Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Cross Asset Strategy

<ul>
<li>SMRs enable decarbonization of electricity through low carbon heat and hydrogen production. Small Modular Reactors (SMRs) are advanced nuclear reactors.</li>
<li>SMRs are not new. They have been in design phase for long and not deployed at scale with cost being the primary hurdle.</li>
<li>By 2026 data centres are expected to hog &gt;1,000 TWh of electricity which is equivalent to the electricity consumption of Japan.</li>
</ul>


SMRs enable decarbonization of electricity through low carbon heat and hydrogen production. Small Modular Reactors (SMRs) are advanced nuclear reactors.
SMRs are not new. They have been in design phase for long and not deployed at scale with cost being the primary hurdle.
By 2026 data centres are expected to hog &gt;1,000 TWh of electricity which is equivalent to the electricity consumption of Japan.


Energy Transition Requires Betting Big on Nuclear Starting Small with SMRs

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

Equity Bottom-Up

<ul>
<li>3Q24 Performance Signals Advanced Products Making Major Progress; 20% Topline Growth &amp; Improved China Market Conditions</li>
<li>Flagship Mobile Revenue Leading the Charge in China and Emerging Markets</li>
<li>ASIC and AI Accelerator Progress: Estimate 2025E/2026E Initial Mass Production; Maintain Structural Long Rating.</li>
</ul>


3Q24 Performance Signals Advanced Products Making Major Progress; 20% Topline Growth &amp; Improved China Market Conditions
Flagship Mobile Revenue Leading the Charge in China and Emerging Markets
ASIC and AI Accelerator Progress: Estimate 2025E/2026E Initial Mass Production; Maintain Structural Long Rating.


Mediatek's Advanced Product Strategy Showing Major Progress; Maintain Structural Long

Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

<ul><li>Let’s start with not-so-good news. For the 9th consecutive quarters, Google Network revenue kept declining. Everything else is good news.</li><li>Despite all the disruption narrative, Search keeps humming along.</li><li>YouTube is doing okay. But the highlight from last quarter was Google Cloud.</li></ul>

Let’s start with not-so-good news. For the 9th consecutive quarters, Google Network revenue kept declining. Everything else is good news.Despite all the disruption narrative, Search keeps humming along.YouTube is doing okay. But the highlight from last quarter was Google Cloud.

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Companies exude confidence and unanimously explain that AI is the fastest growing revenue segment ever.  AI leads to revenue growth, increase in volume, higher pricing, higher engagement. </li>
<li>Companies also explain that AI today only reflects a small part of long-term planning. AI is a decade long transformation of how we work, search for information or buy products.  </li>
<li>Meta and Microsoft see equipment delays and are capacity constrained in 2024. Capex will increase in 2025. </li>
</ul>


Companies exude confidence and unanimously explain that AI is the fastest growing revenue segment ever.  AI leads to revenue growth, increase in volume, higher pricing, higher engagement. 
Companies also explain that AI today only reflects a small part of long-term planning. AI is a decade long transformation of how we work, search for information or buy products.  
Meta and Microsoft see equipment delays and are capacity constrained in 2024. Capex will increase in 2025. 


Google, Meta, Microsoft: What Did They Say About AI, Capex and Revenues?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>, a premium EV brand by <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>, raised around US$440m in its US listing. Its IPO lockup will expire soon.</li>
<li>ZEEKR was formed in Mar 2021 as a JV between Geely and its founder, via Geely Holdings. The company undertook two pre-IPO funding rounds prior to listing.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



ZEEKR (ZK US), a premium EV brand by Geely Auto (175 HK), raised around US$440m in its US listing. Its IPO lockup will expire soon.
ZEEKR was formed in Mar 2021 as a JV between Geely and its founder, via Geely Holdings. The company undertook two pre-IPO funding rounds prior to listing.
In this note, we will talk about the lockup dynamics and possible placement.


ZEEKR IPO Lockup - A US$1.3bn+ Lockup Expiry but Everyone Is Underwater

United States

Alphabet, Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

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Alphabet (GOOG US)

Energy Transition Requires Betting Big on Nuclear Starting Small with SMRs

SMRs are critical to energy transition. Not new. Just not deployed at scale yet. Keen to secure exposure to nuclear power industry. Tread...

Mint Finance

Mediatek's Advanced Product Strategy Showing Major Progress; Maintain Structural Long

Advanced products at 3Q24 are showing strong performance with 20% topline growth, driven by flagship mobile revenue in China and emerging markets.

Vincent Fernando, CFA

Alphabet 3Q'24 Update

Let’s start with not-so-good news. For the 9th consecutive quarters, Google Network revenue kept declining. Everything else is good news.

MBI Deep Dives

Google, Meta, Microsoft: What Did They Say About AI, Capex and Revenues?

Is AI really increasing revenues, profitability? There is still considerable doubt within the investors community on the "reality" of AI, or its...

Nicolas Baratte

ZEEKR IPO Lockup - A US$1.3bn+ Lockup Expiry but Everyone Is Underwater

ZEEKR (ZK US), a premium EV brand by Geely Auto (175 HK), raised around US$440m in its US listing. Its IPO lockup will expire soon.

Sumeet Singh

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Market Cap (USDm)

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Dividend (Yield)

Energy Transition Requires Betting Big on Nuclear Starting Small with SMRs

SMRs are critical to energy transition. Not new. Just not deployed at scale yet. Keen to secure exposure to nuclear power industry. Tread...

Mint Finance

Mediatek's Advanced Product Strategy Showing Major Progress; Maintain Structural Long

​Advanced products at 3Q24 are showing strong performance with 20% topline growth, driven by flagship mobile revenue in China and emerging markets.

Vincent Fernando, CFA

Alphabet 3Q'24 Update

Let’s start with not-so-good news. For the 9th consecutive quarters, Google Network revenue kept declining. Everything else is good news.

MBI Deep Dives

Google, Meta, Microsoft: What Did They Say About AI, Capex and Revenues?

Is AI really increasing revenues, profitability? There is still considerable doubt within the investors community on the "reality" of AI, or its...

Nicolas Baratte

ZEEKR IPO Lockup - A US$1.3bn+ Lockup Expiry but Everyone Is Underwater

ZEEKR (ZK US), a premium EV brand by Geely Auto (175 HK), raised around US$440m in its US listing. Its IPO lockup will expire soon.

Sumeet Singh

Advanced products at 3Q24 are showing strong performance with 20% topline growth, driven by flagship mobile revenue in China and emerging markets.