Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>Global uranium demand is escalating quickly as China doubles its nuclear power plants by 2030 and the U.S. increases its inventory for its energy independence and growing energy needs.</li>
<li>
<a href="https://www.smartkarma.com/entities/cgn-mining-co-ltd" target="_blank" data-smartkarma-citation="entities:6426:1" rel="noopener">CGN Mining (1164 HK)</a> is China's largest uranium trading company, with partnerships with the Kazakhstan government in some of the largest uranium mines in the world.
</li>
<li>CGN secured an off-take contract with China General Nuclear Power Group at prices that are 50% higher than previous contract.  Approximately 60% of CGN's revenue is from EU and U.S.</li>
</ul>


Global uranium demand is escalating quickly as China doubles its nuclear power plants by 2030 and the U.S. increases its inventory for its energy independence and growing energy needs.

CGN Mining (1164 HK) is China's largest uranium trading company, with partnerships with the Kazakhstan government in some of the largest uranium mines in the world.

CGN secured an off-take contract with China General Nuclear Power Group at prices that are 50% higher than previous contract.  Approximately 60% of CGN's revenue is from EU and U.S.


CGN Mining (1164 HK) - THE NUCLEAR OPTION!

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 25th May, published on the 29th May.</li>
<li>The largest industry net increase in the past week was A$486mn into "Diversified Banks"; the largest industry net decrease was A$239mn out of "Interactive Media". Net shorts increased A$0.8bn week-on-week.</li>
<li>Companies mentioned in this regular weekly report include: <a href="https://www.smartkarma.com/entities/pls-group-limited" target="_blank" data-smartkarma-citation="entities:7460:1" rel="noopener">PLS (PLS AU)</a>, <a href="https://www.smartkarma.com/entities/newmont-corp" target="_blank" data-smartkarma-citation="entities:40416:1" rel="noopener">Newmont (NEM AU)</a>, <a href="https://www.smartkarma.com/entities/suncorp-group-ltd" target="_blank" data-smartkarma-citation="entities:4218:1" rel="noopener">Suncorp (SUN AU)</a>, <a href="https://www.smartkarma.com/entities/transurban-group" target="_blank" data-smartkarma-citation="entities:593:1" rel="noopener">Transurban (TCL AU)</a>, <a href="https://www.smartkarma.com/entities/capstone-copper-corp-6eb66be6-7a3f-4b9c-9c73-dbc2c4df321f" target="_blank" data-smartkarma-citation="entities:44139:1" rel="noopener">Capstone Copper (CSC AU)</a>, <a href="https://www.smartkarma.com/entities/lendlease-group" target="_blank" data-smartkarma-citation="entities:11248:1" rel="noopener">Lendlease (LLC AU)</a>, <a href="https://www.smartkarma.com/entities/block-inc" target="_blank" data-smartkarma-citation="entities:35684:1" rel="noopener">Block (SQ2 AU)</a>.</li>
</ul>


Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 25th May, published on the 29th May.
The largest industry net increase in the past week was A$486mn into "Diversified Banks"; the largest industry net decrease was A$239mn out of "Interactive Media". Net shorts increased A$0.8bn week-on-week.
Companies mentioned in this regular weekly report include: PLS (PLS AU), Newmont (NEM AU), Suncorp (SUN AU), Transurban (TCL AU), Capstone Copper (CSC AU), Lendlease (LLC AU), Block (SQ2 AU).


Aussie Shorts [25 May]: PLS, Newmont, Suncorp, Transurban, Capstone Copper, Lendlease, Block

Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

<ul><li>Boss Energy's FY26 guidance raised doubts over Honeymoon's ability to reach nameplate capacity, clouding the outlook and raising valuation concerns.</li><li> -Boss Energy&rsquo;s operational update triggers share price sell-off -Feasibility study assumptions questioned, given FY26 guidance -Nameplate capacity concerns for Honeymoon translate into much lower valuations/price targets -Expert study will commence shortly, but with no end date yet confirmed</li></ul>

Boss Energy's FY26 guidance raised doubts over Honeymoon's ability to reach nameplate capacity, clouding the outlook and raising valuation concerns. -Boss Energy&rsquo;s operational update triggers share price sell-off -Feasibility study assumptions questioned, given FY26 guidance -Nameplate capacity concerns for Honeymoon translate into much lower valuations/price targets -Expert study will commence shortly, but with no end date yet confirmed

Honeymoon Uncertainty Clouds Boss' Outlook

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Boss delivered a robust March 2025 quarter, with Honeymoon generating free cash flow and production ramping sharply.</li>
<li>The company targets ~2.9M lbs annual output by FY27, supported by Alta Mesa and multiple exploration assets.</li>
<li>Valuations remain attractive at ~8× forward P/E, though uranium price volatility and execution risks persist.</li>
</ul>


Boss delivered a robust March 2025 quarter, with Honeymoon generating free cash flow and production ramping sharply.
The company targets ~2.9M lbs annual output by FY27, supported by Alta Mesa and multiple exploration assets.
Valuations remain attractive at ~8× forward P/E, though uranium price volatility and execution risks persist.


Boss Energy (ASX: BOE) – Transitioning to Tier-1 Producer with Strong Quarterly Momentum

Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of May 22nd (reported today). The aggregated short interest was USD44.0bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Suncorp, BHP, Computershare, Northern Star Resources, Wesfarmers.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of May 22nd (reported today). The aggregated short interest was USD44.0bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Suncorp, BHP, Computershare, Northern Star Resources, Wesfarmers.


ASX Short Interest Weekly (May 22nd): Suncorp, BHP, Computershare, Northern Star Resources

Australia

Boss Resources Limited operates as a mineral exploration company. The Company explores and develops uranium and base metal projects. Boss Resources serves customers in Namibia.

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Boss Energy (BOE AU)

CGN Mining (1164 HK) - THE NUCLEAR OPTION!

CGN reported unaudited results showing its Kazakhstan joint ventures produced 702.5 tU of natural uranium in the fourth quarter and 2,699.0 tU for...

David Mudd

Aussie Shorts [25 May]: PLS, Newmont, Suncorp, Transurban, Capstone Copper, Lendlease, Block

Companies mentioned in this regular weekly report include: PLS (PLS AU), Newmont (NEM AU), Suncorp (SUN AU), Transurban (TCL AU), Capstone Copper...

David Blennerhassett

Honeymoon Uncertainty Clouds Boss' Outlook

Boss Energy's FY26 guidance raised doubts over Honeymoon's ability to reach nameplate capacity, clouding the outlook and raising valuation...

FNArena

Boss Energy (ASX: BOE) – Transitioning to Tier-1 Producer with Strong Quarterly Momentum

Boss had a strong quarter with Honeymoon generating cash flow and production increasing, aiming for 2.9M lbs output by FY27, but faces risks due...

Rahul Jain

ASX Short Interest Weekly (May 22nd): Suncorp, BHP, Computershare, Northern Star Resources

We analyzed ASX short interest report for the past week and highlight short interest changes in Suncorp, BHP, Computershare, Northern Star...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CGN Mining (1164 HK) - THE NUCLEAR OPTION!

CGN reported unaudited results showing its Kazakhstan joint ventures produced 702.5 tU of natural uranium in the fourth quarter and 2,699.0 tU for...

David Mudd

Aussie Shorts [25 May]: PLS, Newmont, Suncorp, Transurban, Capstone Copper, Lendlease, Block

Companies mentioned in this regular weekly report include: PLS (PLS AU), Newmont (NEM AU), Suncorp (SUN AU), Transurban (TCL AU), Capstone Copper...

David Blennerhassett

Honeymoon Uncertainty Clouds Boss' Outlook

Boss Energy's FY26 guidance raised doubts over Honeymoon's ability to reach nameplate capacity, clouding the outlook and raising valuation...

FNArena

Boss Energy (ASX: BOE) – Transitioning to Tier-1 Producer with Strong Quarterly Momentum

​Boss had a strong quarter with Honeymoon generating cash flow and production increasing, aiming for 2.9M lbs output by FY27, but faces risks due...

Rahul Jain

ASX Short Interest Weekly (May 22nd): Suncorp, BHP, Computershare, Northern Star Resources

We analyzed ASX short interest report for the past week and highlight short interest changes in Suncorp, BHP, Computershare, Northern Star...

Ke Yan, CFA, FRM

Boss had a strong quarter with Honeymoon generating cash flow and production increasing, aiming for 2.9M lbs output by FY27, but faces risks due...