Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

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.

Cross Asset Strategy

<ul>
<li>SMRs enable decarbonization of electricity through low carbon heat and hydrogen production. Small Modular Reactors (SMRs) are advanced nuclear reactors.</li>
<li>SMRs are not new. They have been in design phase for long and not deployed at scale with cost being the primary hurdle.</li>
<li>By 2026 data centres are expected to hog &gt;1,000 TWh of electricity which is equivalent to the electricity consumption of Japan.</li>
</ul>


SMRs enable decarbonization of electricity through low carbon heat and hydrogen production. Small Modular Reactors (SMRs) are advanced nuclear reactors.
SMRs are not new. They have been in design phase for long and not deployed at scale with cost being the primary hurdle.
By 2026 data centres are expected to hog &gt;1,000 TWh of electricity which is equivalent to the electricity consumption of Japan.


Energy Transition Requires Betting Big on Nuclear Starting Small with SMRs

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Based on prices and turnover from 17 July, there could be 5 additions and 1 deletion for the index in July. Plus there will be capping and float changes.</li>
<li>Estimated one-way turnover is 7.9% resulting in a round-trip trade of US$840m. There are many stocks with multiple days of ADV to trade.</li>
<li>The index is currently trading 34% below its highs but near a zone from where it has bounced in the past.</li>
</ul>


Based on prices and turnover from 17 July, there could be 5 additions and 1 deletion for the index in July. Plus there will be capping and float changes.
Estimated one-way turnover is 7.9% resulting in a round-trip trade of US$840m. There are many stocks with multiple days of ADV to trade.
The index is currently trading 34% below its highs but near a zone from where it has bounced in the past.


Solactive Global Uranium & Nuclear Components Index Rebalance Preview: 5 Adds, 1 Delete Possible

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Standard Nuclear / Equity Capital Markets

<ul>
<li>Standard Nuclear is the only privately funded U.S. industrial-scale TRISO fuel producer, supplying advanced reactor developers rather than competing with them. </li>
<li>A $245 million contract backlog and expanding production capacity position the company to benefit from growing nuclear fuel demand.</li>
<li>Attractive long-term nuclear tailwinds are offset by early-stage commercialization, regulatory uncertainty, and a significant valuation step-up from prior funding rounds.</li>
</ul>


Standard Nuclear is the only privately funded U.S. industrial-scale TRISO fuel producer, supplying advanced reactor developers rather than competing with them. 
A $245 million contract backlog and expanding production capacity position the company to benefit from growing nuclear fuel demand.
Attractive long-term nuclear tailwinds are offset by early-stage commercialization, regulatory uncertainty, and a significant valuation step-up from prior funding rounds.


Standard Nuclear (STDN): The Nuclear Bottleneck: Standard Nuclear Brings Fuel to the IPO Market

<ul>
<li>There are 2 adds/deletes each for the MarketVector Global Uranium and Nuclear Energy Infrastructure Index and for the MVIS Global Uranium &amp; Nuclear Energy Index in June.</li>
<li>
<a href="https://www.smartkarma.com/entities/x-energy-inc" target="_blank" data-smartkarma-citation="entities:47990:1" rel="noopener">X-Energy (XE US)</a> will be added to both indices while the other adds and deletes differ across the indices.</li>
<li>The round-trip trade across both indices is US$1.65bn with capping changes resulting in much bigger flow for the MVIS Global Uranium &amp; Nuclear Energy Index.</li>
</ul>


There are 2 adds/deletes each for the MarketVector Global Uranium and Nuclear Energy Infrastructure Index and for the MVIS Global Uranium &amp; Nuclear Energy Index in June.

X-Energy (XE US) will be added to both indices while the other adds and deletes differ across the indices.
The round-trip trade across both indices is US$1.65bn with capping changes resulting in much bigger flow for the MVIS Global Uranium &amp; Nuclear Energy Index.


MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Changes Lead to US$1.65bn Trade

<ul>
<li>There is 1 add/delete for the MVIS Global Uranium &amp; Nuclear Energy Index while there are no constituent changes for the MarketVector Global Uranium and Nuclear Energy Infrastructure Index.</li>
<li>
<a href="https://www.smartkarma.com/entities/isoenergy-ltd" target="_blank" data-smartkarma-citation="entities:43145:1" rel="noopener">IsoEnergy (ISO CN)</a> will replace <a href="https://www.smartkarma.com/entities/ur-energy-inc-845bf87b-f51b-4d57-8b7e-f6696dc23213" target="_blank" data-smartkarma-citation="entities:39270:1" rel="noopener">Ur-Energy (URG US)</a> in the MVIS Global Uranium &amp; Nuclear Energy Index at the close on 20 March.</li>
<li>The round-trip trade across both indices is US$1.05bn with capping changes resulting in much bigger flow for the MVIS Global Uranium &amp; Nuclear Energy Index.</li>
</ul>


There is 1 add/delete for the MVIS Global Uranium &amp; Nuclear Energy Index while there are no constituent changes for the MarketVector Global Uranium and Nuclear Energy Infrastructure Index.

IsoEnergy (ISO CN) will replace Ur-Energy (URG US) in the MVIS Global Uranium &amp; Nuclear Energy Index at the close on 20 March.
The round-trip trade across both indices is US$1.05bn with capping changes resulting in much bigger flow for the MVIS Global Uranium &amp; Nuclear Energy Index.


MV Global Uranium & Nuclear Energy/Infra Index Rebalance: US$1.05bn Net Trade Across Indices

United States

Oklo Inc. provides nuclear fission reactors which can be fueled by recycled waste. The Company designs and deploys fission power plants to provide clean, reliable, and affordable energy. Oklo serves customers worldwide.

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Oklo (OKLO US)

Energy Transition Requires Betting Big on Nuclear Starting Small with SMRs

SMRs are critical to energy transition. Not new. Just not deployed at scale yet. Keen to secure exposure to nuclear power industry. Tread...

Mint Finance

Solactive Global Uranium & Nuclear Components Index Rebalance Preview: 5 Adds, 1 Delete Possible

There could be 5 adds and 1 delete for the index in July. Estimated one-way turnover is 7.9% resulting in a round-trip trade of US$840m. The index...

Brian Freitas

Standard Nuclear (STDN): The Nuclear Bottleneck: Standard Nuclear Brings Fuel to the IPO Market

Standard Nuclear is a leading TRISO fuel producer with a strong contract backlog and growth potential, but faces challenges due to early-stage...

IPO Boutique

MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Changes Lead to US$1.65bn Trade

There are 2 constituent changes each for the NLR and NUCL ETFs. Along with float and capping changes, the gross round-trip trade across both...

Brian Freitas

MV Global Uranium & Nuclear Energy/Infra Index Rebalance: US$1.05bn Net Trade Across Indices

IsoEnergy will replace Ur-Energy in the NLR ETF. The round-trip trade across both indices is US$1.05bn. There are a few stocks with over 1x ADV to...

Brian Freitas

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52-week Range

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Energy Transition Requires Betting Big on Nuclear Starting Small with SMRs

SMRs are critical to energy transition. Not new. Just not deployed at scale yet. Keen to secure exposure to nuclear power industry. Tread...

Mint Finance

Solactive Global Uranium & Nuclear Components Index Rebalance Preview: 5 Adds, 1 Delete Possible

There could be 5 adds and 1 delete for the index in July. Estimated one-way turnover is 7.9% resulting in a round-trip trade of US$840m. The index...

Brian Freitas

Standard Nuclear (STDN): The Nuclear Bottleneck: Standard Nuclear Brings Fuel to the IPO Market

​Standard Nuclear is a leading TRISO fuel producer with a strong contract backlog and growth potential, but faces challenges due to early-stage...

IPO Boutique

MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Changes Lead to US$1.65bn Trade

There are 2 constituent changes each for the NLR and NUCL ETFs. Along with float and capping changes, the gross round-trip trade across both...

Brian Freitas

MV Global Uranium & Nuclear Energy/Infra Index Rebalance: US$1.05bn Net Trade Across Indices

IsoEnergy will replace Ur-Energy in the NLR ETF. The round-trip trade across both indices is US$1.05bn. There are a few stocks with over 1x ADV to...

Brian Freitas

Standard Nuclear is a leading TRISO fuel producer with a strong contract backlog and growth potential, but faces challenges due to early-stage...