Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Research Coverage on Small and Micro-Cap Companies

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

Equity Bottom-Up

Bellevue Gold Limited operates as a mining company. The Company engages in the exploration and development of gold mines. Bellevue Gold serves customers in Australia.

<ul>
<li>Blue Gold Limited (BGL) has set out to create and distribute the world's first global gold-backed digital currency, the Standard Gold Coin (SGC).</li>
<li>Launch is planned for Q1 2026.</li>
<li>The company intends to support the SGC with its own digital wallet (the One App), with launch planned for Q3 2026.</li>
</ul>


Blue Gold Limited (BGL) has set out to create and distribute the world's first global gold-backed digital currency, the Standard Gold Coin (SGC).
Launch is planned for Q1 2026.
The company intends to support the SGC with its own digital wallet (the One App), with launch planned for Q3 2026.


BGL:  Initiation of a Vertically Integrated Gold Fintech Company...

Aequitas Research

Hong Jie Seow

Independent Insight Provider

IPOs and Placements coverage across Asia Pacific

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application. While it provides full banking functionality through the Superbank app, the bulk of its growth is driven by deep integrations with major digital platforms such as Grab, OVO, Emtek, Singtel, and KakaoBank.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/superbank" target="_blank" data-smartkarma-citation="entities:46063:1" rel="noopener">Superbank (SUPA IJ)</a> aims to raise around US$184m in its Indonesia IPO.</li>
<li>Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application.</li>
<li>In our previous note, we looked at its past performance. In this note, we will talk about valuations.</li>
</ul>



Superbank (SUPA IJ) aims to raise around US$184m in its Indonesia IPO.
Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application.
In our previous note, we looked at its past performance. In this note, we will talk about valuations.


Superbank IPO: Superb Story, Decent Entry Point

<ul>
<li>
<a href="https://www.smartkarma.com/entities/superbank" target="_blank" data-smartkarma-citation="entities:46063:1" rel="noopener">Superbank (SUPA IJ)</a> aims to raise around US$184m in its Indonesia IPO.</li>
<li>Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application. </li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Superbank (SUPA IJ) aims to raise around US$184m in its Indonesia IPO.
Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application. 
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Superbank Pre-IPO: Strong Partnerships With Inflection Into Profitability

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 third quarter shows results tracking closely to our overall expectations and keeping the company on pace to reach our full-year 2025E outlook.</li>
<li>VEON’s Pakistan fintech business: 3Q25 accelerating momentum -- The unit has now become an independent operating unit, signaling potenital future value -unlocking activities.</li>
<li>We’ve increased our VEON valuation to US$82 based on better than expected Pakistan fintech performance and rising T12M figures -- We reiterate our Structural Long rating for VEON.</li>
</ul>


VEON's third quarter shows results tracking closely to our overall expectations and keeping the company on pace to reach our full-year 2025E outlook.
VEON’s Pakistan fintech business: 3Q25 accelerating momentum -- The unit has now become an independent operating unit, signaling potenital future value -unlocking activities.
We’ve increased our VEON valuation to US$82 based on better than expected Pakistan fintech performance and rising T12M figures -- We reiterate our Structural Long rating for VEON.


VEON: Pakistan Fintech Momentum Building; Increasing Target Price to $82

Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

Senior Credit Analyst - Emerging Markets

EM Spreads

Credit

MercadoLibre, Inc. operates an online trading site for the Latin American markets. The Company's website allows businesses and individuals to list items, conduct sales, and purchases online in either a fixed-price and auction format. MercadoLibre offers classified advertisements for motor vehicles, vessels, aircraft, and real estate, as well as online payment services.

<ul>
<li>Strong topline growth in 3Q25 was offset by heavier investment intensity across Commerce and Fintech, pressuring margins and reinforcing our view that profitability headwinds will constrain near-term operating performance.</li>
<li>We maintain a Neutral view, with spreads already reflecting MELI’s credit strength and offering limited room for further tightening.</li>
<li>Credit metrics remain broadly healthy, though higher leverage and softer liquidity offset solid cash generation and resilient regional operations.</li>
</ul>


Strong topline growth in 3Q25 was offset by heavier investment intensity across Commerce and Fintech, pressuring margins and reinforcing our view that profitability headwinds will constrain near-term operating performance.
We maintain a Neutral view, with spreads already reflecting MELI’s credit strength and offering limited room for further tightening.
Credit metrics remain broadly healthy, though higher leverage and softer liquidity offset solid cash generation and resilient regional operations.


MercadoLibre 3Q25: Strong Growth but Profitability Under Pressure

Payments, e-wallets, digital banks, DLT and more

Fintech
Payments, e-wallets, digital banks, DLT and more

BGL: Initiation of a Vertically Integrated Gold Fintech Company...

Blue Gold Limited (BGL) has set out to create and distribute the world's first global gold-backed digital currency, the Standard Gold Coin (SGC).

Zacks Small Cap Research

Superbank IPO: Superb Story, Decent Entry Point

Superbank plans to raise $184m in Indonesia IPO, a digital bank using ecosystem-led distribution and mobile app. Previous note on performance, now...

Hong Jie Seow

Superbank Pre-IPO: Strong Partnerships With Inflection Into Profitability

Superbank plans to raise $184m in Indonesia IPO, leveraging ecosystem-led distribution and standalone app for digital banking.

Hong Jie Seow

VEON: Pakistan Fintech Momentum Building; Increasing Target Price to $82

VEON's Q3 results meet expectations, Pakistan fintech unit shows potential for future value unlocking, leading to increased valuation and a...

Vincent Fernando, CFA

MercadoLibre 3Q25: Strong Growth but Profitability Under Pressure

3Q25 saw strong growth for MELI, but heavy investments in Commerce and Fintech are pressuring margins. Profitability challenges will limit near...

Leandro Gubler

BGL: Initiation of a Vertically Integrated Gold Fintech Company...

Blue Gold Limited (BGL) has set out to create and distribute the world's first global gold-backed digital currency, the Standard Gold Coin (SGC).

Zacks Small Cap Research

Superbank IPO: Superb Story, Decent Entry Point

​Superbank plans to raise $184m in Indonesia IPO, a digital bank using ecosystem-led distribution and mobile app. Previous note on performance, now...

Hong Jie Seow

Superbank Pre-IPO: Strong Partnerships With Inflection Into Profitability

​Superbank plans to raise $184m in Indonesia IPO, leveraging ecosystem-led distribution and standalone app for digital banking.

Hong Jie Seow

VEON: Pakistan Fintech Momentum Building; Increasing Target Price to $82

​VEON's Q3 results meet expectations, Pakistan fintech unit shows potential for future value unlocking, leading to increased valuation and a...

Vincent Fernando, CFA

MercadoLibre 3Q25: Strong Growth but Profitability Under Pressure

​3Q25 saw strong growth for MELI, but heavy investments in Commerce and Fintech are pressuring margins. Profitability challenges will limit near...

Leandro Gubler

Superbank plans to raise $184m in Indonesia IPO, a digital bank using ecosystem-led distribution and mobile app. Previous note on performance, now...

Superbank plans to raise $184m in Indonesia IPO, leveraging ecosystem-led distribution and standalone app for digital banking.

VEON's Q3 results meet expectations, Pakistan fintech unit shows potential for future value unlocking, leading to increased valuation and a...

3Q25 saw strong growth for MELI, but heavy investments in Commerce and Fintech are pressuring margins. Profitability challenges will limit near...