Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,300+ insights published on Smartkarma.</li>
<li>In this cut, we review the outlook for energy markets amid the Persian Gulf conflict, highlight coverage of gold miners large and small, and identify opportunities in Japanese financials.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,300+ insights published on Smartkarma.
In this cut, we review the outlook for energy markets amid the Persian Gulf conflict, highlight coverage of gold miners large and small, and identify opportunities in Japanese financials.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Crude Reality, Reshuffling Gold Miners & Banking on Japanese Fintech

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

OceanaGold Philippines / Equity Bottom-Up

<ul>
<li>FY2025 revenue of US$438.8m (+27.9% YoY); EBITDA of US$161.9m (+41.3%); net income of US$76.5m (+152%), driven primarily by gold prices averaging US$3,481/oz in 2H25 (vs Current Spot 5,300 USD/oz)</li>
<li>At a gold price of 5000 USD/oz, the stock trades at 7.6x FY26e PE with a 13% dividend yield. Even at 3,400 USD/oz, the stock yields 7.2%. </li>
<li>Key risks lie in local or government disputes that could disrupt operations, or in the Liggayu Vs Gonzales case, which, if resolved adversely, could result in equity dilution. </li>
</ul>


FY2025 revenue of US$438.8m (+27.9% YoY); EBITDA of US$161.9m (+41.3%); net income of US$76.5m (+152%), driven primarily by gold prices averaging US$3,481/oz in 2H25 (vs Current Spot 5,300 USD/oz)
At a gold price of 5000 USD/oz, the stock trades at 7.6x FY26e PE with a 13% dividend yield. Even at 3,400 USD/oz, the stock yields 7.2%. 
Key risks lie in local or government disputes that could disrupt operations, or in the Liggayu Vs Gonzales case, which, if resolved adversely, could result in equity dilution. 


OceanaGold Philippines, Inc. (OGP PM): Another Cheap Play On Gold Price

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Nam Lee Pressed Metal Industries / Equity Bottom-Up

Nam Lee Pressed Metal Industries (NLPM SP)

<ul><li>The 50 SMIDs in Singapore's YTD net-institutional-inflow-to-market-cap ratio span 10 sectors with S$170M daily turnover.</li><li>InnoTek, Frencken, AEM, and CSE Global show semiconductor-adjacent and engineering-driven focus, with significant institutional inflows.</li><li>Huationg Global completed a S$7 million share placement, attracting institutional investors, with a market cap of S$142 million.</li></ul>

The 50 SMIDs in Singapore's YTD net-institutional-inflow-to-market-cap ratio span 10 sectors with S$170M daily turnover.InnoTek, Frencken, AEM, and CSE Global show semiconductor-adjacent and engineering-driven focus, with significant institutional inflows.Huationg Global completed a S$7 million share placement, attracting institutional investors, with a market cap of S$142 million.

Singapore SMIDs: Where Institutional Flows Are Concentrating in Early 1Q26

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>Singapore's stellar performance has been propelled primarily by large caps. We think investors should focus on SMID now, as MAS's S$5bn EQDP incentivizes fund managers to look outside index stocks.</li>
<li>We screen SMID stocks in SGX with above-market forecast earnings growth, EPS estimate upgrades over past 6 months, low leverage and reasonable growth adjusted valuations (PEG&lt;1.4x).</li>
<li>Eight SMID stocks come up on our screen, spread across various sectors, but tilted towards Energy and Minerals and Mining. Most are net cash companies with ROEs higher than COEs.</li>
</ul>


Singapore's stellar performance has been propelled primarily by large caps. We think investors should focus on SMID now, as MAS's S$5bn EQDP incentivizes fund managers to look outside index stocks.
We screen SMID stocks in SGX with above-market forecast earnings growth, EPS estimate upgrades over past 6 months, low leverage and reasonable growth adjusted valuations (PEG&lt;1.4x).
Eight SMID stocks come up on our screen, spread across various sectors, but tilted towards Energy and Minerals and Mining. Most are net cash companies with ROEs higher than COEs.


Asian Equities: A Few Singapore Small and Mid-Cap Jewels

SAC Capital

Independent Insight Provider

<ul>
<li>CNMC delivered a stellar financial performance in 1HFY25. </li>
<li>The Group’s 1HFY25 net profit surged 251.4% YoY to US$19.4 million, exceeding FY24 full year net profit of US$12.2 million.</li>
<li>1HFY25 revenue increased 78.0% YoY to US$52.8 million, the highest in any half-year period since CNMC’s inception.</li>
</ul>


CNMC delivered a stellar financial performance in 1HFY25. 
The Group’s 1HFY25 net profit surged 251.4% YoY to US$19.4 million, exceeding FY24 full year net profit of US$12.2 million.
1HFY25 revenue increased 78.0% YoY to US$52.8 million, the highest in any half-year period since CNMC’s inception.


CNMC Goldmine - CNMC’s 1HFY25 Earnings Outshine FY24

Singapore

CNMC Goldmine Holdings Limited is a Singapore-based company primarily engaged in the exploration, mining, and processing of gold ore into gold doré bars. The company also explores for silver, lead, and zinc deposits, with its flagship project being the Sokor Gold Field in Kelantan, Malaysia. CNMC Goldmine was founded in 2006 and is headquartered in Singapore.

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CNMC Goldmine (CNMC SP)

Curator's Cut: Crude Reality, Reshuffling Gold Miners & Banking on Japanese Fintech

This Curator's Cut highlights energy market outlook, gold miners coverage, and opportunities in Japanese financials from Smartkarma insights....

Pranav Rao

OceanaGold Philippines, Inc. (OGP PM): Another Cheap Play On Gold Price

OceanaGold Philippines: Philippines' #3 gold & copper producer. Debt-free, 90% FCF payout, AISC ~$1,263/oz vs $3,481/oz avg gold price. 12-year...

Sameer Taneja

Singapore SMIDs: Where Institutional Flows Are Concentrating in Early 1Q26

The 50 SMIDs in Singapore's YTD net-institutional-inflow-to-market-cap ratio span 10 sectors with S$170M daily turnover. InnoTek, Frencken, AEM,...

Singapore Exchange Ltd (SGX)

Asian Equities: A Few Singapore Small and Mid-Cap Jewels

SG investors should focus on SMID stocks with strong growth potential & attractive valuations, as MAS's EQDP incentivizes fund managers to look...

Manishi Raychaudhuri

CNMC Goldmine - CNMC’s 1HFY25 Earnings Outshine FY24

CNMC delivered a stellar financial performance in 1HFY25. The Group’s 1HFY25 net profit surged 251.4% YoY to US$19.4 million, exceeding FY24 full...

SAC Capital

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Curator's Cut: Crude Reality, Reshuffling Gold Miners & Banking on Japanese Fintech

​This Curator's Cut highlights energy market outlook, gold miners coverage, and opportunities in Japanese financials from Smartkarma insights....

Pranav Rao

OceanaGold Philippines, Inc. (OGP PM): Another Cheap Play On Gold Price

OceanaGold Philippines: Philippines' #3 gold & copper producer. Debt-free, 90% FCF payout, AISC ~$1,263/oz vs $3,481/oz avg gold price. 12-year...

Sameer Taneja

Singapore SMIDs: Where Institutional Flows Are Concentrating in Early 1Q26

The 50 SMIDs in Singapore's YTD net-institutional-inflow-to-market-cap ratio span 10 sectors with S$170M daily turnover. InnoTek, Frencken, AEM,...

Singapore Exchange Ltd (SGX)

Asian Equities: A Few Singapore Small and Mid-Cap Jewels

​SG investors should focus on SMID stocks with strong growth potential & attractive valuations, as MAS's EQDP incentivizes fund managers to look...

Manishi Raychaudhuri

CNMC Goldmine - CNMC’s 1HFY25 Earnings Outshine FY24

CNMC delivered a stellar financial performance in 1HFY25. The Group’s 1HFY25 net profit surged 251.4% YoY to US$19.4 million, exceeding FY24 full...

SAC Capital

This Curator's Cut highlights energy market outlook, gold miners coverage, and opportunities in Japanese financials from Smartkarma insights....

SG investors should focus on SMID stocks with strong growth potential & attractive valuations, as MAS's EQDP incentivizes fund managers to look...