Daily Brief Financials: Guolian Securities Co Ltd H, Hut 8 Mining, Philippine Stock Exchange and more

In today’s briefing:

A/H Premium Tracker (To 18 Apr 2025): AH Premia Fall in Low Volume

AH Premia fall small. Spread curve torsion is mild but present, with narrow AH Premia widening, and wide premia narrowing.
For a month I thought warning signs were flashing and spreads could widen. I think the trend is still to widening but torsion.
The Quiddity Portfolio is pretty hunkered down and nearly flat H/A risk. But benefits from wider spreads coming in, narrow spreads widening, and liquidity dropping.

American Data Centers, after a one-month stint as a joint venture between bush league broker Dominari Holdings (NASDAQ: DOMH) and Eric and Donald Trump Jr., is now becoming a bitcoin miner and hoping for a Nasdaq IPO.
ADC is doing this in tandem with a public company that already failed at mining. We strongly doubt that either ADC, in its shape shift to miner, or its public sponsor will be a good bet for investors.
On March 31, 2025, Eric Trump announced plans for a joint venture bitcoin mining company with Hut 8 Corp (NASDAQ: HUT).

We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
We established metrics focusing on high ROCE, sustainable growth of 10-15% year-over-year, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.
We add ICTSI (ICT PM) and Asian Terminals (ATI PM) to our Philippines high-conviction list, which we will be initiating coverage on shortly.

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