Daily Brief United States: Hesai Group, Crude Oil, Klarna Group, Netskope, FT Intermediate, Gold, iShares Silver Trust, Pinterest , NB Bancorp , StubHub Holdings and more

• Hesai Group (HSAI US) plans to raise around US$450m in its secondary listing in Hong Kong.
• We have looked at the deal dynamics in our previous note. 
• In this note, we talk about the deal structure and updates since then.

• Global oil demand remains relatively healthy with little signs of a near term global recession
• Sanctions on Russia and Iran could impact oil supply, but buyers are finding ways to navigate around restrictions
• Non-OPEC supply is expected to outpace global demand, leading to a surplus and potentially pushing prices into the 60s by year end.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Commerce network Klarna Group will offer 34.3 million shares at $35-$37 and to debut on Wednesday (9/10).
• The direct comp, Affirm, posted a strong quarter but some of Klarna’s metrics are on par or potentially stronger than its competitor. 
• The valuation, both relative to peers and compared with prior “bloated” rounds, looks far more reasonable this time.

• Netskope Inc., a cloud-native cybersecurity company that redefines security and network for the era of cloud and AI, has announced the initial price range for its US IPO.
• The offering is expected to be between $15.00 and $17.00 per share, implying a market cap of ~$6.2B at midpoint, ~22% discount to last round valuation of $7.5B.
• IPO valuation at midpoint is very attractive valuation for a company that grows 30%+ per year. I have a positive view of upcoming Netskope IPO and see substantial “IPO pop”.

• FT Intermediate (FIGR US) is offering 26.3 million shares at $18-$20 and will debut on Thursday, September 11th.
• A key driver is Figure Connect, its blockchain-based marketplace launched in mid-2024, which has already transacted $1.3 billion in HELOC volume with 27 marketplace participants onboarded.
• The company can significantly reduce middle men and has been gaining market share but still have just a small piece of this large pie.

• Meanwhile, the other commodity cohorts are now deeply “undervalued” when compared to the price of gold.
• Commodities excluding gold, relative to gold prices, have fallen to their lowest level since 2021, according to a graphic by Topdown Charts…
• In the latest UBS CTA-flow analysis, the investment bank says that it “expects more agricultural buybacks in the coming weeks.” 

Key points (machine generated)

• The author predicts a significant breakout for silver due to a 50-year cup and handle formation.
• Gold has been favored by central banks, especially in Asia, while silver has faced challenges from rising real interest rates.
• Silver’s growth potential is emphasized, with $2 trillion in above-ground silver compared to gold’s $22 trillion valuation.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)

• PINS is undervalued and transforming under new management for growth in the global advertising market.
• AI integration is enhancing the platform’s visual catalog and user relevance for advertisers.
• Management is focusing on advertiser tools and financial discipline to improve return on ad spend (ROAS).

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)

• NB Bancorp (NBBK) is acquiring Provident Bancorp, enhancing its pro forma valuation.
• Post-merger, NBBK trades at 77% of tangible book value, with projected EPS for 2026 nearing $2 due to cost savings.
• NBBK has repurchased 5% of its shares at $19.07 and plans another 5% buyback despite a current share price of $15.98.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• StubHub will offer 34.042 million shares at a $22-25 range and will debut on Wednesday, 9/17.
• The company is currently not profitable and revenues had only grown 3% in the 1H of 2025 and has a large amount of indebtedness.
• This deal has been highly-telegraphed with the original filing happening in March but the IPO was put on pause after market volatility in April.