In today’s briefing:
- CNMC Goldmine Holdings Limited (CNMC SP) 1H2026 Results: Price Carries the Half While Grades Soften
- Elliot Wave Calms on SGX IODEX: Monetizing the Iron Ore Curve Amidst Middle East Shipping Frictions
- MetaOptics Ltd Midyear Update (21 August 2026)
- Cambodia Rubber Sector Grows in May-June as Production and Industrial Demand Advance
- CLAS Masterclass: Engineering A 180-Bps Yield Arbitrage In A Tight Capital Market
CNMC Goldmine Holdings Limited (CNMC SP) 1H2026 Results: Price Carries the Half While Grades Soften
- Realized gold of US$4,486/oz drove revenue up 23% to US$65.2m and net profit up 18% to US$18.6m, despite a 6% fall in CIL output.
- The balance sheet remains the differentiator: US$62.9m net cash, no bank borrowings, and the US$12m twin-shaft underground build is fully self-funded to completion in 2027.
- FY26e at 8.9x P/E and 7.2x EV/EBITDA on S$1.37, 1.4% yield, 48.7% ROE, with 11% of the market cap in cash.
Elliot Wave Calms on SGX IODEX: Monetizing the Iron Ore Curve Amidst Middle East Shipping Frictions
- Iron ore has been relatively steady in the last three years after a highly volatile seven years before that. Market forces currently pushing IODEX in different directions.
- Major drivers include declining profitability in the Chinese Steel Sector, and the global oil price situation, mainly driven by geopolitical risks and war.
- We discuss a DEC26 options strategy aimed at monetizing iron ore volatility in the current range.
MetaOptics Ltd Midyear Update (21 August 2026)
- Equipment sales tide through: MetaOptics continues to sell metalens testersto Taiwan. Contract liabilities provide revenue visibility into 2HFY26.
- The company withdrew their dual list application at Nasdaq, but continues to expand its US presence, with their Direct Laser Writer deployments at US academic facilities assisting interested partners with prototyping and sampling.
- Funded to execute: ~SGD1.5mn normalised half-year burn leaves ~21 months of runway to advance a broadening pipeline, including the Elsoft equipment partnership and a 12MP TiO2 metalens now prototyping for a major global tech company.
Cambodia Rubber Sector Grows in May-June as Production and Industrial Demand Advance
- June rubber production surged 36% month-on-month to 38,500 tonnes.
- Natural rubber exports jumped 32.29% month-on-month in June.
- Tire exports rose 44.22% YoY to over US$630 million during Jan-April 2026.
CLAS Masterclass: Engineering A 180-Bps Yield Arbitrage In A Tight Capital Market
- Capturing a 180-basis-point positive spread by recycling a mature hotel into a 4.1% yielding co-living asset drives highly accretive 2.4% DPS growth without issuing new equity.
- Backed by SGD 8.9bn in assets, 37.7% gearing, and an extraordinarily low 2.8% debt cost, CLAS leverages immense balance sheet strength to dominate the Asia-Pacific lodging space.
- Unlike logistics assets trapped by long leases, hospitality’s dynamic pricing and co-living’s sticky revenue provide a superior inflation hedge and defensive floor amid macroeconomic volatility.
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