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Smartkarma Daily Briefs

Sep 25
0

Daily Brief Credit: Morning Views Asia: Samvardhana Motherson International Ltd and more

By | Credit, Daily Briefs

In today’s briefing:

  • Morning Views Asia: Samvardhana Motherson International Ltd, Wynn Macau Ltd, Yankuang Energy Group
  • Morning Views Asia: Meituan

Morning Views Asia: Samvardhana Motherson International Ltd, Wynn Macau Ltd, Yankuang Energy Group

By Leonard Law, CFA

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

Morning Views Asia: Meituan

By Leonard Law, CFA

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

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Sep 25
0

Daily Brief Event-Driven: All the Scoop on the Korea Value-Up Index and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • All the Scoop on the Korea Value-Up Index
  • Korea Exchange Announces The Korea Value Up Index
  • China’s [Maybe] Biggish [Quasi?] Bazooka
  • Tech: Japan’s Biggest IPO in 6 Years, Kioxia, Is Off. Here Is the Likely Reason
  • Xingda (1899 HK): No Premium Voluntary Conditional Offer to Ward off a Hostile Holder
  • Silverlake Axis (SILV SP): Circular Now Out. IFA Says Fair
  • Capitol Health (CAJ AU): ACCC Overhang as Scheme Meeting Set for 31 October
  • Xingda (1899 HK)’s HK$1.30/Share Offer – Say What?
  • MINISO Bets Big on Yonghui. Should Investors Be Concerned About the Acquisition?
  • EQD | A Very Weak KOSPI 200 Is Ready to Pull Back Again

All the Scoop on the Korea Value-Up Index

By Sanghyun Park

  • The index focuses on qualitative factors like capital efficiency and shareholder returns, but efforts to impose sector balance may have overextended its market benchmark role.
  • Some companies not fitting the ‘value-up’ narrative got included, while market favorites were sidelined by sector rankings, which is puzzling given the index’s original goal.
  • Still, with rebalancing cut down to once a year, we should expect the flow impact on the index names to hit harder than initially thought compared to their sector peers.

Korea Exchange Announces The Korea Value Up Index

By Douglas Kim

  • Korea Exchange announced the long awaited Korea Value Up Index (“K Value Up Index”) (composed of 100 stocks) today. 
  • Korea Exchange used a 5-step screening process to select the 100 companies in this index including market cap, profitability, shareholder returns, market evaluation, and capital efficiency. 
  • This Value Up index is part of the bigger “Corporate Value Up ” program in Korea. These efforts to improve Korea’s corporate governance policies is a marathon, not a sprint. 

China’s [Maybe] Biggish [Quasi?] Bazooka

By Travis Lundy

  • Today, in a press conference held jointly by the Governor of the PBOC, the Director of the Financial Regulatory Bureau, and Chairman of the CSRC, China announced market stimulus measures.
  • The PBOC will cut RRR 50bp, the 7-day repo rate 20bp, guide effective mortgage rate cuts, and lower minimum down payments on second homes. There are other commercial RE measures.
  • Three major stock market measures were announced. A RMB500bn collateral swap programme, PBOC backing RMB300bn bank loans for corps to buy stocks, and a Plan to increase Central Huijin investments.

Tech: Japan’s Biggest IPO in 6 Years, Kioxia, Is Off. Here Is the Likely Reason

By Neil Campling

  • Significant peer price performance declines leaves IPO valuation stretched, the desired discount multiple to attract interest has suddenly become a premium
  • Investor interest in memory semiconductors, AI derivative stocks has cooled
  • Peer price sell-offs are extreme but could quickly change, reflecting the highly cyclical nature of the sector

Xingda (1899 HK): No Premium Voluntary Conditional Offer to Ward off a Hostile Holder

By Arun George

  • Xingda International (1899 HK) has disclosed a voluntary conditional offer from Mr Liu Jinlan (Chairman) at HK$1.30 per share, which aligns with the last close price. 
  • The offer is conditional on the offeror and concert parties representing more than 50% of voting rights. The offeror and concert parties represent 37.03% of voting rights.  
  • The offer is a reaction to Mr Zhao Yue’s “hostile” emergence as a substantial shareholder. It is unattractive and will require a bump to satisfy the minimum acceptance condition.   

Silverlake Axis (SILV SP): Circular Now Out. IFA Says Fair

By David Blennerhassett

  • On the 26 August, Goh Peng Ooi, founder and executive chair, made a voluntary unconditional general Offer for the 25.9% in Silverlake Axis (SILV SP) not held.
  • The Offer Doc for this S$0.36/share cash Offer was dispatched on the 26th August.  The Circular is also now out, which incorporates the IFA opinion.
  • Trading through terms. The first close is the 7th October. I don’t expect a bump, and the share price gradually retraces back to cash terms.

Capitol Health (CAJ AU): ACCC Overhang as Scheme Meeting Set for 31 October

By Arun George

  • The Capitol Health (CAJ AU) IE considers Integral Diagnostics (IDX AU)’s merger proposal (0.12849 Integral shares per Capitol share) fair and reasonable. 
  • While ACCC informal clearance is an overhang, the evidence suggests that clearance should be secured. The shareholder vote risk is low.
  • The offer terms are attractive. At the last close and for the 14 November payment, the gross/annualised spread is 4.7%/37.3%.  

Xingda (1899 HK)’s HK$1.30/Share Offer – Say What?

By David Blennerhassett

  • After tyre component manufacturer Xingda International (1899 HK) was suspended recently pursuant to the Takeovers Code, an Offer seemed more likely, not another Partial Offer. 
  • On cue, Liu Jinlan, chairman and executive director, plus concert parties (collectively holding 37.03%), have tabled a voluntary conditional Offer (50% acceptance hurdle). But the price? A surprising zero-premium HK$1.30/share
  • However, this Offer is a pre-emptive strike against former employee Yue Zhao, who holds 9.24%; and was recently appointed ED and vice-chairman of Shougang Concord (103 HK), Xingda’s major competitor.

MINISO Bets Big on Yonghui. Should Investors Be Concerned About the Acquisition?

By Devi Subhakesan

  • MINISO‘s  acquisition of a 29.4% stake in the loss-making supermarket chain Yonghui  for USD 890 million has been viewed negatively by investors, leading to a sharp decline in Miniso’s stock.
  • The deal’s size, combined with Yonghui Superstores (601933 CH) unprofitable track record and   MINISO(9896 HK) ‘s unexpected move into the low-margin, highly competitive supermarket space, has likely fueled investor concerns.
  • However, we believe the acquisition provides Miniso with a strategic opportunity for growth and diversification to a sector that remains vital in the offline retail landscape at undemanding valuations.  

EQD | A Very Weak KOSPI 200 Is Ready to Pull Back Again

By Nico Rosti

  • The last 2 weeks have been painful for investors that were LONG the KOSPI 200 INDEX, and this week is not very promising either.
  • The index has advanced less than 3% since its last WEEKLY negative Close on September 6th.
  • The index is in its 3rd consecutive week up (to be confirmed this Friday at the Close) but the current pattern usually ends on the third week up and reverses.

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Sep 25
0

Daily Brief Crypto: Crypto Crisp: The Final Liquidity Crunch and more

By | Crypto, Daily Briefs

In today’s briefing:

  • Crypto Crisp: The Final Liquidity Crunch, Then Up Only

Crypto Crisp: The Final Liquidity Crunch, Then Up Only

By Mads Eberhardt

  • Following the U.S. Federal Reserve’s decision last Wednesday to lower the dollar interest rate by 50 basis points, the crypto market has responded positively.
  • Bitcoin has climbed 5.56%, while Ethereum has surged 15.25%.
  • The market conditions are increasingly aligning for a major upward move.

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Sep 25
0

Daily Brief Macro: Korea Value Up Index – Surprising Inclusions and Exclusions and more

By | Daily Briefs, Macro

In today’s briefing:

  • Korea Value Up Index – Surprising Inclusions and Exclusions
  • Indonesia: Sentiment Weakens as Key Sectors and Stocks Lose Ground
  • Indonesia Strategy – Caught in a Perfect Updraft?
  • Regional Economics: The Beginning of the End of “Higher for Longer”?
  • China Opens War Front In Halo Butyl Rubber Trade
  • Week at a Glance – Are We Getting More 50s Across the Globe?
  • [US Nat Gas Options Weekly 2024/38] Henry Hub Rallies on Tight Storage Gains and Supply Cut Concerns
  • China Steps Up Monetary Support, But Not a Game Changer
  • Oil: Rolling The Barrel Down The Road
  • Toby Rodes – Unlocking Value in Japan (EP.407)

Korea Value Up Index – Surprising Inclusions and Exclusions

By Douglas Kim

  • There are some major surprises (both inclusions and exclusions) in the Korea Value Up index. 
  • In particular, the telecom sector (SK Telecom and KT) and large cap holding companies (Samsung C&T and LG Corp) are surprising exclusions in the index.
  • There are many surprising inclusions in the Korea Value Up Index. We provide 30 companies are surprising inclusions in the Korea Value Up Index (19 KOSDAQ and 11 KOSPI listed).

Indonesia: Sentiment Weakens as Key Sectors and Stocks Lose Ground

By Steven Holden

  • Indonesia’s exposure among EM funds is beginning to taper, with 2.3% of funds closing positions and 6.3% shifting to underweight over the past six months
  • Bank Central Asia and Bank Rakyat reached record ownership highs this year but have since faced closures by select funds
  • On the fund level, closures have outpaced openings, led by Aubrey and BlackRock, with the majority of funds now holding allocations below 5%.

Indonesia Strategy – Caught in a Perfect Updraft?

By Angus Mackintosh

  • Indonesia has been the recipient of significant investment flows for foreign investors with more of a “risk on” environment with a large portion flowing into Indonesian banks. 
  • Indonesia stacks up from an investment perspective with a stable political environment, solid GDP growth of around 5% YoY, rising flows of FDI, and a more stable IDR.
  • Despite the JCI knocking on all-time highs, valuations continue to look attractive with prospects of a better 2H2024 and lower interest rates. Top picks: Banks, property, consumer, and selective elsewhere. 

Regional Economics: The Beginning of the End of “Higher for Longer”?

By Manu Bhaskaran

  • The Federal Reserve’s larger-than-expected rate cut suggests that it saw an uncertain trajectory for the US economy with downside risks.
  • Fed policy is in trial and error mode until it lands on a new equilibrium. There will be more turbulence and uncertainty for Asia and the rest of the world.
  • For Asia, the immediate impacts will be felt in the currency and other financial markets. Real-economy impacts will be modest for now as monetary policy takes time to work.

China Opens War Front In Halo Butyl Rubber Trade

By Farah Miller

  • ADD slapped on the US, the EU, the UK, and Singapore imports
  • ADD probe initiated against Canada, Japan and India
  • Russia to be a major beneficiary of the measures

Week at a Glance – Are We Getting More 50s Across the Globe?

By Andreas Steno

  • As we enter the historically weak 7–10 days for markets, it’s a good time to be cautious.
  • Banks are also preparing for quarter- and year-end window dressing, which tends to drain liquidity as they park USDs at the Fed to clean up balance sheets.
  • We expect $225 billion to leave the market by month’s end, tightening liquidity more than in 2023 but less than in 2022.

[US Nat Gas Options Weekly 2024/38] Henry Hub Rallies on Tight Storage Gains and Supply Cut Concerns

By Suhas Reddy

  • US natural gas prices rose by 5.6% for the week ending 20/Sep, driven by a shrinking storage surplus and an improved demand outlook.
  • Henry Hub Put/Call volume ratio rose to 1.69 (20/Sep) from 1.45 the previous week as put volumes rose by 102.7% WoW, while call volumes grew by 74.4%.
  • Put OI surged for contracts expiring on 25/Sep, Oct, and Nov. Call OI rose for expiries on Dec, Jan, Feb, and Mar.

China Steps Up Monetary Support, But Not a Game Changer

By Alex Ng

  • China has surprised and cut the 7 day reverse repo rate by 20bps to 1.5%, with a 50bps cuts in the RRR rate. 
  • Combined with other measures this is a step-up in support and could help GDP on the margin, but the measures are not game changers as monetary policy is currently ineffective. 
  • While further fiscal easing will likely arrive in the next few weeks, we still maintain our forecast of 4.0% GDP growth for 2025.

Oil: Rolling The Barrel Down The Road

By Alastair Newton

  • Opec+ is forced to delay the unwinding of its voluntary cuts due to ongoing weak demand for oil.
  • Without a significant geopolitical shock, Brent is likely to remain below USD70 per barrel.
  • This price trend for Brent is expected to continue until at least mid-2025.

Toby Rodes – Unlocking Value in Japan (EP.407)

By Capital Allocators

  • Toby Rhodes became interested in Japan due to his grandfather’s stories about the country and its culture
  • Toby is the co-founder and managing partner of Konami Capital, a value and quality oriented manager of small cap Japanese equities
  • He discusses the past false starts of Japanese activism, recent changes in corporate governance, and Konami’s process for taking advantage of opportunities in the Japanese market

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 25
0

Daily Brief Australia: Capitol Health and more

By | Australia, Daily Briefs

In today’s briefing:

  • Capitol Health (CAJ AU): ACCC Overhang as Scheme Meeting Set for 31 October

Capitol Health (CAJ AU): ACCC Overhang as Scheme Meeting Set for 31 October

By Arun George

  • The Capitol Health (CAJ AU) IE considers Integral Diagnostics (IDX AU)’s merger proposal (0.12849 Integral shares per Capitol share) fair and reasonable. 
  • While ACCC informal clearance is an overhang, the evidence suggests that clearance should be secured. The shareholder vote risk is low.
  • The offer terms are attractive. At the last close and for the 14 November payment, the gross/annualised spread is 4.7%/37.3%.  

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Sep 25
0

Daily Brief United States: Crocs Inc, Enfusion, Newmont Mining, Natural Gas, Upstream Bio, International Public Partnerships, Guess? Inc, Crude Oil, Boku Inc, Ainos and more

By | Daily Briefs, United States

In today’s briefing:

  • Choice Equities’ Mitchell Scott provides update on $CROX thesis and thoughts on Magnite $MGNI
  • Is Enfusion About to Be Snapped Up? Here’s Why Acquirers Could Be Lining Up!
  • SPX Bull Trap Setting Up?; Neutral Outlook Intact; Keeping an Open Mind. Buys in Gold Miners
  • [US Nat Gas Options Weekly 2024/38] Henry Hub Rallies on Tight Storage Gains and Supply Cut Concerns
  • Upstream Bio IPO Preview: Severe Asthma/CRSwNP Program Advancing
  • International Public Partnerships – Attractive, lower-risk returns
  • GES: Snapping the Store – London – Fall Elevation Rising; Reiterate Buy, $29 PT
  • [US Crude Oil Options Weekly 2024/38] WTI Crude Rallies on Fed Rate Cut and Stronger Demand Outlook
  • Boku – H124 revenue growth supports FY24 outlook
  • Ainos, Inc. – Veldona Sjogren’s Study Start to Quickly Follow Oral Warts

Choice Equities’ Mitchell Scott provides update on $CROX thesis and thoughts on Magnite $MGNI

By Yet Another Value Podcast

  • Mitchell discusses the success and potential of Crocs, noting its growth and potential for continued success
  • Andrew asks if Crocs is a fad or a sustainable business, with Mitchell emphasizing the brand’s importance and continued innovation
  • Mitchell highlights Crocs’ success during the pandemic and discusses potential growth strategies for the future, including the importance of jibbets.

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

Is Enfusion About to Be Snapped Up? Here’s Why Acquirers Could Be Lining Up!

By Baptista Research

  • Enfusion reported its second quarter 2024 earnings with results aligning closely with the company’s prior guidance and consistent performance expectations in the medium term.
  • The company posted $49.5 million in revenue, marking a 16% year-over-year growth.
  • The adjusted EBITDA came in at $10.1 million, translating to a 20.5% margin.

SPX Bull Trap Setting Up?; Neutral Outlook Intact; Keeping an Open Mind. Buys in Gold Miners

By Joe Jasper

  • The S&P 500 (SPX) is approaching 5783, which is the upper-end of an important target/resistance area we have discussed for over a month (5670-5783).
  • 2007 SPX topping analog has tracked the current market almost perfectly, suggests a 2% or less move above the prior all-time high set in July at 5670 before topping (i.e.,5783)
  • SPX is “breaking out” which is bullish, but time and time again we have seen bull/bear traps (false breakouts/breakdowns) at major turning points. Bull trap confirmed on break below 5670

[US Nat Gas Options Weekly 2024/38] Henry Hub Rallies on Tight Storage Gains and Supply Cut Concerns

By Suhas Reddy

  • US natural gas prices rose by 5.6% for the week ending 20/Sep, driven by a shrinking storage surplus and an improved demand outlook.
  • Henry Hub Put/Call volume ratio rose to 1.69 (20/Sep) from 1.45 the previous week as put volumes rose by 102.7% WoW, while call volumes grew by 74.4%.
  • Put OI surged for contracts expiring on 25/Sep, Oct, and Nov. Call OI rose for expiries on Dec, Jan, Feb, and Mar.

Upstream Bio IPO Preview: Severe Asthma/CRSwNP Program Advancing

By Andrei Zakharov

  • Upstream Bio, a clinical-stage biotech company developing novel therapies for inflammatory and allergic diseases, filed for an IPO in the United States.
  • The biotech firm was backed by premier investors, including OrbiMed, Access Industries, Maruho Co., Samsara BioCapital, Omega Funds, and Enavate Sciences, among others.
  • I believe that company’s lead compound, verekitug (UPB-101), has a broader commercial opportunity than many investors appreciate.

International Public Partnerships – Attractive, lower-risk returns

By Edison Investment Research

International Public Partnerships’ (INPP’s) portfolio continues to deliver consistent and predictable returns for investors, while providing environmental and social benefits for the individuals and communities that are served by its assets. INPP shares offer an attractive yield and the DPS is now in its 17th successive year of growth, with visibility for at least another 20 years. Continuing efforts to narrow the discount to NAV have gained traction, with both realisations and the share repurchase programme stepped up. However, discounts are sector-wide and a greater appreciation of the quality of INPP’s cash flows, a decline in interest rates and the prospects for accretive reinvestment may prove more potent factors in a re-rating.

GES: Snapping the Store – London – Fall Elevation Rising; Reiterate Buy, $29 PT

By Small Cap Consumer Research

  • We are reiterating our Buy rating, $29 price target and projections after reviewing Guess?
  • stores in London.
  • As we near the peak Fall season, Guess?

[US Crude Oil Options Weekly 2024/38] WTI Crude Rallies on Fed Rate Cut and Stronger Demand Outlook

By Suhas Reddy

  • WTI futures increased 3.4% for the week ending 20/Sep, driven by the Fed’s rate cut, supply disruptions in Libya, and falling US crude stockpiles, which alleviated demand concerns.
  • WTI options Put/Call volume ratio fell to 0.83 (20/Sep) from 1.30 (13/Sep) as put volume fell by 45.8% WoW while call volume fell by 14.6%.
  • WTI OI PCR grew to 0.77 for the week ending 20/Sep from 0.76 on 13/Sep. Call OI fell 16.7% WoW and put OI declined by 16.1%.

Boku – H124 revenue growth supports FY24 outlook

By Edison Investment Research

Boku reported 24% y-o-y revenue growth in H124, with both digital wallet/account-to-account (A2A) payments and direct carrier billing (DCB) payments growing at double-digit rates. Adjusted EBITDA grew 18% y-o-y with a margin of 30.1%. With ambitions to become the best localised payment partner for global commerce, Boku continues to invest in enhancing its product portfolio and strengthening its compliance and treasury functions. A pipeline of new digital wallet/A2A launches for major merchants and seasonal factors support continued strong growth in H224 and 2025. With FY24 outlook maintained, our revenue and adjusted EBITDA forecasts are unchanged.

Ainos, Inc. – Veldona Sjogren’s Study Start to Quickly Follow Oral Warts

By Water Tower Research

  • Taiwan Veldona human study to start in Sjogren’s.
  • Ainos will initiate a Veldona clinical study in Taiwan for primary Sjogren’s syndrome in December 2024.
  • This follows the announcement of an oral warts in HIV+ clinical study planned for November 2024. 

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Sep 25
0

Daily Brief South Korea: Woori Financial Group , Samsung Electronics, K Bank, Korea Stock Exchange KOSPI 200, Green Cross and more

By | Daily Briefs, South Korea

In today’s briefing:

  • All the Scoop on the Korea Value-Up Index
  • Korea Exchange Announces The Korea Value Up Index
  • New Fast Entry Rule for KOSPI 200 & KOSDAQ 150: Post-IPO Price Swings Ramping Up
  • K Bank IPO: Valuation Insights
  • EQD | A Very Weak KOSPI 200 Is Ready to Pull Back Again
  • Green Cross (006280 KS): Alyglo Is Accelerating U.S. Market Entry; Base Business Shows Strength

All the Scoop on the Korea Value-Up Index

By Sanghyun Park

  • The index focuses on qualitative factors like capital efficiency and shareholder returns, but efforts to impose sector balance may have overextended its market benchmark role.
  • Some companies not fitting the ‘value-up’ narrative got included, while market favorites were sidelined by sector rankings, which is puzzling given the index’s original goal.
  • Still, with rebalancing cut down to once a year, we should expect the flow impact on the index names to hit harder than initially thought compared to their sector peers.

Korea Exchange Announces The Korea Value Up Index

By Douglas Kim

  • Korea Exchange announced the long awaited Korea Value Up Index (“K Value Up Index”) (composed of 100 stocks) today. 
  • Korea Exchange used a 5-step screening process to select the 100 companies in this index including market cap, profitability, shareholder returns, market evaluation, and capital efficiency. 
  • This Value Up index is part of the bigger “Corporate Value Up ” program in Korea. These efforts to improve Korea’s corporate governance policies is a marathon, not a sprint. 

New Fast Entry Rule for KOSPI 200 & KOSDAQ 150: Post-IPO Price Swings Ramping Up

By Sanghyun Park

  • Besides ranking in the top 50 by market cap, it must also meet a minimum float-adjusted cap for K200 fast entry: at least 50% of the 50th-ranked stock’s market cap.
  • Even if new stocks meet KRX’s float cap, their actual float share volume may still be low, risking inflation from local pension funds’ preemptive passive inflows post-listing.
  • This could reduce predictability for KOSPI 200 fast entry, increasing price swings post-listing and forcing traders to develop new volatility strategies after IPOs.

K Bank IPO: Valuation Insights

By Arun George

  • K Bank (279570 KS) is a Korean internet bank. It has launched an IPO to raise up to US$734 million.
  • We previously discussed the IPO in K Bank IPO: The Bear Case and K Bank IPO: The Bull Case.
  • We examine the syndicate’s valuation methodology. Our analysis suggests that K Bank is unattractively valued in the IPO price range. We would pass on the IPO.

EQD | A Very Weak KOSPI 200 Is Ready to Pull Back Again

By Nico Rosti

  • The last 2 weeks have been painful for investors that were LONG the KOSPI 200 INDEX, and this week is not very promising either.
  • The index has advanced less than 3% since its last WEEKLY negative Close on September 6th.
  • The index is in its 3rd consecutive week up (to be confirmed this Friday at the Close) but the current pattern usually ends on the third week up and reverses.

Green Cross (006280 KS): Alyglo Is Accelerating U.S. Market Entry; Base Business Shows Strength

By Tina Banerjee

  • Green Cross (006280 KS) has gained access to 80% of privately insured members in the U.S. for blood product Alyglo, which has been included in formularies of three major insurers.
  • Green Cross targets to generate $50M revenue from Alyglo this year. The target seems to be conservative. The company further aims to sustain annual growth of 50%+, which is achievable.
  • The company reported sequential improvement in 2Q24, with 17% QoQ revenue growth and significant improvement in gross margin. Revenue growth of 7–8% is expected during 2024–2026.

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Sep 25
0

Daily Brief Singapore: Silverlake Axis , SGX Rubber Future TSR20 and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Silverlake Axis (SILV SP): Circular Now Out. IFA Says Fair
  • China Opens War Front In Halo Butyl Rubber Trade

Silverlake Axis (SILV SP): Circular Now Out. IFA Says Fair

By David Blennerhassett

  • On the 26 August, Goh Peng Ooi, founder and executive chair, made a voluntary unconditional general Offer for the 25.9% in Silverlake Axis (SILV SP) not held.
  • The Offer Doc for this S$0.36/share cash Offer was dispatched on the 26th August.  The Circular is also now out, which incorporates the IFA opinion.
  • Trading through terms. The first close is the 7th October. I don’t expect a bump, and the share price gradually retraces back to cash terms.

China Opens War Front In Halo Butyl Rubber Trade

By Farah Miller

  • ADD slapped on the US, the EU, the UK, and Singapore imports
  • ADD probe initiated against Canada, Japan and India
  • Russia to be a major beneficiary of the measures

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Sep 25
0

Daily Brief Indonesia: Criterium Energy and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Criterium Energy Ltd (TSX-V: CEQ): High production in September. The drilling programme has commenced

Criterium Energy Ltd (TSX-V: CEQ): High production in September. The drilling programme has commenced

By Auctus Advisors

  • Current production has reached 950 bbl/d, representing an increase of 90 bbl/d since August.
  • This reflects the very good performance of the work-over programme with 98 bbl/d incremental production from three new workovers in Tranche 3 from early August.
  • Overall, the programme (three tranches with a total of 11 work-overs so far) has delivered 227 bbl/d of incremental production.

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Sep 25
0

Daily Brief India: Deepak Fertilisers & Petro and more

By | Daily Briefs, India

In today’s briefing:

  • The Beat Ideas: Deepak Fertilizers – Specialty Chemical, Capex, Debottlenecking!

The Beat Ideas: Deepak Fertilizers – Specialty Chemical, Capex, Debottlenecking!

By Sudarshan Bhandari

  • Deepak Fertilisers & Petro (DFPC IN) commissioned 500KT of ammonia plant that will remove their dependence on import of critical raw material.
  • DFPCL’s TAN capacity stands at 629 KTPA, with plans to increase it to 1,000 KTPA by FY26 through a new facility in Gopalpur, Odisha.
  • Deepak Fertilisers & Petro (DFPC IN) is about to complete its restructuring by creating a separate subsidiary for mining chemicals, which in future they may plan to list separately. 

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