Daily Brief Equity Bottom-Up: Have investors overblown Cobre Panama’s risk? and more

• Boss Energy has acquired a stake in Laramide, filling a gap in their listed investments
• Laramide’s flagship asset is the Westmoreland Uranium project in Queensland, with potential in New Mexico as well
• Boss Energy’s acquisitions suggest a shift in narrative towards exploring potential projects beyond just production

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• Eicher Motors (EIM IN), through its brand Royal Enfield, is experiencing strong export performance driven by strategic global expansion in the middleweight motorcycle segment. 
• The unit in Thailand, serves as a key manufacturing hub, with a CKD assembly facility supporting both local and Asia-Pacific markets.
• Royal Enfield’s focus on retro design and competitive pricing attracts customers in Europe and Brazil, filling a niche left by premium brands.

• Post COVID investors have been monitoring Keisei Electric Railway Co (9009 JP) as part of the shareholder activism program. 
• Recently, the management has announced a share buyback of up to 8 million shares. In 2022, they bought back 5 million shares, and the share price rallied 21% that year. 
• It currently trades at 6x PER while Topix trades at 14x PER. 

• Intuit, a prominent player in the financial technology sector, recently reported its second quarter earnings for fiscal year 2025, showcasing a robust performance across various segments.
• The company reported a substantial 17% increase in total revenue, reaching $4 billion, and demonstrated significant profitability with a 61% rise in GAAP operating income.
• Non-GAAP operating income also saw an impressive increase of 26%, highlighting operational efficiencies.

• W.R. Berkley Corporation concluded 2024 with record-breaking financial performance in both revenue and profit metrics.
• The key highlights from the earnings discussion reveal that the company achieved a remarkable return on equity of 23.6% for the year, with operating return on equity at 22.4%.
• The fourth quarter operating earnings increased by 15.5% to $453 million, translating to $1.13 per share, highlighting strong overall business performance.

• Molina Healthcare’s fourth-quarter and full-year 2024 results present a mixed picture, reflecting both challenges and prospects for future growth.
• The company reported an adjusted EPS of $5.05 for the fourth quarter and $22.65 for the full year, which represents an 8.5% year-over-year growth.
• However, the fourth-quarter results did not meet the company’s internal expectations due to higher-than-anticipated medical cost pressure in the Medicaid and Medicare segments, leading to a consolidated medical care ratio (MCR) of 90.2% for the quarter, which was above forecasts.

• Centene Corporation’s recent performance exhibited both strengths and areas for careful attention.
• The company’s financial results for the fourth quarter of 2024 demonstrated solid earnings power, with adjusted diluted earnings per share (EPS) of $0.80 and a full-year EPS of $7.17.
• This growth is attributed to robust performance across its business lines, including Medicare and Medicaid, and significant operational improvements.

• Hindustan Copper (HCP IN) India’s only pure-play copper miner – could see earnings surge >60% if current price buoyancy sustains.
• Copper rally appears drive by fundamentals with several large miners such as Freeport Mcmoran (FCX US)BHP Group Ltd (BHP AU) and Anglo American (AAL LN) guiding declines.
• Mining costs are largely location-specific and track inflation trends, supporting significant topline buoyancy.

• Keysight Technologies delivered a strong fiscal first-quarter 2025 performance, underpinned by robust revenues and profitability that exceeded the high-end of its guidance.
• The company reported revenues of $1.3 billion and earnings per share of $1.82, both above expectations, marking the first core revenue growth in six quarters driven by the Communications Solutions Group and stabilization in the Electronic Industrial Solutions Group.
• Orders saw a year-over-year increase for the second consecutive quarter, highlighting improving sales funnels and customer engagements.

• First Solar presented a mixed set of results for its financial performance in 2024 and discussed objectives for 2025.
• The company recorded 2024 net sales of $4.2 billion, a 27% increase from the previous year, reflecting robust demand marked by the sale of a record 14.1 gigawatts of modules.
• However, full-year diluted earnings per share of $12.02 missed the lower end of guidance, largely influenced by unexpected costs and operational inefficiencies.