Daily Brief Equity Bottom-Up: Zijin Gold International IPO – Growth Premium at a Mid-Tier Price and more

• IPO leaves upside on the table: Priced at HK$71.6/sh (~US$24.1bn EV), Zijin Gold lists at ~8× 2026E EV/EBITDA — in line with peers despite offering far stronger growth.
• Fastest-Growing gold major challenger: Output set to rise ~20% CAGR to 2027E (2.1Moz), versus flat-to-low growth for Newmont, Barrick, and peers.
• Fair value HK$95/sh (+33%): Base case target on 2026E EBITDA at 8× peer multiple; risks include gold price volatility, execution of Wassa/Sepon/Raygorodok ramps, and governance overhangs.

• NVIDIA will invest $5 billion in Intel’s common stock at a purchase price of $23.28 per share
• Intel will supply custom x86 server CPUs to NVIDIA, who in turn will sell RTX graphics cores to Intel to combine into an new type SOC for the PC market 
• Under sustained questioning during the Q&A, Jensen did a remarkable marketing pitch for TSMC, drowning any hopes of a looming Intel Foundry deal for the foreseeable future

• Jumia, dubbed the “Amazon of Africa,” had a highly anticipated IPO in April 2019 but has not met expectations since listing
• The company aimed to revolutionize e-commerce in Africa but has faced challenges in profitability and implementing Western business models
• Despite initial hype and investments from blue chip firms, Jumia’s struggles serve as a cautionary tale about transposing Western ideas onto the African continent

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• UiPath’s second-quarter fiscal 2026 financial performance reflects a mix of positive results and challenges.
• The company exceeded the high end of its guidance across key financial metrics, indicating robust execution.
• With an annual recurring revenue (ARR) increase of 11% to $1.723 billion and revenue growth to $362 million, UiPath illustrates strong market demand and operational efficiency.

• Meta Platforms has taken another bold step in its augmented reality (AR) journey with the announcement of its $800 Ray-Ban smart glasses featuring a built-in display, gesture-based control via a Neural Band wristband, and AI integration.
• Unveiled at its September 2025 Connect conference, these glasses aim to transition the market from novelty wearables to daily-use smart devices.
• With over 2 million units of the prior Ray-Ban model sold since 2023, Meta is pushing hard to capitalize on its dominant 60% market share in smart glasses.

• MegaChem reported mixed financial results for 1H2025. 
• The Group’s 1HFY25 revenue declined slightly by 1.7% YoY to S$64.1 million, while gross profit improved 3.6% YoY to S$16.1 million.
• The Group’s overall gross margin increased from 23.8% in 1HFY24 to 25.1% in 1HFY25. 

• IonQ has emerged as one of the most ambitious players in the quantum computing space, recently doubling down on both compute and networking strategies.
• Its Q2 2025 earnings call showcased a slew of high-profile announcements, including the strategic acquisition of Capella, formation of a Quantum Networking division, and a landmark $1 billion investment from Susquehanna.
• But even more intriguing are IonQ’s acquisition plans: the company has already announced the planned acquisition of Oxford Ionics and is reportedly in talks with Vector Atomic.

• Hanwha Aerospace has scaled into Asia’s top defense prime, with Land Systems (K9, Chunmoo, Redback) driving >30% OP margins and consolidated revenues compounding ~30% annually.
• A ₩31.7 tn orderbook (~4x sales) anchored in Poland, Australia, and Romania underpins multi-year growth visibility, with Ocean adding LNG/naval scale and Systems providing electronics integration.
• Hanwha trades in line with peers (~19× P/E, ~16× EV/EBITDA); upside hinges on backlog execution, while governance and ESG risks cap multiples.

• For the first time in more than two decades, GE Aerospace has reclaimed an all-time high, marking a milestone that investors had nearly written off.
• On September 17, 2025, shares of GE Aerospace closed at $292.97 after touching $294.74 intraday, breaking past the prior record set in August 2000.
• The stock’s rally has been nothing short of dramatic, climbing about 72% year-to-date and beating the S&P 500 by roughly 84 percentage points, largely on the back of surging commercial jet demand.

• Broadcom Inc.’s recent financial results reflect significant developments within the technological landscape, with notable growth, strategic advancements, and some areas of slow recovery.
• Positively, Broadcom reported a substantial increase in revenue for its third quarter of fiscal year 2025, achieving a record $16 billion, a 22% rise year-on-year.
• This growth was propelled primarily by the strength of its AI semiconductor business and continuing expansion with VMware.