Smartkarma Daily Briefs

Friday post-close the MarketVector™️ Global Gold Miners Index announced its rebalance changes and as a result, the flows for the VanEck Gold Miners ETF are known.
As per the expectations of our Quiddity Index PS, the MVGDX added only Ramelius Resources (RMS AU) resulting in 8 ADDs and 24 DELs for the VanEck benchmark change.
The significant move in gold prices the last month have more than doubled the deletion/capping flow total to $12.6bn. There are some REALLY big flows here.

Zijin Gold IPO: PHIP Updates Support the Investment Thesis

By Arun George

Zijin Gold (2579355D HK) is a global leading gold mining company and the overseas gold segment of Zijin Mining Group (601899 CH). It is pre-marketing an HKEx IPO to raise US$3bn.
I previously discussed the IPO and outlined my investment thesis in Zijin Gold IPO: The Investment Case.
In this note, I take a look at the new information from the PHIP. The 1H25 results and latest developments underscore my previous bullish thesis.

Resonac Holdings – Strategic Transition and Re-Rating Potential

Resonac continues to reshape its portfolio, scaling growth materials while rationalising legacy chemicals and electrodes.
FY2025 guidance appears conservative, particularly on profit, leaving room for upside if current momentum is sustained.
Valuation & risk: Shares trade at a discount to global peers, with re-rating potential contingent on execution and balance sheet discipline.

Zijin Gold Int’l IPO Preview: High-Growth Gold Mining Leader (PHIP, 14 Sep 2025)

High Growth: ~80% production increase (36t to 65t, 2024–27E) via Buriticá, Aurora, Porgera, Central Asia.
Valuation: Filing suggests US$12–16bn (US$3–4bn raise, 6–7.5× EV/EBITDA); market eyes US$30–40bn.
Key Dynamics: SOE-backed expansion; risks in EM execution and AISC (~US$1,350/oz by 2027E).

Zijin Gold Pre-IPO: PHIP Update: Acquisition of Raygorodok Mine for a Song

By Nicholas Tan

Zijin Gold (2579355D HK) is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO.
It is a global leading gold mining company formed by combining all of the gold mines of Zijin Mining, located outside of China.
We have looked at the company’s past performance, and done a peer comparison in our previous note. In this note, we will provide a PHIP update.

The Transformation of Lundin Mining: A Five Year Capital Allocation Masterclass (2020-2024)

By Massif Capital Research

In the history of mining corporate strategy, few companies have executed a more comprehensive and successful transformation than Lundin Mining between 2020 and 2024.
Under the sequential leadership of CEO Peter Rockandel and his successor, Jack Lundin, the company has orchestrated a methodical repositioning from an unfocused, geographically diversified base metals producer into a concentrated, copper-dominant miner with world-class greenfield growth prospects.
This transformation, achieved through the sale of non-core assets, a doubling down on the pursuit of operational excellence, and over four billion dollars in strategic capital allocation decisions, represents a masterclass in corporate strategy within the cyclical and capital-intensive mining industry.

MacroVoices #497 Dr. Anas Alhajji: The Impact of Trump Polices on Russia, China, India & OPEX+

By Macro Voices

OPEC’s Group of Eight discussed unwinding production cuts and increasing oil production, led by Saudi Arabia to bring energy prices down
OPEC’s cooperation with non-OPEC producers, including Russia and Kazakhstan, resulted in a 2 million barrels per day production cut in late 2022
Dr. Anas Alhaji, Energy Outlook Advisors managing partner, discussed OPEC’s actions and outlook on oil prices in an interview with Macro Voices host, Eric Townsend

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities: Beware the Ides of September

By At Any Rate

Price structures have remained resilient in 2025, with Brent and WTI in backwardation despite OPEC supply hikes and increasing crude inventories
Five conditions were needed for crude prices to start reflecting year-end weakness, but only two have materialized so far
OECD crude inventories have not built as aggressively as expected, with a lopsided increase in global stocks outside of Western markets, particularly in China

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Dialogue. Perimeter, CSU, and Copart Update + Nvidia GPU Risks and Fed Rate History

By The Synopsis

Perimeter had a strong quarter with revenues up 28% year over year to 163 million, driven by growth in both their fire safety and specialty products segments
EBITDA growth was even stronger at 91 million, with the Fire Safety segment enjoying a 98% incremental margin, showing operating leverage and operational efficiency
Perimeter’s acquisition strategy and diversification into new platforms are helping to offset the impact of wildfires on their business, with promising growth potential for the future.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Anglo Teck Mega Merger… and a Retail Revolt

By Money of Mine

Anglo Tech merger is a massive deal with significant potential synergies and benefits for both companies, particularly in copper production
The deal is well structured with operational synergies and nil premium merger, making it difficult for potential interlopers to compete
Anglo has shown remarkable turnaround from being undervalued and criticized to being a key player in the industry, with significant government approvals and listing requirements in place for the deal to be successful

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

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Sep 16

Daily Brief Consumer: Alibaba, Central Plaza Hotel, Potbelly Corp, J Sainsbury PLC, Thunderbird Entertainment Group, Kweichow Moutai, KRBL Ltd, Hesai Group, Kingsmen Creative and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Alibaba Taps AI Chips, Raises $3.2 Billion, & Sends Wall Street Buzzing!
Quiddity Leaderboard SET50 Dec25: Delta Capping in Sep25; At Least Two Index Changes Likely in Dec25
Potbelly Corp (PBPB) – Monday, Jun 16, 2025
JD Walks from Argos – But Sainsbury’s Valuation Case Strengthens
Sophon Capital’s Thunderbird Entertainment Thesis $TBRD
Moutai (600519) – Monday, Jun 16, 2025
KRBL Ltd- Not Just Another Resignation
Unpacking KRBL’s Corporate Challenges
Hesai Secondary HK Offering: What Is LiDAR’s Real TAM? Big Upside, One Big Risk.
Kingsmen Creatives Chair & Deputy Chair Build Stakes

Alibaba Taps AI Chips, Raises $3.2 Billion, & Sends Wall Street Buzzing!

By Baptista Research

Alibaba Group is back in the spotlight after unveiling a trifecta of high-profile moves that have reignited investor interest and sent its shares sharply higher.
The Chinese tech conglomerate raised $3.2 billion through the issuance of zero-coupon convertible bonds due 2032, a financing round earmarked for strengthening its AI and cloud infrastructure.
At the same time, reports surfaced that Alibaba is beginning to deploy in-house AI training chips, reducing reliance on Nvidia’s costly accelerators and signaling a shift toward technological sovereignty in the middle of China’s broader AI race.

Quiddity Leaderboard SET50 Dec25: Delta Capping in Sep25; At Least Two Index Changes Likely in Dec25

By Janaghan Jeyakumar, CFA

The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
In this insight, we take a look at our capping flow expectations for the September 2025 index rebal event.
Separately, we expect at least two index changes during the next index review in December 2025.

Potbelly Corp (PBPB) – Monday, Jun 16, 2025

Key points (machine generated)

The article highlights Potbelly (PBPB) as a promising investment opportunity in the fast-casual restaurant sector.
Under CEO Bob Wright, Potbelly has made operational improvements leading to increased average-unit volumes and profit margins.
The author believes Potbelly is shifting from a turnaround story to a growth stock, with potential for shares to double.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

JD Walks from Argos – But Sainsbury’s Valuation Case Strengthens

By Jesus Rodriguez Aguilar

Argos’s strategic value remains underappreciated, despite JD.com walking away. A sale or internal turnaround could unlock up to £2 billion in value based on realistic, post-tax synergy assumptions.
Sainsbury acquired Argos for £1.4 billion in 2016, aiming for multichannel scale. While digital integration succeeded, long-term profit delivery has lagged — offering a compelling restructuring opportunity today.
My event-driven SOTP model shows 10–25% share price upside, with optionality from renewed M&A interest, internal margin improvement, or capital allocation catalysts including divestment or spin-off.

Sophon Capital’s Thunderbird Entertainment Thesis $TBRD

By Yet Another Value Podcast

Thunderbird Entertainment is a highly illiquid Canadian stock with a market cap of $75 million CAD, traded at low volumes.
Sofon Capital Research is interested in microcap companies like Thunderbird, defining them as high quality businesses at fair to great prices.
Thunderbird is considered a very good business at an outstanding price, trading at less than 2x next 12 months EBITDA, making it an attractive investment opportunity.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Moutai (600519) – Monday, Jun 16, 2025

Key points (machine generated)

Moutai is a premium baijiu essential for social gatherings in China, symbolizing respect and status.
Despite strong financial performance, Moutai’s stock price has stagnated due to oversupply and pricing volatility.
The long-term outlook for Moutai remains optimistic, with potential for recovery as market conditions stabilize.

KRBL Ltd- Not Just Another Resignation

By Nitin Mangal

Shares of KRBL Ltd (KRB IN) dropped as much as 12% intraday on September 15th, owing to resignation of Independent Director, Mr. Anil Kumar Chaudhary.
His letter highlights suppression of dissent, lack of transparency in decision-making, questionable receivable write-offs, and CSR mismanagement among several governance concerns currently at the company.
When triangulated with auditor qualifications, committee overlaps, CSR lapses, frequent Board/CS exits, and major write off, a pattern of weak checks and board oversight emerges.

Unpacking KRBL’s Corporate Challenges

By Nimish Maheshwari

Independent Director Anil Kumar Chaudhary resigned in September 2025 citing serious governance issues including suppression of dissent, withholding of information, arbitrary financial decisions, and board process irregularities.
These recent events suggest that previous governance controversies are not fully resolved, raising issues around board transparency, independent oversight, and risk to stakeholder trust.
While KRBL’s operational performance remains strong, this development raises serious red flags about the company’s governance culture.

Hesai Secondary HK Offering: What Is LiDAR’s Real TAM? Big Upside, One Big Risk.

By Raj S, CA, CFA

LiDAR TAM is underestimated – Current consensus misses the true size. Our work suggests 2030 TAM can be 70–120% higher than implied; Hesai best positioned as the market leader.
Three Sub-segments Key –China LiDAR penetration reaching 60% penetration, Global ex-China ADAS (and LiDAR) adoption accelerating to 25–35%, and Robotics (logistics, humanoids, appliances) building upto $60bn market by 2030.
Though the use-cases and upside for the sector can be far beyond current estimates, the industry faces a significant technology risk and the jury is still out.

Kingsmen Creatives Chair & Deputy Chair Build Stakes

Institutions were net buyers of Singapore stocks with S$11.1 million inflow, major inflows to DBS, ST Engineering, UOL.
Stamford Land’s Ow Chio Kiat increased interest to 46.23%, maintaining a debt-free position with S$0.5 billion cash.
Nordic Group’s Chang Yeh Hong increased interest to 54.87%, with a strong S$184.9 million orderbook as of June 2025.

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Sep 16

Daily Brief Financials: Metaplanet, Centurion Accomodation REIT, FnGuide Inc, Korea Stock Exchange KOSPI 200, Shengjing Bank Co Ltd H, Tata Capital Limited, Dollar Index, Parkson Retail Asia, BlackRock Latin American Inves and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

[Quiddity Index] Index Consultation on Digital Asset Treasury Cos. The ‘Tutes Are Leaving?
Centurion Accomodation REIT IPO – New Asset Class
Tips for Using FnGuide to Run Top-Down Screens in Korea’s Policy-Driven Market
KOSPI 200 Tactical Call: Positioning for September Pullback
Shengjing Bank (2066 HK): 21st Oct Vote On Bailout
Tata Capital IPO – Jinxed by Tata Motors Finance
Global FX: Previewing central bank event risk for FX
Stocks Surpassing Turnover Thresholds in 3Q25
Stocks Surpassing Turnover Thresholds in 3Q25
BlackRock Latin American Inv Trust — Volatility can provide compelling opportunities

[Quiddity Index] Index Consultation on Digital Asset Treasury Cos. The ‘Tutes Are Leaving?

On 27 August, Metaplanet (3350 JP) announced a large overseas offering in line with a pause in the 20th Warrant Issuance program it had outstanding. The goal? Buy more bitcoin.
Shares had been ¥890 on the 27th, trading higher through the 29th. The offering priced at ¥553. Down 38%. Ouch. But it meant index upweight due to higher share count.
Friday post-close, global index provider M _ _ _ announced a consultation on digital asset treasury companies, suspending the upweight for Metaplanet. Watch out MSTR!

Centurion Accomodation REIT IPO – New Asset Class

By Sumeet Singh

Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing.
CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).
In this note, we look at the REIT’s portfolio and performance.

Tips for Using FnGuide to Run Top-Down Screens in Korea’s Policy-Driven Market

By Sanghyun Park

KRX provides broad official market data, but no consensus estimates. FnGuide aggregates broker reports, standardizes them, and delivers actionable consensus numbers for practical trading use.
FnGuide’s consensus data is solid and well-structured for screening, though coverage is limited to ~300–400 stocks, which still aligns with the practical trading universe.
FnGuide’s paid services require Korean residency or a corporate workaround, making access tough for overseas traders; realistically, we can rely on their free sites for financials, consensus, and basic screening.

KOSPI 200 Tactical Call: Positioning for September Pullback

By Nico Rosti

The KOSPI 200 INDEX reached a new all time high last Friday, closing at 462.74. Let’s be clear: it’s very overbought according to our model.
Our forecast is that the index will NOT rally for more than another 1 or 2 weeks (i.e. this week and maybe one more week).
449-442 is the price support zone with 50%-75% probability of reversal, if it was hit this week (this data will be updated if the index closes up this week).

Shengjing Bank (2066 HK): 21st Oct Vote On Bailout

By David Blennerhassett

On the 26th August, rural commercial bank Shengjing Bank Co Ltd H (2066 HK) announced a HK$1.32/Share Offer, a pretty tragic 86.49% discount to NAV.
On the 12th September, the Offeror bumped terms to HK$1.60 (best & final). That’s a 40.5% premium to undisturbed, but still a 83.96% discount to NAV.
The Composite Document’s now out, with a H-share class meeting on the 21st October. The IFA (Gram Capital) says “fair & reasonable”. To be expected.

Tata Capital IPO – Jinxed by Tata Motors Finance

By Sreemant Dudhoria,CFA

This note discusses the superlative historical track record of Tata Capital Limited (TATACAP IN) pre merger with Tata Motors Finance.
It also focusses on financial metrics of Tata Motors Finance and its financial track record.
Finally, how post merger of both companies the finance metrics has changed and what would be the likely valuation of IPO is discussed in this note.

Global FX: Previewing central bank event risk for FX

By At Any Rate

The dollar has not been able to break out of its range, despite various economic factors at play
Asian currencies, such as the Chinese yuan, have seen more traction and movement compared to the dollar
Continued US-China negotiations are impacting the market dynamics and influencing the direction of currencies like the yuan

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Stocks Surpassing Turnover Thresholds in 3Q25

Over 30 Singapore stocks increased their 2025 YTD ADT to above S$100K, with two-thirds seeing P/B ratio accretion.
Seven stocks saw their YTD ADT rise above S$1 million since June, with varied valuation accretion.
LHT Holdings recorded the highest net institutional inflow, attributed to DH Cornerstone Fund’s 18.45% stake acquisition.

Stocks Surpassing Turnover Thresholds in 3Q25

Over 30 Singapore stocks increased their 2025 YTD ADT to above S$100K, with two-thirds seeing P/B ratio accretion.
Seven stocks saw their YTD ADT rise above S$1 million since June, with varied valuation accretion.
LHT Holdings recorded the highest net institutional inflow, attributed to DH Cornerstone Fund’s 18.45% stake acquisition.

BlackRock Latin American Inv Trust — Volatility can provide compelling opportunities

By Edison Investment Research

BlackRock Latin American Investment Trust (BRLA) has two co-managers, Sam Vecht (lead) and Gordon Fraser, who are part of BlackRock’s London-based Emerging Markets & Frontiers team. Although Fraser was appointed as one of the trust’s managers relatively recently in April 2025, he has worked with Vecht for the last 18 years. The Latin American market can be volatile, which provides opportunities for investors willing to take a longer-term view. BRLA’s managers seek quality companies with good growth prospects that are trading on sensible valuations. They have in-depth knowledge of the whole region, so are able to find interesting businesses outside the dominant economies of Brazil and Mexico.

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Sep 16

Daily Brief Australia: Ramelius Resources, Emeco Holdings, ADX Energy Ltd and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

[Quiddity Index] VanEck Gold Miners ETF (GDX) Rebal Results – 8 ADDs, 24 DELs
Emeco (EHL AU): Offer Rumours Abound
ADX Energy (ASX: ADX): Deep dive into Italy

[Quiddity Index] VanEck Gold Miners ETF (GDX) Rebal Results – 8 ADDs, 24 DELs

Friday post-close the MarketVector™️ Global Gold Miners Index announced its rebalance changes and as a result, the flows for the VanEck Gold Miners ETF are known.
As per the expectations of our Quiddity Index PS, the MVGDX added only Ramelius Resources (RMS AU) resulting in 8 ADDs and 24 DELs for the VanEck benchmark change.
The significant move in gold prices the last month have more than doubled the deletion/capping flow total to $12.6bn. There are some REALLY big flows here.

Emeco (EHL AU): Offer Rumours Abound

By David Blennerhassett

Reportedly, heavy earthmoving equipment play Emeco Holdings (EHL AU) is in the crosshairs.
Local media are indicating that Emeco has been testing the water on possible domestic suitors, and this has spurred interest from overseas.
The share price is up 27% YTD and 58% over the past year, and currently trading around a four-year high.

ADX Energy (ASX: ADX): Deep dive into Italy

By Auctus Advisors

ADX has released further details on its C.R 150.AU permit; located in shallow waters offshore western Sicily, ~50 km from a potential onshore tie-in to the TransMed pipeline, which transports Algerian gas to Europe.
While initial efforts centred on the Nilde oil field, ADX has shifted its strategic focus toward gas, reflecting the evidence of high quality gas from historic oil exploration in the permit, Europe’s growing demand for domestic supply and the recent offshore development of nearby Argo-Cassiopea—the largest greenfield gas project in Italy (~350 bcf).
Italy’s current regulatory and political environment remains supportive of upstream activity, with continued exploration across the Sicily Channel.

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Sep 16

Daily Brief Thailand: Central Plaza Hotel and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

Quiddity Leaderboard SET50 Dec25: Delta Capping in Sep25; At Least Two Index Changes Likely in Dec25

Quiddity Leaderboard SET50 Dec25: Delta Capping in Sep25; At Least Two Index Changes Likely in Dec25

By Janaghan Jeyakumar, CFA

The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
In this insight, we take a look at our capping flow expectations for the September 2025 index rebal event.
Separately, we expect at least two index changes during the next index review in December 2025.

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Sep 16

Daily Brief Singapore: Centurion Accomodation REIT, SBS Transit Ltd, Yangzijiang Shipbuilding, Kingsmen Creative, Parkson Retail Asia, Starhill Global REIT and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Centurion Accomodation REIT IPO – New Asset Class
SBS Transit: Stable and a Slow Growth Business but Expensive at Current Prices
Earnings Delivery, Reasonable Valuations, Healthy Balance Sheet – Ten Stocks in ASEAN
Kingsmen Creatives Chair & Deputy Chair Build Stakes
Stocks Surpassing Turnover Thresholds in 3Q25
REIT Watch – S-REITs deliver double-digit total return in Q3 as investors await rate cuts

Centurion Accomodation REIT IPO – New Asset Class

By Sumeet Singh

Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing.
CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).
In this note, we look at the REIT’s portfolio and performance.

SBS Transit: Stable and a Slow Growth Business but Expensive at Current Prices

By Punit Khanna

55% market share in Singapore bus market. SBS runs 3 train lines.
The company has only one customer which is LTA and does not have much pricing power
The company is asset light and has lots of cash on its books.

Raising Money for Persons with Disabilities in Singapore

For your kind consideration

This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum. We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.

All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.

To contribute, please visit this URL.

Earnings Delivery, Reasonable Valuations, Healthy Balance Sheet – Ten Stocks in ASEAN

By Manishi Raychaudhuri

Our focus on earnings delivery continues, this time turning to ASEAN. We screen stocks with consistent EPS estimate upgrades, strong EPS growth forecasts, net debt/equity below 1 and PEG<1.3x.
In the six ASEAN markets, 10 stocks satisfy our criteria – four from Vietnam, two each from Indonesia and Thailand and one each from Singapore and Malaysia.
Nine of the ten stocks appreciated sharply over the past 3 and 6 months. Over the past 12 months 7 stocks appreciated and three declined.

Kingsmen Creatives Chair & Deputy Chair Build Stakes

Institutions were net buyers of Singapore stocks with S$11.1 million inflow, major inflows to DBS, ST Engineering, UOL.
Stamford Land’s Ow Chio Kiat increased interest to 46.23%, maintaining a debt-free position with S$0.5 billion cash.
Nordic Group’s Chang Yeh Hong increased interest to 54.87%, with a strong S$184.9 million orderbook as of June 2025.

Stocks Surpassing Turnover Thresholds in 3Q25

Over 30 Singapore stocks increased their 2025 YTD ADT to above S$100K, with two-thirds seeing P/B ratio accretion.
Seven stocks saw their YTD ADT rise above S$1 million since June, with varied valuation accretion.
LHT Holdings recorded the highest net institutional inflow, attributed to DH Cornerstone Fund’s 18.45% stake acquisition.

REIT Watch – S-REITs deliver double-digit total return in Q3 as investors await rate cuts

The iEdge S-REIT index delivered 10.3% total returns since end-June 2025, with all 30 constituents in the black QTD.
OUE REIT, CICT, Lendlease Global REIT, and Keppel REIT reported YTD total returns between 23.5% to 30.2% as of Sept 12.
Retail investors net bought S-REITs with S$600 million inflow YTD, while institutions had S$800 million net outflows.

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Sep 16

Daily Brief United States: Intel Corp, Potbelly Corp, DeFi Development, F5 Networks Inc, Reddit , StubHub Holdings, Pattern Group, Netskope, Crude Oil, Copper and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Intel CFO @ Citi’s 2025 Global TMT Conference: “We Will Use TSMC Forever”
Potbelly Corp (PBPB) – Monday, Jun 16, 2025
Defi Development Corp (DFDV) – Friday, Jun 13, 2025
F5’s $180 Million CalypsoAI Bet: Can Security Synergies Justify The Price?
Reddit Inc (RDDT) – Monday, Jun 16, 2025
StubHub Holdings (STUB): Big Brand, Heavy Debt Weighs on IPO Outlook
Pattern Group Inc. (PTRN): Profitable and a Potential Discount to Peers Highlights IPO Bull Case
Netskope, Inc. (NTSK): Cybersecurity Leader Draws Eyes with Robust Recurring Revenue
MacroVoices #497 Dr. Anas Alhajji: The Impact of Trump Polices on Russia, China, India & OPEX+
Major Merger in the Copper Industry

Intel CFO @ Citi’s 2025 Global TMT Conference: “We Will Use TSMC Forever”

By William Keating

We will be putting products on TSMC you know, forever, really. TSMC is a great partner for us. Obviously everyone understands that their support and technology are great.
18A is actually a good node for us. We want to milk that node We won’t get peak volume on 18A until the 2030 timeframe.
Kevork Kechichian joined Intel as head of the Data Center Group. He will lead Intel’s data center business across cloud and enterprise, including the Intel Xeon processor family

Potbelly Corp (PBPB) – Monday, Jun 16, 2025

Key points (machine generated)

The article highlights Potbelly (PBPB) as a promising investment opportunity in the fast-casual restaurant sector.
Under CEO Bob Wright, Potbelly has made operational improvements leading to increased average-unit volumes and profit margins.
The author believes Potbelly is shifting from a turnaround story to a growth stock, with potential for shares to double.

Defi Development Corp (DFDV) – Friday, Jun 13, 2025

Key points (machine generated)

DFDV is a closed-end digital asset fund providing liquid exposure to Solana and select DeFi protocols, currently valued at 5x its net asset value.
The fund holds 609,000 shares of Solana, totaling approximately $85 million, with a per-share value of around $4.00 compared to a market price of $28.
DFDV lacks a recurring revenue model, depending on asset appreciation and market sentiment, with a complex ownership structure affecting its market dynamics.

F5’s $180 Million CalypsoAI Bet: Can Security Synergies Justify The Price?

By Baptista Research

F5 Networks (NASDAQ:FFIV) is moving aggressively to deepen its footprint in AI security, announcing plans to acquire CalypsoAI for $180 million in cash.
The deal, expected to close in the fourth quarter of fiscal 2025, comes on the heels of F5’s strongest product revenue growth in over a decade, buoyed by data center modernization, hybrid multi-cloud adoption, and increasing AIrelated workloads.
CalypsoAI, headquartered in Dublin, Ireland, specializes in adaptive real-time AI security solutions, including red-teaming at scale and advanced data protection for enterprises deploying generative and agentic AI.

Reddit Inc (RDDT) – Monday, Jun 16, 2025

Key points (machine generated)

The author has a positive outlook on Reddit (RDDT US) as a strong multi-year investment post its public debut.
Reddit is modernizing its platform and exploring new revenue streams, while currently generating $1.4 billion in annual revenue with significant growth potential.
Despite some analyst concerns, the author believes risks are overstated and projects a diluted free cash flow of over $12 per share by 2030, indicating a compelling investment opportunity.

StubHub Holdings (STUB): Big Brand, Heavy Debt Weighs on IPO Outlook

By IPO Boutique

The company that describes itself as an operator of the largest global secondary ticketing marketplace will offer 34.042 million shares at a $22-25 range and will debut on Wednesday, 9/17.
According to guidance the deal is considered “multiple-times oversubscribed” with continued 1-on-1 conversions. The underwriters state that there is currently no price sensitivity in the book.
With growth mixed and debt burdens high, we view this IPO as one to approach with caution.

Pattern Group Inc. (PTRN): Profitable and a Potential Discount to Peers Highlights IPO Bull Case

By IPO Boutique

Pattern Group will will offer 21.4 million shares at $13–$15, set to debut Friday, September 19.
According to our sources, the deal is classified as well-oversubscribed with early 1-on-1 conversions.
At the $14.00 midpoint, Pattern is targeting an enterprise value of around $2.5bn, valuing it at a mid-teens multiple of expected Ebitda for 2026.

Netskope, Inc. (NTSK): Cybersecurity Leader Draws Eyes with Robust Recurring Revenue

By IPO Boutique

Netskope will offer 47.8 million shares at $15-$17 equating to a market cap of $5.7b-$6.5b and will debut on Thursday, 9/18.
According to our sources, the deal is multiple-times oversubscribed with long-only and 1-on-1 conversions. There is currently no price sensitivity in the offering.
While the company operates with steep losses, it is our opinion that the business continues to be innovative and grow in a sticky cybersecurity sector.

MacroVoices #497 Dr. Anas Alhajji: The Impact of Trump Polices on Russia, China, India & OPEX+

By Macro Voices

OPEC’s Group of Eight discussed unwinding production cuts and increasing oil production, led by Saudi Arabia to bring energy prices down
OPEC’s cooperation with non-OPEC producers, including Russia and Kazakhstan, resulted in a 2 million barrels per day production cut in late 2022
Dr. Anas Alhaji, Energy Outlook Advisors managing partner, discussed OPEC’s actions and outlook on oil prices in an interview with Macro Voices host, Eric Townsend

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Major Merger in the Copper Industry

By The Commodity Report

During the week, Anglo American bought the Canadian copper miner Teck Resources – creating a $50 billion copper giant. The company will be rebranded to Anglo Teck.
With the deal, the company expects to give shareholders close to 70% copper exposure.
Anglo Teck will hold a portfolio of producing operations, including “six world-class copper assets, alongside high-quality premium iron ore and zinc businesses.”

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Sep 16

Daily Brief South Korea: SK Inc, FnGuide Inc, Korea Stock Exchange KOSPI 200, Nong Shim Holdings Co., Ltd. and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Divorce Between SK Group Chairman Chey Tae-Won and Roh So-Young Coming to an End: Impact on SK Inc
Tips for Using FnGuide to Run Top-Down Screens in Korea’s Policy-Driven Market
KOSPI 200 Tactical Call: Positioning for September Pullback
Nongshim Holdings: NAV Valuation Analysis

Divorce Between SK Group Chairman Chey Tae-Won and Roh So-Young Coming to an End: Impact on SK Inc

By Douglas Kim

More than eight years have passed since Chairman Chey first filed for a divorce from this wife Roh So-young in July 2017.
This divorce case has finally reached the Supreme Court of Korea. Although the final outcome still remains unknown, it appears that this divorce case is finally coming to an end.
We also provide an NAV analysis of SK Inc. Our NAV valuation of SK Inc suggests implied market cap of 24.1 trillion won which is 42% higher than current levels.

Tips for Using FnGuide to Run Top-Down Screens in Korea’s Policy-Driven Market

By Sanghyun Park

KRX provides broad official market data, but no consensus estimates. FnGuide aggregates broker reports, standardizes them, and delivers actionable consensus numbers for practical trading use.
FnGuide’s consensus data is solid and well-structured for screening, though coverage is limited to ~300–400 stocks, which still aligns with the practical trading universe.
FnGuide’s paid services require Korean residency or a corporate workaround, making access tough for overseas traders; realistically, we can rely on their free sites for financials, consensus, and basic screening.

KOSPI 200 Tactical Call: Positioning for September Pullback

By Nico Rosti

The KOSPI 200 INDEX reached a new all time high last Friday, closing at 462.74. Let’s be clear: it’s very overbought according to our model.
Our forecast is that the index will NOT rally for more than another 1 or 2 weeks (i.e. this week and maybe one more week).
449-442 is the price support zone with 50%-75% probability of reversal, if it was hit this week (this data will be updated if the index closes up this week).

Nongshim Holdings: NAV Valuation Analysis

By Douglas Kim

Nong Shim Holdings Co., Ltd. (072710 KS) is part of our top 10 picks in our latest Korea Top 10 Picks Bi-Weekly.
Despite the recent share price appreciation, Nongshim Holdings’ price remains undervalued. Our NAV analysis suggests an implied price of 161,564 won per share which is 40% higher than current levels.
Nongshim Holdings’ 32.7% stake in Nongshim is the largest component of the value (1 trillion won) which is nearly twice as high as Nongshim Holdings’ current market cap.

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Sep 16

Daily Brief ESG: KRBL Ltd- Not Just Another Resignation and more

By Smartkarma Daily Briefs | Daily Briefs, ESG

In today’s briefing:

KRBL Ltd- Not Just Another Resignation
Many Companies that Have Seen Their Founding Family’s Stake Decline but Retain CEO Have Challenges

KRBL Ltd- Not Just Another Resignation

By Nitin Mangal

Shares of KRBL Ltd (KRB IN) dropped as much as 12% intraday on September 15th, owing to resignation of Independent Director, Mr. Anil Kumar Chaudhary.
His letter highlights suppression of dissent, lack of transparency in decision-making, questionable receivable write-offs, and CSR mismanagement among several governance concerns currently at the company.
When triangulated with auditor qualifications, committee overlaps, CSR lapses, frequent Board/CS exits, and major write off, a pattern of weak checks and board oversight emerges.

Many Companies that Have Seen Their Founding Family’s Stake Decline but Retain CEO Have Challenges

By Aki Matsumoto

Companies competing in global market are often compared in profitability and practices with global competitors, so they would have moved to reduce cross-shareholdings earlier than companies focused on domestic market.
There is little improvement in capital profitability, but lower number of cross-held shares will reduce the number of companies whose proxy votings are influenced by cross-shareholdings, which will improve governance.
Companies that maintain top management despite decline in the founding family’s stake tend to be targets of activist investors because they have problems with both corporate governance and capital profitability.

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Sep 16

Daily Brief Japan: Metaplanet, Nisshinbo Holdings, Resonac Holdings , Kobe Steel Ltd, TSE Tokyo Price Index TOPIX and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

[Quiddity Index] Index Consultation on Digital Asset Treasury Cos. The ‘Tutes Are Leaving?
Can Nisshinbo (3105) Become a Superstock?
Resonac Holdings – Strategic Transition and Re-Rating Potential
Kobelco (5406.T) – Diversified Japanese Industrial with Stable Steel and Engineering Exposure
Many Companies that Have Seen Their Founding Family’s Stake Decline but Retain CEO Have Challenges

[Quiddity Index] Index Consultation on Digital Asset Treasury Cos. The ‘Tutes Are Leaving?

On 27 August, Metaplanet (3350 JP) announced a large overseas offering in line with a pause in the 20th Warrant Issuance program it had outstanding. The goal? Buy more bitcoin.
Shares had been ¥890 on the 27th, trading higher through the 29th. The offering priced at ¥553. Down 38%. Ouch. But it meant index upweight due to higher share count.
Friday post-close, global index provider M _ _ _ announced a consultation on digital asset treasury companies, suspending the upweight for Metaplanet. Watch out MSTR!

Can Nisshinbo (3105) Become a Superstock?

By Michael Allen

Nisshinbo is aiming for a radical transformation from old-fashioned textile business to high-tech, aiming for 80% revenue from defense and high-end tech within 3-5 years
New President Yasuji Ishii promises swift decision-making and a comprehensive restructuring plan by February 2026, targeting 10% RoE, up from a 8% deficit at the trough.
Nisshinbo trades at 70% of book value but should easily trade up to 1.5x if it achieves its Roe target.

Resonac Holdings – Strategic Transition and Re-Rating Potential

Resonac continues to reshape its portfolio, scaling growth materials while rationalising legacy chemicals and electrodes.
FY2025 guidance appears conservative, particularly on profit, leaving room for upside if current momentum is sustained.
Valuation & risk: Shares trade at a discount to global peers, with re-rating potential contingent on execution and balance sheet discipline.

Kobelco (5406.T) – Diversified Japanese Industrial with Stable Steel and Engineering Exposure