Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

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.

Equity Bottom-Up

iSharesGlobal Clean Energy ETF / Equity Bottom-Up

<ul>
<li>ICLN has surged more than 35% since April, driven by record renewable generation, strong corporate earnings, and institutional inflows.</li>
<li>Investors and banks are rotating capital from fossil fuels into clean energy, signalling structural shifts and fuelling the rise of solar and renewables.</li>
<li>Global clean energy investment, led by solar, points to the early stages of a solar super cycle, positioning ICLN as a prime long-term play.</li>
</ul>


ICLN has surged more than 35% since April, driven by record renewable generation, strong corporate earnings, and institutional inflows.
Investors and banks are rotating capital from fossil fuels into clean energy, signalling structural shifts and fuelling the rise of solar and renewables.
Global clean energy investment, led by solar, points to the early stages of a solar super cycle, positioning ICLN as a prime long-term play.


ICLN’s Upward Momentum to Last Longer as Investors Pivot to Clean Energy

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 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).</li>
<li>We will maintain our bullish intermediate-term outlook as long as market dynamics remain healthy and SPX is above 6028-6059 (up from 5700-5785 as it is highly unlikely to be tested).</li>
<li>Some will point to August seasonality as a reason to be cautious; we simply are not seeing any signs that suggest a meaningful pullback is imminent.</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).
We will maintain our bullish intermediate-term outlook as long as market dynamics remain healthy and SPX is above 6028-6059 (up from 5700-5785 as it is highly unlikely to be tested).
Some will point to August seasonality as a reason to be cautious; we simply are not seeing any signs that suggest a meaningful pullback is imminent.


Market Extended Entering Seasonally Weak August; Meaningful Pullback Imminent? Not Likely

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mtar-technologies-private-limited" target="_blank" data-smartkarma-citation="entities:40912:1" rel="noopener">MTAR Technologies (MTARTECH IN)</a>  is a precision engineered company that caters to customers in clean energy, Space, Defense sectors, etc. </li>
<li>The company has done well over the last few years in terms of securing business, however there are concerns on the margins end, working capital and cash generation. </li>
<li>There also exists a high business risk in terms of customer concentration since more than 75% of the revenues (F23) come from one single entity.</li>
</ul>



MTAR Technologies (MTARTECH IN)  is a precision engineered company that caters to customers in clean energy, Space, Defense sectors, etc. 
The company has done well over the last few years in terms of securing business, however there are concerns on the margins end, working capital and cash generation. 
There also exists a high business risk in terms of customer concentration since more than 75% of the revenues (F23) come from one single entity.


Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

Thematic (Sector/Industry)

<ul>
<li>Inflation Reduction Act is by far the largest legislation to positively influence climate change and emissions control.</li>
<li>IRA is packed with subsidies, and loans totaling up to USD 369 billion over the next ten years on renewables, EVs, hydrogen hubs, carbon capture &amp; storage, among others.</li>
<li>By 2035, IRA will drive reduction of greenhouse gas emissions by up to 48% relative to 2005 emissions levels.</li>
</ul>


Inflation Reduction Act is by far the largest legislation to positively influence climate change and emissions control.
IRA is packed with subsidies, and loans totaling up to USD 369 billion over the next ten years on renewables, EVs, hydrogen hubs, carbon capture &amp; storage, among others.
By 2035, IRA will drive reduction of greenhouse gas emissions by up to 48% relative to 2005 emissions levels.


Many Aren’t Aware of the Inflation Reduction Act; and That’s Good News for Investors

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>This model seeks companies facing dangerously high leverage coupled with negative or declining cash flows.  It considers interest expense, capex and short term maturities for additional input. </li>
<li>The companies may not be viable given cash flows and capital structures.  These shorts tend to have  higher betas  and can have strong down moves as the crisis is recognized.</li>
<li>This week we flag: Fastly, Affirm Holdings, Bloom Energy, Wynn Resorts</li>
</ul>


This model seeks companies facing dangerously high leverage coupled with negative or declining cash flows.  It considers interest expense, capex and short term maturities for additional input. 
The companies may not be viable given cash flows and capital structures.  These shorts tend to have  higher betas  and can have strong down moves as the crisis is recognized.
This week we flag: Fastly, Affirm Holdings, Bloom Energy, Wynn Resorts


Solvency Risk Short Candidates: Fastly, Affirm Holdings, Bloom Energy, Wynn Resorts

United States

Bloom Energy Corporation manufactures power generation equipment. The Company offers on-site power generation systems that utilizes fuel cell technology to generate electricity. Bloom Energy serves banking, health care, data centers, media and communication, food and beverage, logistics, technology, and utilities industries in the United States.

Price Gauge
52-week Range	0.00 - 0.00
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Bloom Energy Corp (BE US)

ICLN’s Upward Momentum to Last Longer as Investors Pivot to Clean Energy

ICLN has seen a 35% surge due to record renewable generation, strong earnings, and capital rotation from fossil fuels, indicating a shift towards...

Mint Finance

Market Extended Entering Seasonally Weak August; Meaningful Pullback Imminent? Not Likely

Market Extended Entering Seasonally Weak August; Still Little Evidence that a Meaningful Pullback is Imminent. Still Bullish $SPX $QQQ since 4/22...

Vermilion Research

MTAR Technologies- Forensic Analysis

MTAR Technologies excels in precision engineering for clean energy, Space, and Defense sectors, but faces challenges with margins, working...

Nitin Mangal

Many Aren’t Aware of the Inflation Reduction Act; and That’s Good News for Investors

Two in three Americans know little about IRA. The Inflation Reduction Act (“IRA”) took years in the making and will have material implications...

Mint Finance

Solvency Risk Short Candidates: Fastly, Affirm Holdings, Bloom Energy, Wynn Resorts

This model seeks companies facing dangerously high leverage coupled with negative or declining cash flows. This week we flag: Fastly, Affirm...

Eric Fernandez, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ICLN’s Upward Momentum to Last Longer as Investors Pivot to Clean Energy

​ICLN has seen a 35% surge due to record renewable generation, strong earnings, and capital rotation from fossil fuels, indicating a shift towards...

Mint Finance

Market Extended Entering Seasonally Weak August; Meaningful Pullback Imminent? Not Likely

Market Extended Entering Seasonally Weak August; Still Little Evidence that a Meaningful Pullback is Imminent. Still Bullish $SPX $QQQ since 4/22...

Vermilion Research

MTAR Technologies- Forensic Analysis

​MTAR Technologies excels in precision engineering for clean energy, Space, and Defense sectors, but faces challenges with margins, working...

Nitin Mangal

Many Aren’t Aware of the Inflation Reduction Act; and That’s Good News for Investors

Two in three Americans know little about IRA. The Inflation Reduction Act (“IRA”) took years in the making and will have material implications...

Mint Finance

Solvency Risk Short Candidates: Fastly, Affirm Holdings, Bloom Energy, Wynn Resorts

This model seeks companies facing dangerously high leverage coupled with negative or declining cash flows. This week we flag: Fastly, Affirm...

Eric Fernandez, CFA

ICLN has seen a 35% surge due to record renewable generation, strong earnings, and capital rotation from fossil fuels, indicating a shift towards...

MTAR Technologies excels in precision engineering for clean energy, Space, and Defense sectors, but faces challenges with margins, working...