medium Materials companies worldwide.
Profitable Growth
Asset utilization Profit margin Sales growth Margin change
Profitability Growth
Source: A. Stotz Investment Research. Notes: 1 = top ranking and 10 = worst. Most recent year’s data is based on the past 12 months (PTM) of published data.
Profitable Growth has
been falling since 2014
NIKL only ranks better
than companies 279 of 930
medium Materials comps.
Profitability has fallen as
well, Growth is almost
ranked worst since 2015
NIKL: A. Stotz Profitable Growth
CEO, 2010 – Present
Gerard Brimo

16. 1622 September 2016
'12 '13 '14 '15 PTM
3 3 1 5 7
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
3 3 1 4 7 7 6 1 9 9
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
9 9 5 9 9 2 1 1 2 5 9 8 1 10 10 9 6 1 10 10
Benchmarked against 930 medium Materials companies worldwide.
Profitable Growth
Asset utilization Profit margin Sales growth Margin change
Profitability Growth
Source: A. Stotz Investment Research. Notes: 1 = top ranking and 10 = worst. Most recent year’s data is based on the past 12 months (PTM) of published data.
Profitable Growth has
been falling since 2014
NIKL only ranks better
than companies 279 of 930
medium Materials comps.
Profitability has fallen as
well, Growth is almost
ranked worst since 2015
Profit margin is average,
while efficiency is low
Sales growth and Margin
change are ranked worst
NIKL: A. Stotz Profitable Growth
CEO, 2010 – Present
Gerard Brimo

17. 1722 September 2016
 Do YOU want to see the Profitable Growth rank
for a company in YOUR portfolio?
 Leave a comment below with company name
and country of listing…and I’ll post it if I have it