Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Equity Bottom-Up

Lion One Metals Ltd.acquires and explores mineral properties.  The Company has an option to acquire certain mineral claims located on the Fijian Islands, including the assets collectively known as the Tuvatu Gold project.

<ul><li>What you need to know: • Lion One announced drill results from 4,040m of underground infill and grade control drilling at its Tuvatu Gold Project in Fiji.</li><li> • Drilling intercepted several high-grade results, including 99.1 g/t Au over 3.3m, 218.3 g/t over 1.2m and 24.9 g/t over 4.6m; many of which were proximal to existing mine workings and could be integrated into the mine plan within the next 12 months.</li><li> • LIO trades at 0.2x NAV compared to its peers at 0.5x NAV.</li></ul>

What you need to know: • Lion One announced drill results from 4,040m of underground infill and grade control drilling at its Tuvatu Gold Project in Fiji. • Drilling intercepted several high-grade results, including 99.1 g/t Au over 3.3m, 218.3 g/t over 1.2m and 24.9 g/t over 4.6m; many of which were proximal to existing mine workings and could be integrated into the mine plan within the next 12 months. • LIO trades at 0.2x NAV compared to its peers at 0.5x NAV.

LIO: Drills 218 g/t over 1.2m at its Tuvatu Gold Mine

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

VEON Ltd. provides telecommunications and digital services. The Company offers fixed-line telecommunication, broadband, voice, wireless Internet and connectivity, and other related services. VEON serves customers worldwide.

<ul>
<li>VEON’s JazzCash in Pakistan and China’s Binance are exploring blockchain integration for remittances, merchant settlement, and stablecoin payment rails, with implementation contingent on regulatory approval.</li>
<li>VEON’s Banglalink received Bangladesh Bank approval to operate as a payment service provider, enabling instant person-to-person transfers, remittance services, utility payments, merchant transactions, and salary disbursements.</li>
<li>VEON can transfer its learnings from Pakistan to Bangladesh to create a new large fintech business that can be on par with the size of the Group’s Pakistan fintech business.</li>
</ul>


VEON’s JazzCash in Pakistan and China’s Binance are exploring blockchain integration for remittances, merchant settlement, and stablecoin payment rails, with implementation contingent on regulatory approval.
VEON’s Banglalink received Bangladesh Bank approval to operate as a payment service provider, enabling instant person-to-person transfers, remittance services, utility payments, merchant transactions, and salary disbursements.
VEON can transfer its learnings from Pakistan to Bangladesh to create a new large fintech business that can be on par with the size of the Group’s Pakistan fintech business.


VEON (VEON US): Two New Fintech Developments Signal Significant Digital Growth Ahead

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Sequent Scientific Ltd. manufactures active pharmaceutical ingredients, animal health products and specialty chemicals; and offers analytical services and custom research and manufacturing services.

<ul>
<li>The NCLT has approved the Sequent-Viyash merger. The 56:100 swap ratio consolidates two Carlyle-backed entities into an INR 8,000 Cr+ Life Sciences platform.</li>
<li>The injection of Viyash’s 9 USFDA facilities and 28% EBITDA margin profile structurally repairs Sequent’s historical profitability issues, creating a diversified CDMO + Animal Health entity.</li>
<li>With pro-forma EBITDA running at INR 760 Cr (Annualized) and a management upgrade via Dr. Hari Babu (Ex-Mylan COO), the stock is primed for a re-rating if execution holds.</li>
</ul>


The NCLT has approved the Sequent-Viyash merger. The 56:100 swap ratio consolidates two Carlyle-backed entities into an INR 8,000 Cr+ Life Sciences platform.
The injection of Viyash’s 9 USFDA facilities and 28% EBITDA margin profile structurally repairs Sequent’s historical profitability issues, creating a diversified CDMO + Animal Health entity.
With pro-forma EBITDA running at INR 760 Cr (Annualized) and a management upgrade via Dr. Hari Babu (Ex-Mylan COO), the stock is primed for a re-rating if execution holds.


The Beat Ideas: Sequent Scientific Merger - CDMO Optionality with Margin Upside

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Vietnam Holding Ltd. is a closed-end investment company. The Company invests in sustainable investments in Vietnamese equities. VNH is a value investor, incorporating environmental, social and corporate governance (ESG) factors in its investment analysis and decision-making processes.

Vietnam’s healthy economic progress continues despite the recent global tariff turmoil, with 7.9% GDP growth in the first nine months of 2025 (9M25). This has been accompanied by a strong rally in local equities since May 2025, albeit with a significant contribution from a narrow set of stocks. Given VietNam Holding’s (VNH’s) active and unconstrained strategy, it holds only one of these names. Therefore, its NAV total return (TR) performance of 2.8% in sterling terms for the 12 months to end-November 2025 was below that of the broader market (31.1%). That said, its annualised five-year NAV TR of 13.3% is in line with the Vietnam All-Share Index’s (VNAS’s) return of 13.4%, as the fund outperformed the index in each year between 2021 and 2024, showcasing VNH’s stock-picking expertise.

Vietnam’s healthy economic progress continues despite the recent global tariff turmoil, with 7.9% GDP growth in the first nine months of 2025 (9M25). This has been accompanied by a strong rally in local equities since May 2025, albeit with a significant contribution from a narrow set of stocks. Given VietNam Holding’s (VNH’s) active and unconstrained strategy, it holds only one of these names. Therefore, its NAV total return (TR) performance of 2.8% in sterling terms for the 12 months to end-November 2025 was below that of the broader market (31.1%). That said, its annualised five-year NAV TR of 13.3% is in line with the Vietnam All-Share Index’s (VNAS’s) return of 13.4%, as the fund outperformed the index in each year between 2021 and 2024, showcasing VNH’s stock-picking expertise.

VietNam Holding — Vietnam shaking off the tariff turmoil

Global Materials | Industrials | Commodities

Rahul Jain

TAIHEIYO CEMENT CORPORATION manufactures cement and industrial materials such as limestone.  The Company also operates real estate, waste management (zero emission promotion), and transportation businesses. Taiheiyo Cement operates in Japan, China, and the United States.

<ul>
<li>Taiheiyo Cement’s California platform is vertically integrated and permit-constrained, yet valued at a Japanese consolidated multiple.</li>
<li>Activist engagement targets U.S. asset re-rating, capital allocation discipline, and potential monetisation.</li>
<li>Base case values shares at ¥4,800; activist outcome implies ¥7,200 driven by U.S. multiple normalisation.</li>
</ul>


Taiheiyo Cement’s California platform is vertically integrated and permit-constrained, yet valued at a Japanese consolidated multiple.
Activist engagement targets U.S. asset re-rating, capital allocation discipline, and potential monetisation.
Base case values shares at ¥4,800; activist outcome implies ¥7,200 driven by U.S. multiple normalisation.


Taiheiyo Cement (5233 JP): U.S. Scarcity Assets Drive Activist Re-Rating Potential

Small Cap Longs
Mighty oaks from tiny acorns grow

LIO: Drills 218 g/t over 1.2m at its Tuvatu Gold Mine

What you need to know: • Lion One announced drill results from 4,040m of underground infill and grade control drilling at its Tuvatu Gold Project...

Atrium Research

VEON (VEON US): Two New Fintech Developments Signal Significant Digital Growth Ahead

Two new fintech developments, a new partnership with Binance and payments license approval in Bangladesh, support our forecast for a major...

Vincent Fernando, CFA

The Beat Ideas: Sequent Scientific Merger - CDMO Optionality with Margin Upside

NCLT approves Sequent-Viyash merger, creating INR 8,000 Cr+ Life Sciences platform with 56:100 swap ratio and management upgrade.

Sudarshan Bhandari

VietNam Holding — Vietnam shaking off the tariff turmoil

Vietnam’s healthy economic progress continues despite the recent global tariff turmoil, with 7.9% GDP growth in the first nine months of 2025...

Edison Investment Research

Taiheiyo Cement (5233 JP): U.S. Scarcity Assets Drive Activist Re-Rating Potential

Activist investors target Taiheiyo Cement's California platform for re-rating and potential monetization, aiming to increase share value from...

Rahul Jain

LIO: Drills 218 g/t over 1.2m at its Tuvatu Gold Mine

What you need to know: • Lion One announced drill results from 4,040m of underground infill and grade control drilling at its Tuvatu Gold Project...

Atrium Research

VEON (VEON US): Two New Fintech Developments Signal Significant Digital Growth Ahead

Two new fintech developments, a new partnership with Binance and payments license approval in Bangladesh, support our forecast for a major...

Vincent Fernando, CFA

The Beat Ideas: Sequent Scientific Merger - CDMO Optionality with Margin Upside

​NCLT approves Sequent-Viyash merger, creating INR 8,000 Cr+ Life Sciences platform with 56:100 swap ratio and management upgrade.

Sudarshan Bhandari

VietNam Holding — Vietnam shaking off the tariff turmoil

Vietnam’s healthy economic progress continues despite the recent global tariff turmoil, with 7.9% GDP growth in the first nine months of 2025...

Edison Investment Research

Taiheiyo Cement (5233 JP): U.S. Scarcity Assets Drive Activist Re-Rating Potential

​Activist investors target Taiheiyo Cement's California platform for re-rating and potential monetization, aiming to increase share value from...

Rahul Jain

NCLT approves Sequent-Viyash merger, creating INR 8,000 Cr+ Life Sciences platform with 56:100 swap ratio and management upgrade.

Activist investors target Taiheiyo Cement's California platform for re-rating and potential monetization, aiming to increase share value from...