In today’s briefing:
- De Grey Mining/Northern Star Resources: The Passive Flows
- Gensol Engineering Forensic Analysis: Insights from SEBI’s Investigation
- [Earnings Preview] SLB Faces Downward Pressure from Weak Oil Prices and Softening Demand
- SMIORE: Transitioning from Merchant Miner to Integrated Steel & Minerals Powerhouse
- Okapi lands US$2M to expand its zero-upfront solar financing in SEA | e27
- Private Firms Step In As Indonesia Grapples With EUDR Compliance
- Technology Minerals PLC – Hybridan Small Cap Feast: 09/04/2025
De Grey Mining/Northern Star Resources: The Passive Flows
- With De Grey Mining (DEG AU) shareholders approving the acquisition by Northern Star Resources (NST AU), we move to the phase of passive index flows.
- As expected, Generation Development Group (GDG AU) will be added to the S&P/ASX 200 (AS51 INDEX) at the close on 23 April to replace De Grey Mining (DEG AU).
- There will be passive inflows for Northern Star Resources (NST AU) from some local and global index trackers due to the increase in the number of shares outstanding.
Gensol Engineering Forensic Analysis: Insights from SEBI’s Investigation
- SEBI has launched a forensic investigation into Gensol Engineering Ltd. (GEL), highlighting grave concerns around corporate governance, fund misuse, and misleading disclosures
- What began as a story of meteoric financial growth has now unfolded into a cautionary tale of alleged fund diversion, shady preferential allotments, and sharp promoter decline.
- This research note delves into the key issues identified by SEBI, the financial patterns that triggered scrutiny, and the implications for stakeholders.
[Earnings Preview] SLB Faces Downward Pressure from Weak Oil Prices and Softening Demand
- Schlumberger’s Q1 2025 revenue is expected to drop by 7.6% QoQ, while its EPS is anticipated to fall by 19.6%, marking the lowest EPS in five quarters.
- SLB has underperformed the S&P 500, XLE, and WTI futures since 2024, pressured by weak oil prices, lower drilling activity, and rising costs from tariff-related headwinds.
- Despite weaker return ratios in Q4 2024 and macro uncertainty, SLB maintains a “Strong Buy” consensus, backed by its global presence, digital expansion, and strong cash flow.
SMIORE: Transitioning from Merchant Miner to Integrated Steel & Minerals Powerhouse
- Scale-Up in Mining: Iron ore capacity ramped up to 3.86 MTPA with visibility to reach 4.36 MTPA, positioning mining as a high-margin cash engine.
- Forward Integration via Arjas Acquisition: Strategic acquisition of Arjas Steel marks a shift from merchant mining to integrated steel production, with embedded OEM relationships and SBQ focus.
- Valuation Reset in Progress: Despite structural upgrades, the stock trades at ~8x EV/EBITDA, offering a rerating opportunity as steel margins expand and loss-making verticals normalise.
Okapi lands US$2M to expand its zero-upfront solar financing in SEA | e27
- Okapi Technologies, a residential solar financing platform based in Malaysia, has closed an up to US$2 million debt facility arranged by Aquila, an IoT-powered sustainable finance company with operations across Vietnam, Singapore, Malaysia, and Indonesia.
- The funding will accelerate Okapi’s expansion of solar energy adoption for homeowners and small businesses in Malaysia and the wider Southeast Asian region through innovative financial solutions.
- This round comes over a year after Okapi announced its official launch in Malaysia with the closure of a new funding round led by impact investor The Radical Fund.
Private Firms Step In As Indonesia Grapples With EUDR Compliance
- Only 10,000 ha of 3.2 million ha smallholder plantations get STDB
- KoltiSkills trains around 6,000 smallholders in Indonesia
- Olam Agri rolls out SNR in Lampang to empower smallholders
Technology Minerals PLC – Hybridan Small Cap Feast: 09/04/2025
- The global podcast Company reports its YE December 2024 and Q1 Trading update.
- Its revenue increased 13% to $73.4m, with a PBT of $904k against a $16.75m loss for YE December 2023 and the EBITDA is $3.4m, up from a loss of $0.4m.
- Showcase, the scalable, higher gross margin, tech-based, global advertising marketplace grew significantly, with a 56% increase to record revenue of $23.1m.
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