In today’s briefing:
- Curator’s Cut: Building Materials Moves, Benchmarking Gold Miners & Semaglutide in India and Japan
- Weekly Deals Digest (22 Jun) – Santos, PointsBet, Mayne, HKBN, Carta, Nakano, Sanhua, FWD, CaoCao
- JX Advanced Metals (5714 JP) – Dominant in Sputtering, Recycling Pivot, Valuations Lag Peers
- Weekly Update (AMRZ, LION, FTV)
- Iron Ore Tracker (23-June-2025): Iron Ore Due for A Small Bounce?
- Flynn Gold Ltd – Building the business
- Copper Tracker 23rd June 2025: Bullish On Low Inventory, But Need To Monitor China
Curator’s Cut: Building Materials Moves, Benchmarking Gold Miners & Semaglutide in India and Japan
- Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published over the past two weeks on Smartkarma
- In this cut, we spotlight building materials corporate actions, gold miners’ benchmark shifts, and semaglutide’s prospects in India and Japan
- Want to dig deeper? Comment or message on the themes you think should be highlighted next
Weekly Deals Digest (22 Jun) – Santos, PointsBet, Mayne, HKBN, Carta, Nakano, Sanhua, FWD, CaoCao
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments: Zhejiang Sanhua Intelligent Controls (2050 HK) H share listing and CaoCao (2643 HK) and FWD Group Holdings (FWD HK) IPOs.
- Event-Driven developments: Santos Ltd (STO AU), PointsBet Holdings (PBH AU), Mayne Pharma (MYX AU), HKBN Ltd (1310 HK), Ascentech KK (3565 JP), Carta Holdings, Inc. (3688 JP).
JX Advanced Metals (5714 JP) – Dominant in Sputtering, Recycling Pivot, Valuations Lag Peers
- Listed in March 2025 via Japan’s largest IPO since SoftBank 2018, JX Advanced Metals has since accelerated recycling, governance restructuring, and potential Toho Titanium consolidation.
- A global leader in high-purity sputtering targets (35–40% share) and thin film materials, it is scaling capacity and deepening foundry partnerships (TSMC, Samsung) to capture long-term semiconductor growth.
- Despite strong positioning, it trades at just ~7x EV/EBITDA FY25E—below peers—offering structural growth at value multiples amid recovering earnings and strategic asset backing.
Weekly Update (AMRZ, LION, FTV)
- Holcim (HOLN SW) spun off its construction materials and solutions business into a standalone company on Friday, June 20th.
- The new company is called Amrize (AMRZ US).
- The first day of trading will be Monday, June 23, 2025.
Iron Ore Tracker (23-June-2025): Iron Ore Due for A Small Bounce?
- Iron ore continued to slip into negative territory and has now breached the lower end of the range of 95-130 USD/ton, which it has maintained over the last four years.
- Data from CISA (China Iron and Steel Association) showed a decline in daily steel production YoY for May and June (tracking -4% YoY), after a lacklustre April (flat steel production).
- The bright spot is that China continues to maintain strong net exports with May numbers at 10.1 million tons (121 million tons annualized), and mill margins are improving.
Flynn Gold Ltd – Building the business
- Flynn Gold Limited (ASX:FG1) is a junior gold explorer which holds a portfolio of tenements (20+3 in application) across Tasmania and Western Australia.
- The tenement package is prospective for several commodities, however, exploration efforts have largely focused on gold at the company’s flagship project, Golden Ridge, which is located in the north-east of Tasmania.
- Field work and ongoing drilling at the project over the past two years has resulted in FG1 developing critical mass at the project which is building up towards an inaugural JORC-compliant resource.
Copper Tracker 23rd June 2025: Bullish On Low Inventory, But Need To Monitor China
- Copper prices on the spot market are set to breach 10,000 USD/ton again as inventory levels tighten on the LME, driven by a rush to ship metal to the US.
- Current KPIs in China, such as weak steel production (-2-3% YoY est.) and thermal power production (-19% YoY) for May temper our bullishness.
- We are bullish on copper in the short term, expecting it to break above $10,000 USD easily. However, we will closely monitor China data for potential impacts on the outlook.
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