In today’s briefing:
- S&P500 June 2025 Review Forecast: Weak but Interactive, Time for Duolingo?
- Slide Holdings Insurance, Inc.(SLDE): Peeking at the IPO Prospectus of Another Florida Based Insurer
- Circle IPO Analysis (Second Largest Issuer of Stablecoins Globally)
- Ategrity Specialty Holdings (ASIC): Specialty Insurer the Next to Debut, Sets Terms for IPO
- VEON US: Pakistan Towers Sale Frees Capital for Digital Growth in Core Market Ahead of Ukraine IPO
- Exploring Active Portfolio Ideas: SPACs, Asset Sales, Company Sales and More
- Ainos, Inc: AI Nose Increasing Accuracy in Elderly Care Monitoring
- EVAX: Grant For Polio Vaccine Announced
- Asia base oils supply outlook: Week of 2 June
- Sustainable Investing Surveyor Focus on Alto Ingredients
S&P500 June 2025 Review Forecast: Weak but Interactive, Time for Duolingo?
- Interactive Brokers (IBKR US),Duolingo (DUOL US) and EMCOR (EME US) are the main candidates for addition at review to replace Enphase Energy (ENPH US) and Caesars Entertainment (CZR US).
- Cheniere Energy (LNG US) and AppLovin (APP US) are the main candidates for the replacement of the acquisition of Ansys (ANSS US) which is anticipated end of June.
- There is a possibility of zero S&P500 changes at the review due to candidates scoring low in market cap and sector balance.
Slide Holdings Insurance, Inc.(SLDE): Peeking at the IPO Prospectus of Another Florida Based Insurer
- They write several homeowners’, condominium owners’, and commercial residential products in coastal specialty markets in Florida and South Carolina.
- For the three months ended March 31, 2024 and March 31, 2025, they had gross premiums written of $245 million and $278 million.
- The strong performance of peers could provide a potential tailwind for this IPO.
Circle IPO Analysis (Second Largest Issuer of Stablecoins Globally)
- Circle raised both the IPO shares to be issued and IPO price range. New IPO price range is $27 to $28 per share (from $24 to $26 per share previously).
- We have a Positive View of the Circle due to its status as the second largest issuer of stablecoins globally, rapidly increasing user base and sales, and improving profit margins.
- Major risk factors of this IPO include CBDCs, centralization, cyberattacks, and potential government crackdown.
Ategrity Specialty Holdings (ASIC): Specialty Insurer the Next to Debut, Sets Terms for IPO
- Ategrity Specialty Holdings will be offering 6.67 million shares at a $14-$16 range equating to a $659m-$753m valuation.
- For the three months ended March 31, 2025, they wrote $116.1 million in gross written premiums, an increase of $34.5 million, or 42.3%.
- The underwriters have reserved for sale, at the initial public offering price, up to 7% of the shares offered.
VEON US: Pakistan Towers Sale Frees Capital for Digital Growth in Core Market Ahead of Ukraine IPO
- VEON last week announced it has secured regulatory approvals for its tower asset partnership with Engro Corp in Pakistan, unlocking US$563 million in value.
- Cash portion of funds will be paid in tranches and received in Pakistan, with flexibility to upstream capital or reinvest locally.
- Transaction supports VEON’s ongoing transformation at the Group level and digital growth strategy in Pakistan while offering a roadmap for similar value creation in Ukraine.
Exploring Active Portfolio Ideas: SPACs, Asset Sales, Company Sales and More
- Renatus Tactical Acquisition, a SPAC targeting crypto/blockchain, shows 3% return with capped downside at 15%, potential speculative inflows.
- Wanda Hotel Development’s asset sale exceeds market cap, plans capital return, 20% upside; Lifeway Foods sale to Danone expected.
- Liquidia’s FDA-approved Yutrepia drug targets significant market share, 100%+ upside; Currency Exchange International’s FX Payments segment shows high growth.
Ainos, Inc: AI Nose Increasing Accuracy in Elderly Care Monitoring
- Surpassed initial accuracy milestone in elderly care. Ainos provided new AI Nose data in the elderly care co- development project, reaching ~85% accuracy in excretion odor detection.
- The updated accuracy rate is an improvement over the recently met internal milestone of 80%.
- Accuracy improved with data-driven AI machine learning. AI Nose achieved 85% accuracy based on 254 subject events in Japan and Taiwan, leading to 2,119 sample entries for statistical evaluation.
EVAX: Grant For Polio Vaccine Announced
- EVAX is a clinical stage company that has proprietary AI models designed to more efficiently and more accurately target much-needed treatments.
- The company has two streams of possible revenue: from the treatments themselves and from the licensing of AI technology.
- The company announced it received a grant to develop a new and unique vaccine with the goal of eradicating polio.
Asia base oils supply outlook: Week of 2 June
- Asia’s heavy-grade base oils price-premium to Singapore gasoil stays unusually high.
- Firm base oils premium suggests supply remains tight and demand firm, incentivizing refiners to raise output.
- Gap between Group II light and heavy-grade base oils prices widens more even after restart of growing number of base oils units following scheduled maintenance work.
Sustainable Investing Surveyor Focus on Alto Ingredients
- The WTR Sustainable Index was down 0.5% W/W versus the S&P 500 Index (up 1.9%), the Russell 2000 Index (up 1.3%), and the Nasdaq Index (up 2.0%).
- Energy Technology (12.4% of the index) was up 1.1%, while Industrial Climate and Ag Technology (47.9% of the index) was down 0.1%, ClimateTech Mining was up 0.1%, and Advanced Transportation Solutions (21.2% of the index) was down 2.1%.
- Top 10 Performers: BNET, LNZA, ETL, NVVE, REVV, OPAL, WML, HYLN, LOOP, GWTI
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