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

Shandong Gold Mining   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shandong-gold-mining-co-ltd-4527fb98-bb5d-4d74-91fe-66f9c0224eb3" target="_blank" data-smartkarma-citation="entities:27455:1" rel="noopener">Shandong Gold Mining (1787 HK)</a> aims to raise around US$500m via a primary placement, in order to pay down debt.</li>
<li>The H-shares are now trading at all-time highs and have been performing better than the A-shares this year.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Shandong Gold Mining (1787 HK) aims to raise around US$500m via a primary placement, in order to pay down debt.
The H-shares are now trading at all-time highs and have been performing better than the A-shares this year.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Shandong Gold Mining Placement - H-Share Running Ahead of A-Shares

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

Giant Network Group Co Ltd / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 and $119-$121.</li>
<li>We remain overweight/continue to have a major focus on China (Shanghai Composite). It continues to offer the most attractive opportunities, with a significant number of today's recommendations coming from China.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 and $119-$121.
We remain overweight/continue to have a major focus on China (Shanghai Composite). It continues to offer the most attractive opportunities, with a significant number of today's recommendations coming from China.


Sticking With China; Bullish Outlook Intact. Buys in Consumer Discretionary, Materials, and Tech

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Recent Results: Newmont delivered a strong Q1 2025 performance with record free cash flow of $1.2 billion, driven by higher gold prices and increased production from Tier 1 assets.</li>
<li>Future Plans: The company plans to ramp up Tier 1 output to ~6.7 Moz by 2028, led by projects like Ahafo North, Tanami Expansion 2, and Cadia block-cave development.</li>
<li>Valuation Upside: If current gold prices around $3,400/oz persist, Newmont’s earnings could double vs. consensus, unlocking over 50% potential upside from current share levels.</li>
</ul>


Recent Results: Newmont delivered a strong Q1 2025 performance with record free cash flow of $1.2 billion, driven by higher gold prices and increased production from Tier 1 assets.
Future Plans: The company plans to ramp up Tier 1 output to ~6.7 Moz by 2028, led by projects like Ahafo North, Tanami Expansion 2, and Cadia block-cave development.
Valuation Upside: If current gold prices around $3,400/oz persist, Newmont’s earnings could double vs. consensus, unlocking over 50% potential upside from current share levels.


Newmont Corporation (NYSE: NEM) – Strong Q1, Tier 1 Growth Ahead, Significant Upside if Gold Holds

Dry Bulk Commodity Market Insights, DBX Commodities Limited

DBX Commodities

Dry Bulk Commodity Market Insights

DBX Commodities Limited

DBX provides the most accurate and comprehensive real-time data and insights for dry bulk commodities based on satellite imagery and intelligence.

Alex CLAUDE, an expert in commodity tech with 15 years experience in the commodity trading industry, teamed up with the Signal Group in 2020 and started DBX. 

Our product is the result of a unique combination of domain and technological expertise. We offer the most comprehensive, accurate and deepest research analytics of the dry bulk commodity market: coal, iron ore, alumina, bauxite, sugar, wheat, soybeans and soymeal.

Cross Asset Strategy

<ul>
<li>Outperformers: Uranium, Coal &amp; Battery Materials. The strongest performers this month were uranium and thermal coal producers, which benefitted from renewed institutional interest and long-term structural tailwinds.</li>
<li>Underperformers: Gold Miners, Energy, and Select Coal. Despite a +5.2% increase in the gold price, key miners such as Barrick Gold (-7.6%) and Agnico Eagle (-0.9%) underperformed</li>
<li>Equities vs Commodities. There was a notable decoupling between equity and commodity performance this month.</li>
</ul>


Outperformers: Uranium, Coal &amp; Battery Materials. The strongest performers this month were uranium and thermal coal producers, which benefitted from renewed institutional interest and long-term structural tailwinds.
Underperformers: Gold Miners, Energy, and Select Coal. Despite a +5.2% increase in the gold price, key miners such as Barrick Gold (-7.6%) and Agnico Eagle (-0.9%) underperformed
Equities vs Commodities. There was a notable decoupling between equity and commodity performance this month.


<ul>
<li>Since late-February(2/25/25) we were expecting an 8-10% pullback to provide a buying opportunity.However,after getting the 10%+ pullback, we discussed 4/1/25 that we no longer saw it as a buying opportunity</li>
<li>We downgraded our outlook to bearish/cautious. We then discussed last week(4/8/25)how it was a logical spot for a local bottom to develop at 4800-4820 on SPX and $402-$412 on QQQ. </li>
<li>A rally sparked from there, but we now are looking for SPX rally to fizzle, either here at 5490-5500 (20-day MA) or the 200-day MA (currently 5754) or 5785 level</li>
</ul>


Since late-February(2/25/25) we were expecting an 8-10% pullback to provide a buying opportunity.However,after getting the 10%+ pullback, we discussed 4/1/25 that we no longer saw it as a buying opportunity
We downgraded our outlook to bearish/cautious. We then discussed last week(4/8/25)how it was a logical spot for a local bottom to develop at 4800-4820 on SPX and $402-$412 on QQQ. 
A rally sparked from there, but we now are looking for SPX rally to fizzle, either here at 5490-5500 (20-day MA) or the 200-day MA (currently 5754) or 5785 level


Expecting SPX Rally to Fizzle at 5490-5500 or 5785; Still Bearish/Cautious and Defensive

Canada

Barrick Gold Corporation is an international gold company with operating mines and development projects in the United States, Canada, South America, Australia, and Africa.

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Barrick Gold (ABX CN)

Sticking With China; Bullish Outlook Intact. Buys in Consumer Discretionary, Materials, and Tech

Still Bullish. China (Shanghai Composite) has been a major focus ever since our July 3 Int'l Compass titled "China and Japan Breaking Out." It...

Vermilion Research

Newmont Corporation (NYSE: NEM) – Strong Q1, Tier 1 Growth Ahead, Significant Upside if Gold Holds

Newmont's strong Q1 performance driven by record free cash flow, plans to increase Tier 1 output by 2028, and potential for significant earnings...

Rahul Jain

Commodity Equity Monitor: May 2025 Issue

Outperformers: Uranium, Coal & Battery Materials. The strongest performers this month were uranium and thermal coal producers which benefitted from...

DBX Commodities

Expecting SPX Rally to Fizzle at 5490-5500 or 5785; Still Bearish/Cautious and Defensive

Expecting $SPX Rally to Fizzle at 5490-5500 or 5785; Still Bearish/Cautious and Defensive. Crucial long-term SPX and $QQQ supports at 4800-4820 and...

Vermilion Research

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52-week Range

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Shandong Gold Mining Placement - H-Share Running Ahead of A-Shares

Shandong Gold Mining (1787 HK) aims to raise around US$500m via a primary placement, in order to pay down debt. In this note, we talk about the...

Sumeet Singh

Sticking With China; Bullish Outlook Intact. Buys in Consumer Discretionary, Materials, and Tech

Still Bullish. China (Shanghai Composite) has been a major focus ever since our July 3 Int'l Compass titled "China and Japan Breaking Out." It...

Vermilion Research

Newmont Corporation (NYSE: NEM) – Strong Q1, Tier 1 Growth Ahead, Significant Upside if Gold Holds

​Newmont's strong Q1 performance driven by record free cash flow, plans to increase Tier 1 output by 2028, and potential for significant earnings...

Rahul Jain

Commodity Equity Monitor: May 2025 Issue

Outperformers: Uranium, Coal & Battery Materials. The strongest performers this month were uranium and thermal coal producers which benefitted from...

DBX Commodities

Expecting SPX Rally to Fizzle at 5490-5500 or 5785; Still Bearish/Cautious and Defensive

Expecting $SPX Rally to Fizzle at 5490-5500 or 5785; Still Bearish/Cautious and Defensive. Crucial long-term SPX and $QQQ supports at 4800-4820 and...

Vermilion Research

Newmont's strong Q1 performance driven by record free cash flow, plans to increase Tier 1 output by 2028, and potential for significant earnings...