Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>What are major global bond markets telling us about the world?</li>
<li>We look at potential beneficiaries  of the next wave of inflation </li>
</ul>


A review of recent events/data impacting our investment themes and outlook
What are major global bond markets telling us about the world?
We look at potential beneficiaries  of the next wave of inflation 


Overview #27 – The Big Beautiful Tragi-Comedy Continues

External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>1HFY26 – Nothing to reportPDN recorded revenue of US$138m (+79% vs PcP, inline with our estimate of US$139m).</li><li>COGS were US$91.3m, excluding depreciation, (BPe US$93.8m), largely inline with our expectations.</li><li>Profit before tax was US$9.26m, BPe US$6.2m.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1HFY26 – Nothing to reportPDN recorded revenue of US$138m (+79% vs PcP, inline with our estimate of US$139m).COGS were US$91.3m, excluding depreciation, (BPe US$93.8m), largely inline with our expectations.Profit before tax was US$9.26m, BPe US$6.2m.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Paladin Energy (PDN): Strong Finish on the Cards

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>The Precious metals and miners are potentially having blow-off moves</li>
<li>Strategic Metals and Minerals get another boost from the Trump  administration</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
The Precious metals and miners are potentially having blow-off moves
Strategic Metals and Minerals get another boost from the Trump  administration


Overview #35 – You Can’t Always Get What You Want...

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<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>As widely speculated, Cosette <a href="https://announcements.asx.com.au/asxpdf/20250521/pdf/06jyjz3t1px3s2.pdf" target="_blank" rel="noopener">asserted</a> to <a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a> on the 17th May a Material Adverse Change (MAC) has occurred.</li>
<li>Mayne disagrees, and views the pre-requisites for a MAC, as defined in the SID, have not been established. </li>
<li>What now? The Scheme is not terminated. Both parties remain in consultation. If those talks are not satisfactory (say, a price reduction [my guess]), Cosette said it will walk. </li>
</ul>


As widely speculated, Cosette asserted to Mayne Pharma (MYX AU) on the 17th May a Material Adverse Change (MAC) has occurred.
Mayne disagrees, and views the pre-requisites for a MAC, as defined in the SID, have not been established. 
What now? The Scheme is not terminated. Both parties remain in consultation. If those talks are not satisfactory (say, a price reduction [my guess]), Cosette said it will walk. 


Australia

Paladin Energy Ltd operates as a mining company. The Company explores and mines uranium. Paladin Energy serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Paladin Energy (PDN AU)

Overview #27 – The Big Beautiful Tragi-Comedy Continues

More positive news for the Uranium Sector. Jefferies upgraded the Australian uranium miners yesterday with $PDN, $BOE and $DLY rallying 15-20% & up...

Rikki Malik

Paladin Energy (PDN): Strong Finish on the Cards

COGS were US$91.3m, excluding depreciation, (BPe US$93.8m), largely inline with our expectations.Profit before tax was US$9.26m, BPe US$6.2m.

Bell Potter

Overview #35 – You Can’t Always Get What You Want...

A review of recent events/data impacting our investment themes and outlook. We look at recent moves in the precious metals and uranium sector

Rikki Malik

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

Mayne Disagrees With Cosette On MAC

Mayne Pharma (MYX AU) has released its FY25 results. They appear decent. (more detail in "Discussions" at the bottom). And nothing apparent to...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)