GPL - Great Panther Mining: A Disappointing Guide For FY2021

• Great Panther Mining released its Q4 and FY2020 results earlier this month and reported a slight beat on production guidance at its flagship Tucano Mine.
• However, the company has released relatively underwhelming forward guidance for FY2021, and it's important to note that this guide hinges on a couple different factors.
• While Great Panther looks cheap at roughly 6x FY2021 annual EPS estimates, I believe much of the discount is justified, given that it's a Tier-2 jurisdiction producer industry-lagging margins.
• Therefore, I see no reason to chase the stock here at US$1.00, and I would view any rallies above US$1.25 as an opportunity to book some profits.

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