In today’s briefing:
- Taiyo Holdings (4626 JP): An Impending KKR Takeunder?
- Reliance Industries: India’s GDP in a Single Stock?
- Hindustan Zinc: Silver-Led Earnings Strength with Embedded Tail-Upside
- Asia Gold Mining 2026–27: Pricing the AMMN Exit & The BRMS Proxy Pivot
Taiyo Holdings (4626 JP): An Impending KKR Takeunder?
- On 19 December, Bloomberg reported that KKR has emerged as a frontrunner to privatise Taiyo Holdings (4626 JP), but “the tender offer price may be lower than the current price.”
- Since the first Bloomberg article on 27 May, Taiyo’s shares are up 84% vs. the median peers’ shares, which are up 62%. Therefore, the shares reflect some takeover premium.
- Based on the medium-term management plan, which is likely KKR’s base case, I estimate a tender offer of around JPY4,624, 1.2% below the last close.
Reliance Industries: India’s GDP in a Single Stock?
- Reliance Industries (RELIANCE IN)mirrors India’s economic pulse, integrating energy, retail, and digital sectors to drive consumption, industrial growth, and widespread digital adoption across the nation.
- Q2FY26 delivered robust double-digit growth with revenue up ten percent, driven by strong consumer business momentum and a sharp recovery in fuel refining margins.
- Future growth is contingent on scaling New Energy gigafactories, monetizing 5G and AI investments, and executing the planned listing of retail and digital consumer businesses.
Hindustan Zinc: Silver-Led Earnings Strength with Embedded Tail-Upside
- Silver-Led earnings and INR translation sustain margins; spot pricing largely reflected in equity.
- Integrated first-quartile cost base supports valuation without requiring leverage or volume expansion.
- Upside requires sustained silver dislocation; maintain Hold on balanced risk-reward.
Asia Gold Mining 2026–27: Pricing the AMMN Exit & The BRMS Proxy Pivot
- MVGDX concentrates in North America and silver duration, shrinking Asia to ~3% based on liquidity and replication discipline.
- AMMN breaches gold-purity retention thresholds, signalling likely removal in 2026 and passive outflows.
- BRMS remains the only credible Indonesian gold-pure substitute; Zijin inclusion unlikely before Q3-2027 due to float constraints.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
