Equity & Credit Research

Duncan Chan

Macroeconomics

<ul>
<li>Potential de-escalation may compress risk premiums, but Treasury yields around 4.5–5.0% still compete with equities, suggesting broader participation may remain selective near term.</li>
<li>Aluminium increasingly stands out as inventories declined approximately 7–8% and physical conditions tightened, while copper remains broadly consistent with surplus expectations.</li>
<li>Evidence remains more supportive for energy security and infrastructure themes, including uranium, AI infrastructure and offshore rigs, while coal and lithium still require clearer signs of tightening.</li>
</ul>


Potential de-escalation may compress risk premiums, but Treasury yields around 4.5–5.0% still compete with equities, suggesting broader participation may remain selective near term.
Aluminium increasingly stands out as inventories declined approximately 7–8% and physical conditions tightened, while copper remains broadly consistent with surplus expectations.
Evidence remains more supportive for energy security and infrastructure themes, including uranium, AI infrastructure and offshore rigs, while coal and lithium still require clearer signs of tightening.


US-Iran De-Escalation: Looking Beyond Risk Premiums

Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Equity Bottom-Up

Arrow Exploration Corp / Equity Bottom-Up

Arrow Exploration Corp. is a public junior oil and gas company. The Company focuses in the acquisition, exploration, and development of oil and gas properties in Colombia and in Western Canada.

<ul>
<li>IC‑1 has been brought onstream in the C7, where the perforated interval comprises two clean sandstone units with ~25% average porosity.</li>
<li>During clean‑up, the well achieved a maximum oil rate of 816 bbl/d (408 bbl/d net).</li>
<li>The oil gravity is 27.8° API.</li>
</ul>


IC‑1 has been brought onstream in the C7, where the perforated interval comprises two clean sandstone units with ~25% average porosity.
During clean‑up, the well achieved a maximum oil rate of 816 bbl/d (408 bbl/d net).
The oil gravity is 27.8° API.


Arrow Exploration Corp. (AIM: AXL): Positive flow rate at Icaco-1

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

<ul>
<li>Huawei introduced the “Tau Scaling Law” under which chip designers optimise for the time taken for elements of a chip to communicate, rather than for the space between transistors. </li>
<li>Huawei’s next-generation Kirin SoC, due autumn 2026, will be the first commercial chip to fully adopt the resulting architecture, which Huawei is calling “LogicFolding.”</li>
<li>Huawei chips designed under this framework will deliver transistor density equivalent to a 1.4nm process by 2031, three years after TSMC’s publicly stated 2028 timeline for its A14 (1.4nm) node.</li>
</ul>


Huawei introduced the “Tau Scaling Law” under which chip designers optimise for the time taken for elements of a chip to communicate, rather than for the space between transistors. 
Huawei’s next-generation Kirin SoC, due autumn 2026, will be the first commercial chip to fully adopt the resulting architecture, which Huawei is calling “LogicFolding.”
Huawei chips designed under this framework will deliver transistor density equivalent to a 1.4nm process by 2031, three years after TSMC’s publicly stated 2028 timeline for its A14 (1.4nm) node.


Huawei’s “Tau Scaling Law” and “LogicFolding”. Desperation, A Genuine Breakthrough Or Both?

<ul>
<li>On 19 May 2026, China’s Hubei securities regulator accepted CITIC Securities’ tutoring filing for Yangtze Memory Technologies Holding Co., Ltd. (YMTC), the country’s only end-to-end 3D NAND manufacturer.</li>
<li>Reports suggest YMTC Q1 2026 revenue of  ¥20 billion, doubling YoY, driven by AI data center NAND demand.</li>
<li>Once Phase III ramps, Guosheng estimates YMTC’s global NAND share exceeds 15%. After that, two more fabs are reportedly planned that would <em><strong>double</strong></em> total YMTC capacity at full production. Yikes! </li>
</ul>


On 19 May 2026, China’s Hubei securities regulator accepted CITIC Securities’ tutoring filing for Yangtze Memory Technologies Holding Co., Ltd. (YMTC), the country’s only end-to-end 3D NAND manufacturer.
Reports suggest YMTC Q1 2026 revenue of  ¥20 billion, doubling YoY, driven by AI data center NAND demand.
Once Phase III ramps, Guosheng estimates YMTC’s global NAND share exceeds 15%. After that, two more fabs are reportedly planned that would double total YMTC capacity at full production. Yikes! 


YMTC’s Submits "Tutoring" Filing In Preparation For Another STAR IPO

<ul>
<li>On May 20, 2026, SpaceX filed an S-1 registration statement with the SEC. Ticker: SPCX. Listing venue: Nasdaq plus the brand-new Nasdaq Texas, headquartered at 1 Rocket Road, Starbase, Texas</li>
<li>Two share classes. Class A = 1 vote. Class B = 10 votes. Class B shareholders separately elect a majority of the board as a class. Elon taking no chances.</li>
<li>SpaceX key plans include a permanent human colony on Mars with at least one million inhabitants and launching orbital data centers capable of delivering 100 terawatts of compute per year.</li>
</ul>


On May 20, 2026, SpaceX filed an S-1 registration statement with the SEC. Ticker: SPCX. Listing venue: Nasdaq plus the brand-new Nasdaq Texas, headquartered at 1 Rocket Road, Starbase, Texas
Two share classes. Class A = 1 vote. Class B = 10 votes. Class B shareholders separately elect a majority of the board as a class. Elon taking no chances.
SpaceX key plans include a permanent human colony on Mars with at least one million inhabitants and launching orbital data centers capable of delivering 100 terawatts of compute per year.


SpaceX Just Filed Their S-1 & It's A Doozy

Colombia
Insights on Colombia

US-Iran De-Escalation: Looking Beyond Risk Premiums

Re-sharing as recent market developments continue to raise the question of whether fading geopolitical risk premiums alone are enough to support...

Duncan Chan

Arrow Exploration Corp. (AIM: AXL): Positive flow rate at Icaco-1

IC‑1 has been brought onstream in the C7, where the perforated interval comprises two clean sandstone units with ~25% average porosity.

Auctus Advisors

Huawei’s “Tau Scaling Law” and “LogicFolding”. Desperation, A Genuine Breakthrough Or Both?

Huawei chips designed under this framework will deliver transistor density equivalent to a 1.4nm process by 2031, three years after TSMC’s publicly...

William Keating

YMTC’s Submits "Tutoring" Filing In Preparation For Another STAR IPO

Once Phase III ramps, Guosheng estimates YMTC’s global NAND share exceeds 15%. After that, two more fabs are reportedly planned that would double...

William Keating

SpaceX Just Filed Their S-1 & It's A Doozy

SpaceX key plans include a permanent human colony on Mars with at least one million inhabitants and launching orbital data centers capable of...

William Keating