In today’s briefing:
- StubWorld: Zijin Mining (2899 HK) Is Still Out Of Whack
- Emmvee Photovoltaic Power IPO – Integrated Scale, Bright Prospects
- Rox Resources Placement: Large Deal to Digest; Gold Theme Remains Strong
- Magnolia Oil & Gas Is Winning the Natural Gas Game—Why Investors Should Pay Attention!
- DNG: Solid Q3 Revenue and Cashflow Generation
- Aura Energy Ltd – Hybridan Small Cap Feast: 06 November 2025
- Dic Corp (4631 JP): Q3 FY12/25 flash update
- GEVO: 3Q25 EBITDA Beat; Sees up to $110 Million EBITDA with Low-Cost ND Optimization
- Hakudo Co Ltd (7637 JP): 1H FY03/26 flash update
- FET: Free Cash Flow Yield Supports Share Buyback Strategy
StubWorld: Zijin Mining (2899 HK) Is Still Out Of Whack
- Zijin Gold (2259 HK) is up 101% on its 29th September listing. By my estimate, Zijin Mining (601899 CH)‘s average premium to NAV since Zijin Gold’s listing has been ~21%.
- Preceding further commentary on Zijin Mining/Gold are the current setup/unwind tables for Asia-Pacific Holdcos.
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
Emmvee Photovoltaic Power IPO – Integrated Scale, Bright Prospects
- Emmvee Photovoltaic Power Limited (0198068D IN) (EPPL) is looking to raise about US$327m in its India IPO.
- EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.
- In this note, we have a look at the company’s past performance, as well as talk about the peer comp and implied valuations in the price range.
Rox Resources Placement: Large Deal to Digest; Gold Theme Remains Strong
- Rox Resources (RXL AU) is looking to raise around US$131m from a primary placement.
- This is a large deal to digest, representing 281.1 days of the stock’s three month ADV, and 58.4% of total shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Magnolia Oil & Gas Is Winning the Natural Gas Game—Why Investors Should Pay Attention!
- Magnolia Oil & Gas Corporation reported its third quarter 2025 financial and operating results, demonstrating a strong performance with notable production growth.
- The company achieved a record quarterly production rate of 100,500 barrels of oil equivalent per day, reflecting an 11% year-over-year increase.
- The production gains were particularly significant in the Giddings area, where oil production rose by nearly 5% compared to the previous year.
DNG: Solid Q3 Revenue and Cashflow Generation
- What you need to know: • DNG reported Q3 financial results that were mixed relative to our expectations, missing on production results and beating on financials.
- • Q3 revenue was $100.5M compared to our estimate of $89.7M, and Q3 OCF (before WC) was $6.6M compared to our estimate of $4.7M.
- • Management maintained its annual guidance for production, revenue, and net income but does not expect to hit its capex guidance.
Aura Energy Ltd – Hybridan Small Cap Feast: 06 November 2025
- * A corporate client of Hybridan LLP.
- ** Potential means Intention to Float (ITF) or similar announcement has been made.
- ***Arranged by type of listing and date of announcement.
Dic Corp (4631 JP): Q3 FY12/25 flash update
- Sales in Q3 FY12/25 were JPY785.9bn, down 2.7% YoY, with a 1.6% decline on a local currency basis.
- Operating profit increased by 18.9% YoY to JPY40.5bn, driven by strong shipments and cost control measures.
- Net income attributable to owners rose 104.4% YoY to JPY21.7bn, aided by extraordinary gains and reduced losses.
GEVO: 3Q25 EBITDA Beat; Sees up to $110 Million EBITDA with Low-Cost ND Optimization
- For 3Q25, Gevo achieved positive adjusted EBITDA of $6.7 million.
- This exceeded FactSet consensus analyst forecasts for $5.2 million and marked its second consecutive quarter of positive adjusted EBITDA.
- Gevo North Dakota alone contributed $17.8 million in adjusted EBITDA.
Hakudo Co Ltd (7637 JP): 1H FY03/26 flash update
- Revenue increased by 0.7% YoY, driven by higher product prices and increased sales in the aerospace industry.
- Operating profit declined by 36.0% YoY due to lower sales volumes and higher SG&A expenses, despite inventory valuation gains.
- The company revised its full-year earnings forecast downward, citing continued demand weakness in the semiconductor production equipment industry.
FET: Free Cash Flow Yield Supports Share Buyback Strategy
- FET’s FY25 free cash flow outlook is now $70-80 million compared with management’s initial outlook (February 20, 2025) of $40-60 million.
- FY25 free cash flow includes proceeds from sale-leaseback transactions that have contributed $14.6 million through the first nine months of 2025.
- Free cash flow for the first nine months totaled $58.2 million.
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