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Smartkarma Daily Briefs

Jun 06
0

Daily Brief South Korea: FnGuide Inc and more

By | Daily Briefs, South Korea

In today’s briefing:

  • FnGuide Sector ETF Boom: Sniffing Out Uncrowded Flow Trades

FnGuide Sector ETF Boom: Sniffing Out Uncrowded Flow Trades

By Sanghyun Park

  • Korea’s ETF market just hit KRW 200T AUM — doubling in under 2 years. ETFs now make up ~10% of KOSPI’s cap and over half its daily trading volume.
  • FnGuide dominates Korea’s sector theme ETF space, capturing ~KRW 9T of the KRW 14T market — far ahead of KRX — with momentum accelerating in early 2025.
  • FnGuide’s rebalancing process is drawing more trader interest lately, with rising inquiries suggesting faster market learning — prompting earlier pre-positioning in sector ETF flow trades.

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Jun 06
0

Daily Brief Australia: Washington H. Soul Pattinson and Co. Ltd, Mayne Pharma, Intermin Resources and more

By | Australia, Daily Briefs

In today’s briefing:

  • Accounting for Soul Patts/Brickworks’ Feedback Loop
  • Mayne Pharma Faces Legal Challenges as Cosette Attempts to Terminate Acquisition Over Material Adverse Clause Claims
  • Horizon Minerals Ltd – Can a refurb lead to riches?

Accounting for Soul Patts/Brickworks’ Feedback Loop

By David Blennerhassett

  • On the 2 June, Washington H. Soul Pattinson and Co. Ltd (SOL AU) (Soul Patts) and Brickworks Ltd (BKW AU), announced that, via inter-conditional Schemes, they would collapse their circularity. 
  • A new ASX-listed company (TopCo) would acquire all of the shares in Soul Patts and Brickworks, via the issuance of TopCo shares; 1:1 for Sout Patts, and 0.82:1 for Brickworks. 
  • Given the cross-holding,  an interesting exercise is understanding the underlying values for both Soul Patts and Brickworks.

Mayne Pharma Faces Legal Challenges as Cosette Attempts to Terminate Acquisition Over Material Adverse Clause Claims

By Special Situation Investments

  • Mayne Pharma’s acquisition by Cosette Pharmaceuticals faces challenges due to claims of material adverse changes, including financial performance and litigation issues.
  • Australian activist fund Harvest Lane Asset Management is building a position in MYX, arguing Cosette lacks grounds to terminate the deal.
  • Recent developments include FDA issue resolution, countersuit against TherapeuticsMD, and potential for a modest price cut agreement.

Horizon Minerals Ltd – Can a refurb lead to riches?

By Research as a Service (RaaS)

  • Horizon Minerals Limited (ASX:HRZ) is an emerging junior gold producer with 1.8moz of gold resources located around the Kalgoorlie and Coolgardie regions of Western Australia.
  • HRZ is currently engaged in two mining campaigns which will be toll treated or sold under ore sale and toll agreements with three mill operators in and around Kalgoorlie and Coolgardie.
  • In the current gold price environment, we expect these mining campaigns to generate significant cash flows in FY26 which can support HRZ’s longer-term goal of becoming a standalone gold producer.

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Jun 06
0

Daily Brief Utilities: Oge Energy Corp, Brookfield Renewable , Cms Energy Corp, DTE Energy Company, Entergy Corp, Eversource Energy, New Jersey Resources, Nextera Energy, One Gas Inc, Ormat Technologies and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Is OGE Energy Powering America’s Next Boomtowns with Unstoppable Customer Growth?
  • Brookfield Renewable Partners: Will its Hydroelectric Recontracting Strategy Yield Fruitful Results?
  • CMS Energy: The Top 6 Influences on Its Performance for 2025 & the Future!
  • DTE Energy: Expansion of Infrastructure Recovery Mechanism (IRM) to Ensure Sustainable & Reliable Energy Supply For Customers!
  • Entergy Corporation: An Insight Into Its Industrial & Residential Sales Growth & Major Drivers!
  • Eversource Energy: Regulatory Approvals & Infrastructure Investments to Impact Stock Performance Positively In the Long Run!
  • New Jersey Resources: Will Its Strategic Investments in Infrastructure Yield Results?
  • NextEra Energy Unleashes a 28-Gigawatt Renewable Surge—Here’s What That Means for the Future!
  • Can ONE Gas’s $178 Million Infrastructure Push Spark a Major Growth Surge?
  • Ormat Technologies Just Secured 150 MW in Israel—Here’s What That Means for the Future of Clean Energy!

Is OGE Energy Powering America’s Next Boomtowns with Unstoppable Customer Growth?

By Baptista Research

  • OGE Energy Corp reported consolidated first-quarter earnings of $0.31 per diluted share, driven predominantly by Oklahoma Gas and Electric Company (OG&E), which contributed $0.35 per share.
  • A loss of $0.04 per share from the holding company slightly offset this performance.
  • The top-line performance was supported by strong operational metrics and increased demand for electric services, reporting an 8% increase in demand year-over year in key residential and commercial sectors.

Brookfield Renewable Partners: Will its Hydroelectric Recontracting Strategy Yield Fruitful Results?

By Baptista Research

  • Brookfield Renewable Partners has reported resilient performance amidst the evolving energy landscape during its first quarter of 2025.
  • The company remains strategically positioned to capitalize on the burgeoning demand for renewable energy, bolstered by its diversified asset portfolio and robust global presence.
  • A significant upside noted in the report is Brookfield Renewable’s ability to deliver solid financial performance, with adjusted funds from operations (FFO) per unit increasing by 15% year-over-year, despite a challenging operational environment due to tariffs on renewable energy goods and fluctuations within the global supply chain.

CMS Energy: The Top 6 Influences on Its Performance for 2025 & the Future!

By Baptista Research

  • CMS Energy’s first-quarter 2025 earnings highlighted the company’s operational resilience and strategic focus amidst broader economic uncertainties.
  • CMS Energy delivered adjusted earnings of $1.02 per share, reflecting favorable comparisons to the previous year’s mild weather and higher rate relief net of investments.
  • However, operational and maintenance (O&M) expenses rose due to continued execution of its electric reliability roadmap, contributing to a higher cost structure.

DTE Energy: Expansion of Infrastructure Recovery Mechanism (IRM) to Ensure Sustainable & Reliable Energy Supply For Customers!

By Baptista Research

  • DTE Energy recently announced its first-quarter results for 2025, beginning on a positive note.
  • The company highlighted significant improvements in its operational metrics within its utilities, substantial investments in renewable energy, and progress in reliability.
  • DTE Energy has started the year strongly, with a clear commitment to its diverse stakeholder group while emphasizing infrastructure enhancements and economic contributions to Michigan’s economy.

Entergy Corporation: An Insight Into Its Industrial & Residential Sales Growth & Major Drivers!

By Baptista Research

  • Entergy Corporation reported its financial results for the first quarter, with adjusted earnings per share (EPS) of $0.82, indicating a solid start to the year and alignment with its 2025 earnings guidance.
  • The company maintains its outlook for more than an 8% compound annual growth rate in adjusted EPS through the forecast period.
  • Entergy continues its efforts to create value for its stakeholders, including customers, employees, communities, and owners, with an emphasis on customer-driven growth.

Eversource Energy: Regulatory Approvals & Infrastructure Investments to Impact Stock Performance Positively In the Long Run!

By Baptista Research

  • Eversource Energy’s first quarter of 2025 financial results and strategic initiatives reflect a stable performance within the regulated utility sector.
  • The company reported earnings per share of $1.50, slightly up from $1.49 in the previous year, despite some offsetting factors such as increased interest expenses and the absence of capitalized interest from their former offshore wind investments.
  • This increase in utility earnings primarily stemmed from growth in Eversource’s electric transmission and distribution segments, supported by ongoing grid modernization efforts and rate adjustments.

New Jersey Resources: Will Its Strategic Investments in Infrastructure Yield Results?

By Baptista Research

  • New Jersey Resources (NJR) demonstrated strong financial performance during the second quarter of fiscal year 2025, underscoring its strategic focus on disciplined capital deployment and operational excellence.
  • NJR raised its guidance for net financial earnings per share (NFEPS) from a range of $3.05 to $3.20 to $3.15 to $3.30, supported by robust performance in its wholesale gas marketing segment, NJR Energy Services, which capitalized on winter pricing volatility.
  • This adjustment represents a positive indication of NJR’s ability to exceed its long-term NFEPS growth target of 7% to 9%.

NextEra Energy Unleashes a 28-Gigawatt Renewable Surge—Here’s What That Means for the Future!

By Baptista Research

  • NextEra Energy, Inc. reported solid financial performance in the first quarter of 2025, with significant contributions from both Florida Power & Light Company (FPL) and NextEra Energy Resources.
  • The company’s adjusted earnings per share saw a year-over-year increase of nearly 9%, indicating robust operational efficiency and growth in new projects.
  • Notably, Energy Resources originated about 3.2 gigawatts of new renewables and storage, reflecting a strong demand in the sector.

Can ONE Gas’s $178 Million Infrastructure Push Spark a Major Growth Surge?

By Baptista Research

  • ONE Gas reported robust financial results for the first quarter of 2025, with a net income of $119 million or $1.98 per diluted share.
  • This outcome marked a notable improvement from $99.3 million or $1.75 per diluted share during the same period last year, bolstered by a combination of new rates and strong customer demand due to colder-than-normal weather conditions.
  • The company also highlighted that first-quarter weather was 5% colder than normal, further boosting customer demand for natural gas.

Ormat Technologies Just Secured 150 MW in Israel—Here’s What That Means for the Future of Clean Energy!

By Baptista Research

  • Ormat Technologies reported a mixed set of results for the first quarter of 2025, reflecting both positive momentum and certain challenges within its operational segments.
  • The company recorded a 2.5% increase in revenue to $229.8 million, bolstered by strong performances in its Energy Storage and Products segments.
  • Adjusted EBITDA rose by 6.4%, reaching a historical quarterly record for the company, driven largely by favorable outcomes in energy storage due to heightened demand and strategic market exposure.

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Jun 06
0

Daily Brief Indonesia: Medco Energi and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • Treasury yields fell 9-10 bps across the curve yesterday, as the weak ADP employment and ISM services data raised expectations for Fed rate cuts.
  • The yield on the 2Y UST declined 9 bps to 3.87%, while that on the 10Y UST was down 10 bps at 4.36%.
  • Equities were largely steady, with the S&P 500 unchanged and the Nasdaq up 0.3%. 

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Jun 06
0

Daily Brief Singapore: Keppel DC REIT and more

By | Daily Briefs, Singapore

In today’s briefing:

  • STTF Index Rebalance: Keppel DC REIT Replaces Jardine Cycle & Carriage

STTF Index Rebalance: Keppel DC REIT Replaces Jardine Cycle & Carriage

By Brian Freitas

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Jun 06
0

Daily Brief Industrials: Makino Milling Machine Co, Keisei Electric Railway Co, Hindustan Aeronautics and more

By | Daily Briefs, Industrials

In today’s briefing:

  • MBK Partners Plans to Launch a Tender Offer for Makino Milling Machine
  • Keisei Electric (9009) | Neither Hidden nor Structurally Mispriced
  • HAL (NSE: HAL) – Strong Visibility, Undervalued Optionality

MBK Partners Plans to Launch a Tender Offer for Makino Milling Machine

By Douglas Kim

  • MBK Partners plans to launch a tender offer for Makino Milling Machine (6135 JP) at 11,751 yen per share by early December to take over the controlling ownership. 
  • The key long-term investment case for Makino is that it is one of the best companies in the world for making advanced machine tools that are increasingly becoming more sophisticated.
  • One could make the argument that this may not the final offer and some investors may require slightly higher prices in order to make the deal final. 

Keisei Electric (9009) | Neither Hidden nor Structurally Mispriced

By Mark Chadwick

  • Keisei’s OLC stake distorts valuation optics, but is already transparently priced by the market.
  • Activist criticism over “true” ROE reflects accounting semantics, not hidden inefficiency.
  • Core business plus OLC stake offers modest returns; upside exists, but hardly suggestive of chronic long-term underperformance

HAL (NSE: HAL) – Strong Visibility, Undervalued Optionality

By Rahul Jain

  • Over FY22–FY25, HAL’s revenue grew at a CAGR of ~8%, while PAT rose at ~15% CAGR, with the order book doubling to ₹1.89 lakh Cr, providing LT visibility.
  • India’s defence indigenization drive, large platform rollouts (LCA Mk1A, LUH, AMCA, engines), positions HAL to address a Rs3–4 lakh Cr opportunity over the next 5–10 years, including exports.
  • Despite strong earnings growth, zero debt, and long-term JV upside (e.g., Safran engine), HAL trades at a P/E of ~33–38×, below many peers, indicating room for re-rating.

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Jun 06
0

Daily Brief TMT/Internet: Wistron Corp, Taiwan Semiconductor (TSMC) – ADR, NVIDIA Corp, Gamma Communications, Circle Internet Group, Taiwan Semiconductor (TSMC), Advanced Micro Devices, Tencent, Zscaler , Check Point Software Tech and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Wistron GDR Offering – Well Flagged US$922m Offering, Discount Slightly Wider than Recent Deals
  • TSMC (2330.TT; TSM.US): Holds Shareholders’ Meeting on June 3rd.
  • US – China: Restrictions on Semiconductors Are Getting Worse
  • Quiddity Leaderboard F100/F250 Jun25 Results: All 6 Expected ADDs/DELs Correct + Couple of Surprises
  • Circle Internet Group (CRCL): Wall Street Pounces on Stable Coin Powerhouse, IPO Pops 235%
  • TSMC (2330.TT) Outlook: Bullish After Shareholders Meetings
  • AMD Just Made a Big Move in AI and Co-Packaged Optics: Here’s What Investors Need to Know!
  • Asian Equity: Performance of Our Quant Baskets: Indian MidCaps, Asian Dividend Yields Rule the Roost
  • Zscaler’s $675 Million Acquisition Of Red Canary—Here’s How It Could Reshape Cybersecurity & The $5 Billion SOC Race!
  • Check Point Makes A Bold Bet with Veriti: Can Preemptive Security Reinvent Cyber Risk Management?

Wistron GDR Offering – Well Flagged US$922m Offering, Discount Slightly Wider than Recent Deals

By Akshat Shah

  • Wistron Corp (3231 TT) is looking to raise up to US$922m in its global depository receipts (GDRs) offering.
  • Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
  • In this note, we run the deal through our ECM framework and comment on deal dynamics.

TSMC (2330.TT; TSM.US): Holds Shareholders’ Meeting on June 3rd.

By Patrick Liao

  • There’s nothing TSMC can do about U.S. tariffs but keep working hard and ensure TSMC’s technology remains the best in the world.
  • Recently, the NT dollar has strengthened by 8%, and our operating margin has dropped by over 3% due to exchange rate fluctuations.
  • If our technology could be stolen so easily, TSMC wouldn’t be where it is today.

US – China: Restrictions on Semiconductors Are Getting Worse

By Nicolas Baratte

  • Nvidia H20 sales to China were barred last month. Nvidia first mentioned designing a new China-specific chip. Maybe not: it looks very difficult to work around the updated US limits
  • Semiconductor design software was barred last week. Synopsys suspended its guidance. My industry checks suggests that the ban applies to Xiaomi (ie the new smartphone chip) and to Lenovo. 
  • Hanmi Semi stopped shipping TC Bonder to Chinese clients. This is critical to make HBM memory that goes into AI processors.

Quiddity Leaderboard F100/F250 Jun25 Results: All 6 Expected ADDs/DELs Correct + Couple of Surprises

By Janaghan Jeyakumar, CFA

  • The June 2025 index review results for F100 and F250 indices were announced yesterday after LSE market close.
  • There will be no changes for F100. There will be 4 ADDs and 4 DELs for F250.
  • Separately, Urban Logistics REIT (SHED LN) is set to be deleted from the F250 index in June 2025 due to the completion of an M&A event.

Circle Internet Group (CRCL): Wall Street Pounces on Stable Coin Powerhouse, IPO Pops 235%

By IPO Boutique

  • Circle Internet Group, Inc.  priced 34.0mm shares at $31.00 ($3 Above the Upwardly-Revised $27-$28 range) and opened at $69.00 for a gain of 123% at first trade. 
  • The IPO traded violently higher with a top-tick of $103.75 for a gain of 235%. The stock closed at $83.23 or 168.5% above issue on day one. 
  • Circle is a “one-of-a-kind” industry and one that does not have other public companies to compare to. This could mean that more “fireworks” are in store for the short term.   

TSMC (2330.TT) Outlook: Bullish After Shareholders Meetings

By Nico Rosti

  • As reported by Patrick Liao ,Taiwan Semiconductor (TSMC) (2330 TT) held its shareholders meetings on June 3rd, read the insight for the details.
  • The bottom lines emerging from the meeting are: no fear of tariffs, no fear of appreciation of the NT dollar, no fear of having their tech stolen in foreogn-based factories.
  • The stock rallied from June 3rd, closing at 998 on Thursday. Our model say the stock is not yet overbought, could rally higher. 

AMD Just Made a Big Move in AI and Co-Packaged Optics: Here’s What Investors Need to Know!

By Baptista Research

  • In a strategic move underscoring its ambitions in AI infrastructure and next-gen interconnects, AMD recently acquired Silicon Valley-based Enosemi, a startup specializing in photonic integrated circuits.
  • The acquisition is part of AMD’s broader effort to catch up with competitors like Nvidia, Intel, and Broadcom in the co-packaged optics (CPO) space, a technology increasingly viewed as essential for building high-bandwidth, energy-efficient AI systems.
  • Enosemi, founded in 2023 by semiconductor engineers Ari Novack and Matthew Streshinsky, had previously collaborated with AMD on photonics development and brings with it a small but elite team of PhD-level engineers.

Asian Equity: Performance of Our Quant Baskets: Indian MidCaps, Asian Dividend Yields Rule the Roost

By Manishi Raychaudhuri

  • Of our seven quantitative stock baskets, four have operated for more than three months. We measure the performances of these four – Consistent Compounders, SMID Compounders, Dividend Yielders, Indian Mid-Caps.
  • Consistent Compounders, though up since inception, has underperformed MXASJ mildly. SMID Compounders has underperformed sharply. Asian Dividend Yielders has outperformed handsomely and Indian Mid-Caps, by a stupendous margin.
  • We think the Indian mid-cap basket could take a short-term breather. The Dividend Yield basket could outperform, as investors’ preference for yields in uncertain times could continue for now.

Zscaler’s $675 Million Acquisition Of Red Canary—Here’s How It Could Reshape Cybersecurity & The $5 Billion SOC Race!

By Baptista Research

  • Zscaler, a major force in cloud-based cybersecurity, has officially signed a definitive agreement to acquire Red Canary, a recognized leader in Managed Detection and Response (MDR), in a strategic push to redefine security operations through AI and data integration.
  • The acquisition, expected to close in August 2025, marks Zscaler’s second major deal in the past 18 months after acquiring Avalor, a security data fabric provider.
  • Red Canary brings more than $140 million in annual recurring revenue (ARR), a seasoned MDR go-to-market team, and agentic AI workflows already deployed in production.

Check Point Makes A Bold Bet with Veriti: Can Preemptive Security Reinvent Cyber Risk Management?

By Baptista Research

  • In a strategic move that signals a shift toward automated, prevention-first cybersecurity, Check Point Software Technologies has announced its acquisition of Veriti Cybersecurity, a pioneering Israeli startup specializing in preemptive threat exposure management.
  • The transaction, valued at over $100 million, is expected to close by the end of Q2 2025 and marks the first major acquisition under new CEO Nadav Zafrir.
  • The deal comes at a time when Check Point is pushing hard on its hybrid mesh architecture vision and doubling down on its Infinity Platform to unify security across endpoints, cloud, and networks.

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Jun 06
0

Daily Brief Energy/Materials: Washington H. Soul Pattinson and Co. Ltd, Gold, Astral Ltd, Eog Resources, Crude Oil, Intermin Resources, Medco Energi, Cobalt Holdings and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Accounting for Soul Patts/Brickworks’ Feedback Loop
  • Global Macro Outlook (June): From Rally to Reversal? Macro Trends Shift as June Unfolds
  • The Beat Ideas: Astral ~ Leader in PVC Pipes, Riding the Restocking Cycle
  • EOG Resources Doubles Down on Utica: What the $5.6 Billion Encino Acquisition Means for Shareholders!
  • [ETP 2025/23] WTI Rises on Supply Disruptions, Henry Hub Gains on Summer Demand Outlook
  • Horizon Minerals Ltd – Can a refurb lead to riches?
  • Lucror Analytics – Morning Views Asia
  • Hybridan Small Cap Feast: 28/05/2025

Accounting for Soul Patts/Brickworks’ Feedback Loop

By David Blennerhassett

  • On the 2 June, Washington H. Soul Pattinson and Co. Ltd (SOL AU) (Soul Patts) and Brickworks Ltd (BKW AU), announced that, via inter-conditional Schemes, they would collapse their circularity. 
  • A new ASX-listed company (TopCo) would acquire all of the shares in Soul Patts and Brickworks, via the issuance of TopCo shares; 1:1 for Sout Patts, and 0.82:1 for Brickworks. 
  • Given the cross-holding,  an interesting exercise is understanding the underlying values for both Soul Patts and Brickworks.

Global Macro Outlook (June): From Rally to Reversal? Macro Trends Shift as June Unfolds

By John Ley

  • Most major indices extended their April rally through May, but seasonal patterns suggest caution from here.
  • Implied volatility declined across most markets, but remains above historical medians in several key regions.
  • Vol premium analysis highlights a few standouts where short vol has historically outperformed.

The Beat Ideas: Astral ~ Leader in PVC Pipes, Riding the Restocking Cycle

By Sudarshan Bhandari

  • Astral Ltd (ASTRA IN) is a market leader in CPVC and plastic piping systems, with growing presence in adhesives, paints, and water tanks it maintained margins despite industry’s headwinds.
  • New launches like Fire Pro, OPVC, Drain Pro, and valves are expected to contribute INR 450–500 crore annually, driving high-margin growth and portfolio expansion.
  • Dealers currently hold just 1–2 weeks of inventory, indicating an imminent restocking cycle that could boost near-term volumes.

EOG Resources Doubles Down on Utica: What the $5.6 Billion Encino Acquisition Means for Shareholders!

By Baptista Research

  • EOG Resources has made a decisive strategic move by announcing its $5.6 billion acquisition of Encino Acquisition Partners (EAP), a major producer in the Utica shale play.
  • Funded through $3.5 billion in debt and $2.1 billion in cash on hand—with no equity dilution—this deal marks a significant transformation in EOG’s portfolio.
  • The acquisition increases EOG’s Utica footprint to over 1.1 million net acres and adds more than two billion barrels of oil equivalent (BOE) in undeveloped resource, positioning the Utica as a third foundational play alongside its Delaware Basin and Eagle Ford assets.

[ETP 2025/23] WTI Rises on Supply Disruptions, Henry Hub Gains on Summer Demand Outlook

By Suhas Reddy

  • For the week ending 30/May, U.S. crude inventories fell by 4.3m barrels (vs. expectations of a 2.9m barrel decline). Meanwhile, gasoline and distillate stockpiles rose more than expected.
  • The EIA reported a 122 Bcf storage build, while analysts forecasted a 111 Bcf increase. Storage levels are 4.7% above the five-year average but 10% below year-ago levels.
  • JPMorgan sees Reliance earnings rebounding on better margins; Saudi Aramco cuts Asia crude prices after OPEC+ supply hike.

Horizon Minerals Ltd – Can a refurb lead to riches?

By Research as a Service (RaaS)

  • Horizon Minerals Limited (ASX:HRZ) is an emerging junior gold producer with 1.8moz of gold resources located around the Kalgoorlie and Coolgardie regions of Western Australia.
  • HRZ is currently engaged in two mining campaigns which will be toll treated or sold under ore sale and toll agreements with three mill operators in and around Kalgoorlie and Coolgardie.
  • In the current gold price environment, we expect these mining campaigns to generate significant cash flows in FY26 which can support HRZ’s longer-term goal of becoming a standalone gold producer.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • Treasury yields fell 9-10 bps across the curve yesterday, as the weak ADP employment and ISM services data raised expectations for Fed rate cuts.
  • The yield on the 2Y UST declined 9 bps to 3.87%, while that on the 10Y UST was down 10 bps at 4.36%.
  • Equities were largely steady, with the S&P 500 unchanged and the Nasdaq up 0.3%. 

Hybridan Small Cap Feast: 28/05/2025

By Hybridan

  • 12th May: Cobalt Holdings, a Company created primarily to purchase and hold physical cobalt, offering public equity investors pure-play direct exposure to the price of cobalt, confirmed its intention to raise approximately US$230m through its Global Offer and the Admission on to the Main Market on 10 June 2025.
  • Glencore International AG and certain entities and affiliates managed by Anchorage Structured Commodities Advisor, have agreed to participate as cornerstone investors, agreeing to invest, in aggregate, an amount representing approximately 20.5% of the Shares to be offered pursuant to the Global Offer.
  • 9th May: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announces that it has confirmed its intention to IPO onto the Main Market. 

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Jun 06
0

Daily Brief India: Ola Electric, Hindustan Aeronautics , Bank Of India, Fusion CX Limited, Astral Ltd and more

By | Daily Briefs, India

In today’s briefing:

  • Ola Electric: Hyundai Exits Amid Slowing Sales, Delayed Cells and Fundraising Plans.
  • HAL (NSE: HAL) – Strong Visibility, Undervalued Optionality
  • Relative Value Opportunity: Bank of India (BOI IN) Vs. Union Bank of India (UNBK IN)
  • Fusion Cx Ltd Pre-IPO Tearsheet
  • The Beat Ideas: Astral ~ Leader in PVC Pipes, Riding the Restocking Cycle

Ola Electric: Hyundai Exits Amid Slowing Sales, Delayed Cells and Fundraising Plans.

By Devi Subhakesan

  • Hyundai Motor (005380 KS)  and Kia Corp (000270 KS) have exited their investment in Ola Electric through a combined stake sale worth USD80 million, at a discount to market prices.
  • The exit marks the end of their 2019 investment in the then-unlisted 2W EV startup and highlights rising investor concerns over Ola Electric’s growth trajectory and operational challenges.
  • Ola Electric had listed less than a year ago with bullish growth projections, but the stock is down  34% from the issue price and 63% from post-IPO high prices.

HAL (NSE: HAL) – Strong Visibility, Undervalued Optionality

By Rahul Jain

  • Over FY22–FY25, HAL’s revenue grew at a CAGR of ~8%, while PAT rose at ~15% CAGR, with the order book doubling to ₹1.89 lakh Cr, providing LT visibility.
  • India’s defence indigenization drive, large platform rollouts (LCA Mk1A, LUH, AMCA, engines), positions HAL to address a Rs3–4 lakh Cr opportunity over the next 5–10 years, including exports.
  • Despite strong earnings growth, zero debt, and long-term JV upside (e.g., Safran engine), HAL trades at a P/E of ~33–38×, below many peers, indicating room for re-rating.

Relative Value Opportunity: Bank of India (BOI IN) Vs. Union Bank of India (UNBK IN)

By Gaudenz Schneider

  • The Bank of India (BOI IN) vs. Union Bank of India (UNBK IN) price-ratio has deviated more than two standard deviations from its one-year average, signaling a potential pair trade.
  • The potential relative value opportunity can be implemented through stocks, derivatives, or as relative over-/underweights in a long only context.
  • This Insight provides a target return and discusses trade setup and risk management strategies.

Fusion Cx Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • Fusion CX Limited (1604907D IN)  (FCL) is looking to raise about US$117m in its upcoming India IPO. The bookrunners for the deal are Nuvama, IIFL, Motilal.
  • FCL is a customer experience (CX) service provider offering integrated services across voice, email, chat, social media, and messaging.
  • The 2025 Frost & Sullivan Best Practices Report recognized Fusion CX with the “North American Technology Innovation Leadership Recognition” for its technology use and client focus.

The Beat Ideas: Astral ~ Leader in PVC Pipes, Riding the Restocking Cycle

By Sudarshan Bhandari

  • Astral Ltd (ASTRA IN) is a market leader in CPVC and plastic piping systems, with growing presence in adhesives, paints, and water tanks it maintained margins despite industry’s headwinds.
  • New launches like Fire Pro, OPVC, Drain Pro, and valves are expected to contribute INR 450–500 crore annually, driving high-margin growth and portfolio expansion.
  • Dealers currently hold just 1–2 weeks of inventory, indicating an imminent restocking cycle that could boost near-term volumes.

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Jun 06
0

Daily Brief Quantitative Analysis: ASX Short Interest Weekly (May 30th): Sigma Pharmaceuticals and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • ASX Short Interest Weekly (May 30th): Sigma Pharmaceuticals, Evolution Mining, Westpac, Goodman

ASX Short Interest Weekly (May 30th): Sigma Pharmaceuticals, Evolution Mining, Westpac, Goodman

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of ASX Stocks as of May 30th (reported today). The aggregated short interest was USD27.2bn.
  • We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Sigma Pharmaceuticals, Evolution Mining, Westpac, Goodman, Wisetech Global, Rio Tinto, Treasury Wine Estates, Gpt, National Australia Bank.

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