IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>Under the revised merger terms, <a href="https://www.smartkarma.com/entities/robex-resources-inc-5fcb5aec-772d-4972-be7e-30cad5c02e26" target="_blank" data-smartkarma-citation="entities:45881:1" rel="noopener">Robex Resources (RBX CN)</a> shareholders would receive 7.862 <a href="https://www.smartkarma.com/entities/predictive-discovery-ltd" target="_blank" data-smartkarma-citation="entities:15374:1" rel="noopener">Predictive Discovery (PDI AU)</a> shares per Robex share (vs 8.667 previously). PDI shareholders get 53.5% of MergerCo.</li>
<li>The Board has declared that Robex's offer is superior to the Perseus scheme's offer. Strangely, on a value basis, the Robex revised offer is still lower than the Perseus offer.</li>
<li>Robex’s offer is mainly superior due to support from major PDI shareholders, who reportedly oppose a <a target="_blank">Perseus Mining (PRU AU)</a> scheme, thereby lowering the likelihood of a revised Perseus offer. </li>
</ul>


Under the revised merger terms, Robex Resources (RBX CN) shareholders would receive 7.862 Predictive Discovery (PDI AU) shares per Robex share (vs 8.667 previously). PDI shareholders get 53.5% of MergerCo.
The Board has declared that Robex's offer is superior to the Perseus scheme's offer. Strangely, on a value basis, the Robex revised offer is still lower than the Perseus offer.
Robex’s offer is mainly superior due to support from major PDI shareholders, who reportedly oppose a Perseus Mining (PRU AU) scheme, thereby lowering the likelihood of a revised Perseus offer. 


Predictive Discovery (PDI AU): Is Robex’s Revised Offer Really a Superior Proposal?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/predictive-discovery-ltd" target="_blank" data-smartkarma-citation="entities:15374:1" rel="noopener">Predictive Discovery (PDI AU)</a> has disclosed a competing all-scrip scheme offer from <a href="https://www.smartkarma.com/entities/perseus-mining-ltd" target="_blank" data-smartkarma-citation="entities:15306:1" rel="noopener">Perseus Mining (PRU AU)</a> at 0.136 Perseus shares per PDI share.</li>
<li>The Perseus offer is attractive compared to peer resource multiples and historical trading ranges. The Board had deemed the proposal superior to the <a href="https://www.smartkarma.com/entities/robex-resources-inc-5fcb5aec-772d-4972-be7e-30cad5c02e26" target="_blank" data-smartkarma-citation="entities:45881:1" rel="noopener">Robex Resources (RBX CN)</a> merger transaction.</li>
<li>Robex has five business days to exercise matching rights. Robex will struggle to match due to the large gap in the offer values. </li>
</ul>



Predictive Discovery (PDI AU) has disclosed a competing all-scrip scheme offer from Perseus Mining (PRU AU) at 0.136 Perseus shares per PDI share.
The Perseus offer is attractive compared to peer resource multiples and historical trading ranges. The Board had deemed the proposal superior to the Robex Resources (RBX CN) merger transaction.
Robex has five business days to exercise matching rights. Robex will struggle to match due to the large gap in the offer values. 


Predictive Discovery (PDI AU): Perseus (PRU AU) Trumps Robex with a Competing Offer

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> , post the meteoric rise in its share price since listing last week, is now the most expensive gold miner stocks, globally, on an EV/Reserve basis.</li>
<li>Investor expectations of gold prices climbing higher, driven by the yen’s sharp drop, a U.S. government shutdown, and growing anticipation of additional Federal Reserve rate cuts, are fueling the stock.</li>
<li>For Hong Kong investors, Zijin Gold is the only pure-play, globally diversified gold miner, with expectations of index inclusion and strong demand driving its share price above fundamentals.</li>
</ul>



Zijin Gold (2259 HK) , post the meteoric rise in its share price since listing last week, is now the most expensive gold miner stocks, globally, on an EV/Reserve basis.
Investor expectations of gold prices climbing higher, driven by the yen’s sharp drop, a U.S. government shutdown, and growing anticipation of additional Federal Reserve rate cuts, are fueling the stock.
For Hong Kong investors, Zijin Gold is the only pure-play, globally diversified gold miner, with expectations of index inclusion and strong demand driving its share price above fundamentals.


Zijin Gold (2259 HK): 100% Surge Since IPO. What Gold Price Is Priced In Now?

Equity Capital Markets

<ul>
<li>Riding on strong investor demand, <a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a>  has exercised its over-allotment option, boosting the total IPO size to USD 3.7 billion from USD 3.2 billion previously.</li>
<li>As Hong Kong’s only pure-play gold miner with global exposure, Zijin Gold may command a premium, though any sharp price gains still depend on sustained gold price strength.</li>
<li>Investors should define their medium- to-long-term gold price thresholds to shape a clear post-IPO strategy for Zijin Gold.</li>
</ul>


Riding on strong investor demand, Zijin Gold (2259 HK)  has exercised its over-allotment option, boosting the total IPO size to USD 3.7 billion from USD 3.2 billion previously.
As Hong Kong’s only pure-play gold miner with global exposure, Zijin Gold may command a premium, though any sharp price gains still depend on sustained gold price strength.
Investors should define their medium- to-long-term gold price thresholds to shape a clear post-IPO strategy for Zijin Gold.


Zijin Gold : Listing Pop Likely. Know Your Thresholds. Avoid Valuation Pitfalls.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.</li>
<li>Speculative Growth Themes Still Leading; Nuclear Stocks are Going... Nuclear. We highlight many speculative stocks to buy that we believe will continue to outperform into year-end</li>
<li>Software (IGV), semiconductors (XSD), (IPO), ARK (ARKK and ARKW), uranium (URA), hydrogen (HYDR), quantum computing (IONQ, RGTI, QUBT, QBTS), A.I., nuclear, robotics, drones, autonomous driving, EV batteries, energy storage,bitcoin,data centers</li>
</ul>


We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.
Speculative Growth Themes Still Leading; Nuclear Stocks are Going... Nuclear. We highlight many speculative stocks to buy that we believe will continue to outperform into year-end
Software (IGV), semiconductors (XSD), (IPO), ARK (ARKK and ARKW), uranium (URA), hydrogen (HYDR), quantum computing (IONQ, RGTI, QUBT, QBTS), A.I., nuclear, robotics, drones, autonomous driving, EV batteries, energy storage,bitcoin,data centers


Going Nuclear $LTBR $LEU $NNE $OKLO $SMR; Russell 2000 Breakout to All-Time Highs; Still Bullish

Canada

B2Gold Corp. is a senior gold producer. The Company operates gold mines, as well as exploration and development projects in the Americas, Asia, Africa and Europe.

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B2Gold Corp (BTG US)

Predictive Discovery (PDI AU): Is Robex’s Revised Offer Really a Superior Proposal?

Robex’s offer is mainly superior due to support from major PDI shareholders, who reportedly oppose a Perseus scheme, thereby lowering the...

Arun George

Predictive Discovery (PDI AU): Perseus (PRU AU) Trumps Robex with a Competing Offer

The Perseus offer is attractive. Robex has five business days to exercise matching rights. Robex will struggle to match due to the large gap in the...

Arun George

Zijin Gold (2259 HK): 100% Surge Since IPO. What Gold Price Is Priced In Now?

Bullish gold expectations, potential index inclusion, limited free float, and strong investor demand pushes Zijin Gold above fundamentals.

Devi Subhakesan

Zijin Gold : Listing Pop Likely. Know Your Thresholds. Avoid Valuation Pitfalls.

Over allotment raises issue size and valuation; post-IPO investment strategy should be guided by your gold price outlook and valuation thresholds....

Devi Subhakesan

Going Nuclear $LTBR $LEU $NNE $OKLO $SMR; Russell 2000 Breakout to All-Time Highs; Still Bullish

Going Nuclear $LTBR $LEU $OKLO $NNE $LEU; Russell 2000 Breakout to All-Time Highs; Still Bullish; Continue to Overweight Spec Growth Themes into...

Vermilion Research

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