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Smartkarma Daily Briefs

Apr 11
0

Daily Brief Quantitative Analysis: KRX Short Interest Weekly (Apr 4th): Lg Energy Solution and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • KRX Short Interest Weekly (Apr 4th): Lg Energy Solution, Samsung H.I., Hd Hyundai Heavy Industries
  • ASX Short Interest Weekly (Apr 4th): James Hardie Industries, Transurban, Coles

KRX Short Interest Weekly (Apr 4th): Lg Energy Solution, Samsung H.I., Hd Hyundai Heavy Industries

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of KRX stocks as of Apr 4th which has an aggregated short interest worth USD4.9bn.
  • We tabulate league table 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 Lg Energy Solution, Samsung H.I., Hd Hyundai Heavy Industries, Hd Hyundai Electric, Sk Innovation.

ASX Short Interest Weekly (Apr 4th): James Hardie Industries, Transurban, Coles

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of ASX Stocks as of Apr 4th (reported today) which has an aggregated short interest worth USD23.3bn.
  • We tabulate league table 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 James Hardie Industries, Transurban, Coles, Northern Star Resources, Evolution Mining, Goodman.

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Apr 11
0

Daily Brief Event-Driven: Minebea Mitsumi Overbids Yageo for Shibaura Electronics (6957) and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Minebea Mitsumi Overbids Yageo for Shibaura Electronics (6957)
  • Shibaura Electronics (6957 JP): Minebea Mitsumi’s (6479 JP) White Knight Tender Offer at JPY4,500
  • Korea Short Selling: Biggest Changes in Shorts & Trade Performance
  • Corporate Act Amendment Takes Unexpected Turn: Watch for Holdco Momentum Plays Post-June Election
  • Suzuki Motor Placement Updates – Relative Correction Has Been Decent so Far. But Lacks Buyback
  • Goldlion Holdings (533 HK): An Attractive Spread Ahead of the Vote on 9 May
  • Gold Road (GOR AU)’s U-Turn On Gruyere’s Underground Mine Estimates
  • Goldlion Holdings (533 HK): 9th May Vote On Tsang Family’s Offer
  • Exploring Strategic Reviews: Key Opportunities in Biopharma and Food Sectors
  • Alcon’s Strategic Acquisition of Lensar: Potential 23% Upside with CVR Payout and Antitrust Considerations

Minebea Mitsumi Overbids Yageo for Shibaura Electronics (6957)

By Travis Lundy

  • In early February, Yageo Corporation (2327 TT) made an unsolicited bid for Shibaura Electronics (6957 JP) at ¥4,300/share. They had approached in October 2024, and continued approaches through end-January.
  • Shibaura’s bankers approached Minebea Mitsumi (6479 JP) in January. Due diligence, then bids. They bid ¥4,600. Not enough said the SC. Then Trump. Then ¥4,400. Now ¥4,500 accepted 9 April.
  • But Trump tariffs relief came 9 April US time. And the Offer Price is below the mid-point of ALL three different financial advisors. I think this is not done yet.

Shibaura Electronics (6957 JP): Minebea Mitsumi’s (6479 JP) White Knight Tender Offer at JPY4,500

By Arun George

  • Shibaura Electronics (6957 JP) announced a preconditional tender offer from Minebea Mitsumi (6479 JP) at JPY4,500 per share, a 4.7% premium to Yageo Corporation (2327 TT)’s JPY4,300 hostile offer.
  • The offer is scheduled to start on 23 April, ahead of Yageo’s 7 May start. The Board intends to recommend the Minebea offer and oppose the Yageo offer. 
  • Due to its low premium to the Yageo offer, at least another bidding round is highly probable, and the Minebea offer is below the midpoint of the IFA DCF valuation.

Korea Short Selling: Biggest Changes in Shorts & Trade Performance

By Brian Freitas

  • The resumption of short selling in Korea came at a good time for investors, giving them some additional tools to manage market volatility.
  • Short interest has increased from 0.17% to 0.23% of market cap for the KOSPI market and from 0.46% to 0.63% for the KOSDAR market.
  • The KOSPI/KOSDAQ ratio has reverted a bit on profit taking, and the forecast index deletions have recovered a bit but should continue to see increase short interest.

Corporate Act Amendment Takes Unexpected Turn: Watch for Holdco Momentum Plays Post-June Election

By Sanghyun Park

  • The word on the street is the Dems are banking on their candidate winning in June, then clearing the veto and pushing the Corporate Act amendment through immediately.
  • What seemed like a dead issue for the Corporate Act amendment has turned into a surprise, shifting market momentum and potentially impacting the Korean stock scene.
  • It could shift the Korean market’s focus to long-term governance improvements, targeting major holdcos like CJ, Hanwha, GS, Doosan, Mobis, SK, and Samsung C&T, with June’s election key.

Suzuki Motor Placement Updates – Relative Correction Has Been Decent so Far. But Lacks Buyback

By Sumeet Singh

  • Tokio Marine Holdings (8766 JP) and Sompo Holdings (8630 JP) aim to raise around US1.15bn (including over-allotment) via selling around 5% of Suzuki Motor (7269 JP).
  • While Suzuki doesn’t have much direct exposure to the US markets, its shares had corrected in line with other auto players going into the deal launch.
  • In this note, we compare the deal to some of the past deals and talk about the updates since our last note.

Goldlion Holdings (533 HK): An Attractive Spread Ahead of the Vote on 9 May

By Arun George

  • Goldlion Holdings (533 HK)’s IFA considers Mr Tsang’s HK$1.5232 per share offer fair and reasonable. The vote is on 9 May.
  • The key condition is the scheme approved by at least 75% disinterested shareholders (<10% disinterested shareholders rejection). FMR holds a blocking stake but should be supportive. 
  • The offer is reasonable compared to peer multiples and historical trading ranges. At the last close and for the 10 July payment, the gross/annualised spread is 4.3%/19.0%.

Gold Road (GOR AU)’s U-Turn On Gruyere’s Underground Mine Estimates

By David Blennerhassett

  • After rejecting  Gold Fields (GFI SJ)‘s Offer last month, calling terms “low ball and opportunistic”, Gold Road (GOR AU) has done a bang-up job how NOT to underpin that position.
  • After correcting minor information (on the 4th April) to an Australian Roadshow Investor Presentation, GOR has now retracted details of the underground mining potential at the Gruyere mine.
  • But don’t expect any new developments in this transaction until after De Grey Mining (DEG AU)‘s Scheme vote on the 16th April.

Goldlion Holdings (533 HK): 9th May Vote On Tsang Family’s Offer

By David Blennerhassett

  • On the 17th December 2024, Goldlion Holdings (533 HK), an apparel manufacturer/distributor, announced an Offer, by way of a Scheme, from the Tsang family (2.95% stakeholder), for shares not held. 
  • The Tangs are offerings $1.5232/share (declared final), a 24.85% premium to last price, but a 71% premium to undisturbed. Despite the very low price-to-book multiple, this transaction looks done.
  • The Scheme Doc is now out, with a Court Meeting on the 9th May, with payment on or before the 10th July. The IFA (Altus Capital) says “fair & reasonable“.

Exploring Strategic Reviews: Key Opportunities in Biopharma and Food Sectors

By Special Situation Investments

  • Lifeway Foods (LWAY) faces a pending takeover by Danone, with a potential board overhaul and strategic acquisition synergies.
  • Liquidia (LQDA) anticipates FDA approval for Yutrepia, challenging UTHR’s monopoly, with potential valuation gap closure post-commercialization.
  • Sage Therapeutics (SAGE) received a buyout offer from Biogen, with ongoing strategic review and potential for increased offer price.

Alcon’s Strategic Acquisition of Lensar: Potential 23% Upside with CVR Payout and Antitrust Considerations

By Special Situation Investments

  • Lensar is being acquired by Alcon for $14/share in cash plus a CVR worth up to $2.75/share.
  • The CVR payout requires Lensar’s systems to reach 614,000 procedures across 2026 and 2027, needing a 27% CAGR.
  • North Run, holding 56% economic ownership, will receive CVRs only on common shares and warrants, not preferred shares.

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Apr 11
0

Daily Brief ECM: Huge Dental Pre-IPO – China’s Leading Dental Materials Player Rides Industry Tailwinds and more

By | Daily Briefs, ECM

In today’s briefing:

  • Huge Dental Pre-IPO – China’s Leading Dental Materials Player Rides Industry Tailwinds
  • Chagee Holdings IPO Valuation Analysis
  • EBOS Group Placement – Accretive Deal with Synergies
  • IndiQube Spaces Pre-IPO – Capacity Has Been Expanding, Though Margins Remain Unstable

Huge Dental Pre-IPO – China’s Leading Dental Materials Player Rides Industry Tailwinds

By Troy Wong

  • HD as a leading dental materials player in China, has achieved robust topline growth over the track record period, driven by its core product lines and favorable industry tailwinds
  • The company generates most of its revenue from the Chinese market, relying heavily on a distribution-led strategy for market expansion.
  • Some areas of concern include signs of a slowdown in growth and potential margin compression if the shift in product mix continues.

Chagee Holdings IPO Valuation Analysis

By Douglas Kim

  • Our base case valuation of Chagee Holdings is target price of $46.7 per share, representing 67% higher than the high end of the IPO price range ($28 per share). 
  • Our base case valuation is based on a P/E of 21.4x on our estimated net profit of 2.9 billion RMB in 2025. 
  • We used a very conservative valuation multiple, mainly due to the extremely high macro risks related to the ongoing tariff dispute between China and the United States.

EBOS Group Placement – Accretive Deal with Synergies

By Nicholas Tan

  • Ebos Group Ltd (EBO NZ) aims to raise around US$122m in order to partly fund its acquisition of SVS Veterinary Supplies (SVS).
  • This will complement the company’s strategy of investing for growth and the second acquisition done in 2H25.
  • In this note, we comment on the deal dynamics and run the deal through our ECM framework.

IndiQube Spaces Pre-IPO – Capacity Has Been Expanding, Though Margins Remain Unstable

By Rosita Fernandes

  • IndiQube Spaces Ltd (1628202D IN)  (ISL) is planning to raise about US$100m in its upcoming India IPO. 
  • ISL is a managed workplace solutions provider offering technological workplace solutions. As per CBRE Report, ISL is among the leading operators in Bengaluru as of Jun 24.
  • ISL offers enterprise workplace solutions, from large hubs to small spokes, enhancing employee experience through integrated interiors, amenities, and various value-added services for a seamless, efficient office environment.

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Apr 11
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Trade War Whiplash and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan | Trade War Whiplash
  • Crude Oil Below $ 60: OPEC’s Pivot, China’s Tariffs, and the New Oil Equation
  • Japan Morning Connection: Markets Tumble on China/US Standoff and Outlook for Capital Spending

Ohayo Japan | Trade War Whiplash

By Mark Chadwick

  • The S&P 500 sank 3.5%, the Nasdaq dropped 4.3%; Yen Stronger, Nikkei Futs down
  • Fast Retailing forecasts a 10% rise in consolidated net profit to 410 billion yen for the fiscal year ending August 2025, up 25 billion yen from prior estimates
  • Effissimo Capital Management raised its Ricoh stake to 21.71%. Note that Effissimo also owns 5.81% of Konica Minolta, aiming to influence management and proposals

Crude Oil Below $ 60: OPEC’s Pivot, China’s Tariffs, and the New Oil Equation

By Nimish Maheshwari

  • Crude oil prices dropped below $60 as OPEC+ boosted output and China retaliated with tariffs, sparking global trade and demand concerns.
  • For India, every $10/bbl fall can cut CAD by 0.5% of GDP, ease inflation by 0.3%, but risks lower fiscal revenue due to fuel tax dependence.
  • While beneficial short-term, India must prepare for volatility—by diversifying energy, insulating fiscal math, and enhancing trade resilience amidst rising geopolitical uncertainty.

Japan Morning Connection: Markets Tumble on China/US Standoff and Outlook for Capital Spending

By Andrew Jackson

  • Yields continue to rise as investors flee US assets and Trump’s bill adds to fiscal imbalance.
  • Weakness for yesterdays big tech/AI outperformers to be reflected in Japan, although new lows unlikely.
  • Suzuki should see lower levels into its secondary pricing next week amid tepid longer-term investor backdrop.

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Apr 11
0

Daily Brief ESG: Can Growth Market Reform Succeed in a Structure of Interdependence of IPO Ecosystem Stakeholders? and more

By | Daily Briefs, ESG

In today’s briefing:

  • Can Growth Market Reform Succeed in a Structure of Interdependence of IPO Ecosystem Stakeholders?

Can Growth Market Reform Succeed in a Structure of Interdependence of IPO Ecosystem Stakeholders?

By Aki Matsumoto

  • TSE seems reluctant to raise the market capitalization criteria for listing on Growth Market, but wants to encourage management to grow after IPO by raising the criteria for maintaining listing.
  • The reason why companies don’t grow after IPO is that IPOs are often conducted for tax savings for founders and for other reasons without any intention to grow.
  • It is questionable whether the new listing maintenance criteria will help these companies grow and whether the verbal intervention in the listing review process will be successful.

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Apr 11
0

Daily Brief Equity Bottom-Up: Fast Retailing (9983) | Japan Delivers as Tariffs Start to Impact and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Fast Retailing (9983) | Japan Delivers as Tariffs Start to Impact
  • TSMC (2330.TT; TSM.US): Brace Yourself for US Tariff! (II)
  • PC 1Q25: 5% YoY Growth but Shipments Inflated Ahead of US Tariffs. Dream of a Refresh Cycle Continue
  • [BYD Company (1211 HK, BUY, TP HK$400) TP Change]: Better than Expected ASP Is the Positive Surprise
  • #134 India Insight: EU 0% Auto Tariff; Warburg ₹800cr Bailout; PAG Plans ₹2.2kcr Nuvama Stake Sale
  • Chord Energy Corporation: Leveraging Simul-Frac Technology To Up Their Game!
  • Merit Medical Systems: An Insight Into Its Product Innovation & Clinical Advancements!
  • Haemonetics Corporation: Diversification Into High-Margin Med-Surg Offerings As A Critical Growth Lever!
  • MSC Industrial Direct Battles Tariffs with Bold Pricing Moves—Will It Pay Off?
  • Noble Corporation: An Insight Into Market Demand, Growth Prospects & Key Growth Drivers!

Fast Retailing (9983) | Japan Delivers as Tariffs Start to Impact

By Mark Chadwick

  • Strong Q2 beat: Revenue rose 14% YoY and OP jumped 33%, driven by Japan strength and solid winter sales, offsetting China’s continued weakness.
  • Guidance tweak: FY business profit raised to ¥540bn, though H2 expectations effectively lowered due to anticipated US tariff impact.
  • US expansion continues: 69 stores now open; North America accounts for 7.5% of sales, with future margin mitigation via supply chain shifts and EU/Asia growth.

TSMC (2330.TT; TSM.US): Brace Yourself for US Tariff! (II)

By Patrick Liao

PC 1Q25: 5% YoY Growth but Shipments Inflated Ahead of US Tariffs. Dream of a Refresh Cycle Continue

By Nicolas Baratte

  • PC units grew by 1% in 2024, accelerating to 5% YoY in 1Q25. Best performers: Apple, Lenovo. Higher shipments to the US ahead of potential import tariffs but flat end-demand.
  • ~70% of Computers are Made in China, US consumes 25% of total PC. The supply chain is accelerating relocating US-purchased PC out of China, this should be done by end-2025.
  • There is a risk of over-built and over-stocking in my view if PC Brands are too optimistic on Windows 10 end-of-support and AI PC upgrades.

[BYD Company (1211 HK, BUY, TP HK$400) TP Change]: Better than Expected ASP Is the Positive Surprise

By Eric Wen

  • BYD reported C1Q25 net profit up 86%-119% YoY, with the midpoint exceeds our estimate/consensus by 12%/20%.
  • We believe this driven by better ASP mix of its products, among other factors;
  • We believe a possible China-EU deal on EV market access can be positive for BYD. We raise the TP to HK$400 and place BYD back to TOB BUY.

#134 India Insight: EU 0% Auto Tariff; Warburg ₹800cr Bailout; PAG Plans ₹2.2kcr Nuvama Stake Sale

By Sudarshan Bhandari

  • The EU is negotiating with India to remove the 100% import duty on fully built cars under FTA.
  • Warburg Pincus plans to lead a INR600 – 800 crore rights issue to rescue troubled Fusion Micro Finance (FUSION IN).
  • PAG has hired JP Morgan and Morgan Stanley to sell its INR 2.2k crore controlling stake in Nuvama Wealth Management (NUVAMA IN). 

Chord Energy Corporation: Leveraging Simul-Frac Technology To Up Their Game!

By Baptista Research

  • Chord Energy reported a transformational year in 2024, significantly strengthened by its strategic combination with Enerplus.
  • This merger, completed in May 2024, positioned the company as a leading entity in the Williston Basin.
  • The integration was marked by operational and corporate synergies, enhancing Chord Energy’s scale and efficiency.

Merit Medical Systems: An Insight Into Its Product Innovation & Clinical Advancements!

By Baptista Research

  • Merit Medical Systems reported robust financial performance in the fourth quarter of 2024, displaying notable revenue and profit growth.
  • The company recorded total revenue of $355.2 million for Q4, reflecting a 9% increase year-over-year on a GAAP basis and 10% on a constant currency basis.
  • This exceeded Merit Medical’s growth expectations, which it had projected at 6% to 9%.

Haemonetics Corporation: Diversification Into High-Margin Med-Surg Offerings As A Critical Growth Lever!

By Baptista Research

  • Haemonetics Corporation reported its third-quarter fiscal 2025 financial results, indicating both strengths and challenges within its various business segments.
  • The company achieved a revenue of $349 million, reflecting a 4% increase on a reported basis but remaining flat organically.
  • Adjusted earnings per share improved by 14% to $1.19.

MSC Industrial Direct Battles Tariffs with Bold Pricing Moves—Will It Pay Off?

By Baptista Research

  • MSC Industrial Supply reported a mixed set of results for its fiscal second quarter of 2025.
  • The company faced challenges in the current quarter, underscored by a decline in average daily sales by 4.7% year-over-year, indicating a soft demand environment.
  • This decline, however, showed slight improvements towards the end of the quarter, with January and February outperforming historical trends.

Noble Corporation: An Insight Into Market Demand, Growth Prospects & Key Growth Drivers!

By Baptista Research

  • Noble Corporation’s fourth-quarter 2024 earnings call provided a comprehensive overview of its operational and financial performance while highlighting key strategic initiatives and market outlook.
  • The company recently completed the acquisition of Diamond Offshore, enhancing its positioning in the deepwater drilling market.
  • This integration is progressing well, with $50 million of the targeted $100 million synergies already realized, reflecting operational efficiencies.

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Apr 11
0

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia
  • Lucror Analytics – Convertibles Brief

Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Meituan, China Jinmao, Lenovo, AAC Technologies, China Hongqiao
  • US President Donald Trump has announced on Truth Social a 90-day pause on reciprocal tariffs for more than 75 countries, with these countries to be charged a “substantially lowered reciprocal tariff” of 10% during this transition.
  • That said, Mr Trump raised tariffs on China to 125% (from 104%), after China raised its own tariffs on US imports to 84% (from 34%) in a retaliatory move earlier yesterday.

Lucror Analytics – Convertibles Brief

By Trung Nguyen

  • In today’s Convertibles Brief publication we comment on developments of the following high yield issuers: Lenovo

  • Credit markets widened yesterday, with the iTraxx X-Over up 36 bps at 428 bps.

  • Equities were mixed, with European bourses sliding 2.2-4.2%, as the markets closed before US President Donald Trump announced a 90-day pause on additional tariffs for all countries except China.

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Apr 11
0

Daily Brief Macro: The Drill – The Commodity Onslaught (Still) and more

By | Daily Briefs, Macro

In today’s briefing:

  • The Drill – The Commodity Onslaught (Still)
  • Tariff Part II: Canada-Mexico Web Ensnares US; USTMA Projects Higher Volume
  • US Travel Crashes Inflation In Mar-25
  • From Rs.87 to Rs.85: Rupee’s Rebound Faces Tariff Test
  • India Twin Deficit Watch: Fiscal Deficit to Shrink to 4% of GDP in FY26, CAD to 0.2%
  • [ETP 2025/15] Tariff Pause Halts Slide in WTI and Henry Hub but U.S.-China Tensions Weigh on Prices
  • CX Daily: Cargo Ships Are Racing Across Pacific as U.S.-China Tariff Deadline Looms

The Drill – The Commodity Onslaught (Still)

By Andreas Steno

  • Greetings from Copenhagen.
  • We were just about to wrap up this week’s edition of The Drill when the news hit: tariffs are officially on pause for all trade partners except China.
  • So that initial line—“risk sentiment was improving a tad this afternoon as markets likely see the worst headlines and data behind us”—can now be upgraded to markets partying like there’s no tomorrow.

Tariff Part II: Canada-Mexico Web Ensnares US; USTMA Projects Higher Volume

By Vinod Nedumudy

  •  Components crossing US–Mexico–Canada corridor face disruption  
  •  Reshoring production to US would involve multi-year lead times  
  • USTMA expects U.S. tire shipments of 340.4 million units in 2025

US Travel Crashes Inflation In Mar-25

By Phil Rush

  • Downside news from February’s US CPI print extended into a March crash with a 0.2pp undershoot at -0.05% m-o-m, not just because of a 2.4% m-o-m fall in energy prices.
  • Hotels joined another sharp fall in airfares to drive the core inflation weakness. The late Easter appears responsible, similar to 2023, ahead of an April resurgence.
  • Market participants are unusually unfazed by data that does not reveal the impact of substantial policy changes. Resilience should damp dovish hopes for cuts returning.

From Rs.87 to Rs.85: Rupee’s Rebound Faces Tariff Test

By Viral Kishorchandra Shah

  • INR rose from Rs.87.6 in Feb to Rs.85 in Apr 2025, but tariffs may halt this in June.
  • Trade deficit narrowed to $56.5B in Mar, yet expected to hit $60 to 65B in June, pressuring INR.
  • FPI inflows turned positive in Mar but may fade in June due to rate cuts and global uncertainty.

India Twin Deficit Watch: Fiscal Deficit to Shrink to 4% of GDP in FY26, CAD to 0.2%

By Prasenjit K. Basu

  • India’s exports (merchandise+invisible) topped US$1trn in 2024, up over 36-fold in 33 years. This has been crucial to bolstering the economy, and is likely to strengthen as Chinese exports recede. 
  • CAD likely moderated to 0.7% of GDP in FY25, and will shrink further in FY26, helped by lower oil prices and broad-based export recovery, as oil-refinery shutdowns end. 
  • Fiscal deficit was 4.4% of GDP in the 12months to Feb’25 (below official estimate of 4.8%). With tax revenue strong, the FY26 fiscal deficit should shrink to 4% of GDP.  

[ETP 2025/15] Tariff Pause Halts Slide in WTI and Henry Hub but U.S.-China Tensions Weigh on Prices

By Suhas Reddy

  • For the week ending 04/Apr, U.S. crude inventories rose by 2.6m barrels (vs. expectations of 2.2m rise), and gasoline stockpiles fell less than expected.
  • US natural gas inventories rose by 57 Bcf for the week ending 04/Apr, missing analyst expectations of a 60 Bcf build. Inventories are 2.1% below the 5-year seasonal average.
  • Trump cancelled BP and Shell’s licenses for gas projects in Venezuela. UBS lowered its price target for Chevron, Exxon, Occidental, Halliburton, and Schlumberger.

CX Daily: Cargo Ships Are Racing Across Pacific as U.S.-China Tariff Deadline Looms

By Caixin Global

  • Tariffs /: Cargo ships are racing across Pacific as U.S.-China tariff deadline looms
  • Retaliation /: Trade war escalates as China raises tariffs on U.S. goods to 84%
  • Quant /In Depth: How China’s quant funds became AI incubators

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Apr 11
0

Daily Brief Thailand: Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Valeura Energy (TSX: VLE): Lower oil prices could generate acquisition opportunities

Valeura Energy (TSX: VLE): Lower oil prices could generate acquisition opportunities

By Auctus Advisors

  • • 1Q25 production averaged 23.9 mboe/d, which is in line with previous indications.
  • This included a planned seven-day annual maintenance shutdown at the Nong Yao field near the end of the quarter.
  • Production resumed on 1 April.

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Apr 11
0

Daily Brief Australia: De Grey Mining, Gold Road Resources, EBOS Group and more

By | Australia, Daily Briefs

In today’s briefing:

  • Quiddity Leaderboard MV Jr-Gold Miners Jun25: Flow Expectations
  • Gold Road (GOR AU)’s U-Turn On Gruyere’s Underground Mine Estimates
  • EBOS Group Placement – Accretive Deal with Synergies

Quiddity Leaderboard MV Jr-Gold Miners Jun25: Flow Expectations

By Travis Lundy

  • The MV Jr-Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world. 
  • This index is reviewed semiannually in March and September. There will be no index changes for the June 2025 index rebal event but there will be capping flows.
  • We expect one-way flows of US$81mm for June 2025 which translates to a turnover of 1.4%.

Gold Road (GOR AU)’s U-Turn On Gruyere’s Underground Mine Estimates

By David Blennerhassett

  • After rejecting  Gold Fields (GFI SJ)‘s Offer last month, calling terms “low ball and opportunistic”, Gold Road (GOR AU) has done a bang-up job how NOT to underpin that position.
  • After correcting minor information (on the 4th April) to an Australian Roadshow Investor Presentation, GOR has now retracted details of the underground mining potential at the Gruyere mine.
  • But don’t expect any new developments in this transaction until after De Grey Mining (DEG AU)‘s Scheme vote on the 16th April.

EBOS Group Placement – Accretive Deal with Synergies

By Nicholas Tan

  • Ebos Group Ltd (EBO NZ) aims to raise around US$122m in order to partly fund its acquisition of SVS Veterinary Supplies (SVS).
  • This will complement the company’s strategy of investing for growth and the second acquisition done in 2H25.
  • In this note, we comment on the deal dynamics and run the deal through our ECM framework.

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